Oil has been on an uptrend making higher highs and higher lows since the start of the year. We got a drop after the Golden Cross on the daily, which is to be expected.
On the 4hr chart we have a beautiful Macd bull cross, bullish divergence on the Rsi. We had lost the uptrend on the 4hr, but if this candle closes at or above current price, then we have the new uptrend intact on the 4hr. And EMAs look like they are going to push us up. If this is the case, we are looking good on this. First stop may very well be 74.5
Just have to keep an eye on the Weekly chart as it looks bearish with a Shooting start candle. IF this weekly closes below 71.7, expect a sell off.
Must keep an eye on this, as the weekly chart looks risky, but the 4hr looks good for the shorter term. If we lose the uptrend on the 4hr, i'll be closing this trade.
I will update this if things change due to news or the ecomonic calander.
On the 4hr chart we have a beautiful Macd bull cross, bullish divergence on the Rsi. We had lost the uptrend on the 4hr, but if this candle closes at or above current price, then we have the new uptrend intact on the 4hr. And EMAs look like they are going to push us up. If this is the case, we are looking good on this. First stop may very well be 74.5
Just have to keep an eye on the Weekly chart as it looks bearish with a Shooting start candle. IF this weekly closes below 71.7, expect a sell off.
Must keep an eye on this, as the weekly chart looks risky, but the 4hr looks good for the shorter term. If we lose the uptrend on the 4hr, i'll be closing this trade.
I will update this if things change due to news or the ecomonic calander.
Trade closed manually:
Excess weekly crude reserves report put a damper on this party. Trade Closed. Will keep an eye on this.