Crude is caught in another range.Waiting for a clear direction, am not much of a range trader.
Still no direction on a higher time frame, price could go higher since RSI is within the 50's. But resistance stops the move again we could see the oil bear grow strong
USoil in a range. I will wait for a direction. Range bound trades are possible between $75 to $72 with tight stops loss.
Move upwards from 64.2 seems weak. Missing the momentum crude moves with when the market is certain . Right now the 240min chart SWING upward movement, looks like a pullback in a strong downward trend formation. Nothing certain in trading though. Am long with tight stops to achieve break even in case of a slip downwards (BULLTRAP).
A lower time frame for more detail, possible breakout forming.
Price starting to go sideway. Waiting to see if the forming uptrend continues or fails
Still waiting for a direction after the OPEC meeting. But market showing signs of a divergence.While not completely reliable it foreshadows a reversal. Price making lower lows and lower highs, momentum indicator making higher highs and higher lows. But divergences are notorious due to timing , market fall further before rising or can suddenly reverse.
Hope to see a push from 64.50 back to retest 70-72 before the 22 June. OR a push lower past 64.25 to retest the 62 area