After the crude oil inventories news came out, we observed a drop under the weekly mode in crude, but rather fast, it found support and buyers stepped in, creating a hammer candle pattern. This is considerably bullish, and to add insult to injury, price was supported right above the highest volume node, while rgmov is in a daily uptrend. Buying over this high in an oversold dip is common sense to me here, specially after it discounted the news like that.
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Ivan Labrie Time at Mode FX Analyst at Concord Bay dot com
Comment
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Last daily close denotes indecision...a move above it today will be great for the bulls.
I see 40, but I think we need to get below that MODE first.
IvanLabrie
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Yes, it's a very significant make or break level.
SergioMontanoTYMIW
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I like I have an EW count that says we are going higher...then coming crashing down.
SonicDeejay
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Bro..how do you enable a volume profile?? 2 profile in the mid of chart... not the one on the right hand side.. Thx in advance,,
IvanLabrie
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Fixed range profile, I use both kinds.
Part of Tim West's techniques that I learned.
Swing_Trader
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so u think will see some more up side
IvanLabrie
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I'm not positive yet, but if a move above this high materializes and is strong enough, this is the right support level to buy.
If stopped, we can flip short too. Equities seem poised for a move up, for some time at least, this would correlate with oil rallying and certain commodities as well.
A strong dollar will hurt profit margins, and the Fed needs to reach the inflation target of 2% by next year.
ElPatron.Y
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How can you buy crude oil while USDCAD Daily bullish div kicked in at support? You wished me luck in my post well see what happened on usdcad :D