After the in my former Analysis exspectet break of the 44,5$, the downtrend and bearish momentum accelerated..
Former Analysis: Shortterm view: Smells bearish Shortterm view: Oil reached an action point @ 44,5. For me it really looks bearish ..the only thing that makes me thinking of is the oversold RSI ..because of the oversold situation i have illustrated the alternative way of my view (orange arrow). Prices below 44,5 are bearish - the tp copuld be 43$ Comments are welcome - agree or disagree !
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Jihaaaaaaaaaaaaa - downmove is in full swing!!!
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only trading above 43,3 will brighten the shortterm chart
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oil fully reached my shortterm target - nokw the Situation is strong overwsold in this timeframe.... RSI oversold - Price out of the BBs!!! It has toswing back a bit and reenter the BBs.!
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big Picture: we are trading near the big 38,2 fibo - the possible right shoulder. In the daily, there is place for a further downwave ( 41,8 / 38,8), the Situation is not yet oversold
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the 38,2 fibo @ 41.92 magically attracts oil !
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42.6 / 42.4 are the Levels to watch for shorts (shortterm) - the chart only brightens above 43$ in this timeframe
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reached next Action Point rsi nearly oversold in this timeframe
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RSI again nearly oversold - perhaps oil will test the 41.90 again before the next doenwave
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oil reached next action Point!
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aha aha
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reached again an Action Point!
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Flag is active now don`t Forget to adjust your SL
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perhaps we will see a retest of the bo-niveau @ 41.65 - the rsi is oversold again
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oil nearly reached tp
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will we see a dip to 40.5 today? Between 40.5-40.75 i exspect a shortterm countermove
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DING DONG!! TP reached!! CHEERS!
Trade closed: target reached
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Comments
killianobriain
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incredibile how accurate you have been with your analysis
The_Cannalyst
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thx a lot
nbn007
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in free fall !!
gughino2013
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For today i expect a close in the 40...
The_Cannalyst
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wow....if the downflag gets real, my tp also would be 40,8$
andrej123456
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Nice chart. What do you think where could be next bottom/ reversal ? Do you still holding the short ?
captain_smollett
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Reached my 161.8 Fibo yesterday (from the first wave down in June). If it bounces, should go to 45 but Daily MA is a magnet.....
captain_smollett
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The_Cannalyst
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what is it for an MA?
captain_smollett
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Dialy 200 Moving Average, very strong support/resistance level. I bet tonns of buy order are set there...