Will oil plummet? Or is this chart primed for a reversal?
Oil ended april as a first red month, in which case may id be looking for sell high, they kept price suppressed and didnt attempt to make any significant higher highs this month,
since there was no real place, except the start of may, to sell high, (and fundamentals somewhat driving my thesis) i would expect them to keep trapping volume down low for the frontside move of the week, and shift momentum to the upside later in the week ending as a first green month (closing the month above previous month close 81.15 (CL1!) - after attempting to continue going lower in a previous downtrend)
friday was a first green day, so mondays thesis would be to look for a buy low in any 1 of the 3 sessions.
past 3 weeks have been inside week for the most part, this is primed for a serious reversal.
May the markets be with you all!!
since there was no real place, except the start of may, to sell high, (and fundamentals somewhat driving my thesis) i would expect them to keep trapping volume down low for the frontside move of the week, and shift momentum to the upside later in the week ending as a first green month (closing the month above previous month close 81.15 (CL1!) - after attempting to continue going lower in a previous downtrend)
friday was a first green day, so mondays thesis would be to look for a buy low in any 1 of the 3 sessions.
past 3 weeks have been inside week for the most part, this is primed for a serious reversal.
May the markets be with you all!!