the daily chartist

Daily market recap for 18.06.2018

published 2 years ago


On Monday Oil ended in positive territory as Supply concerns from OPEC have risen and caught the attention of the investors. This has led to a sharp rise in the price trough out the whole day. The price dipped at first to 38.2 Fibo as predicted in previous posts and bounced back from 63.67. The move made a good push as well above 50.0 Fibo level and closed above it. Two days remain now until the OPEC meeting and the price will stay under somewhat pressure. As stated previously, wait for the OPEC meeting's first statements or wait until everything ends as it will be turbulent for sure. If conditions are good for a move up, the price will rise significantly to 61.8 Fibo and to 68. For the negative scenario, the price may fall down hard to 38.2 again, breach it and continue towards 23.6 and the 200DEMA.


  On Monday Bitcoin and the other cryptos of course made some gains as the price found some support and buyers. The price is still under the daily triangle and the gap opening with no sight, for now, to return to it for a test. The price is moving in a range between 6193.15 and 6881.15