Crude is in downtrend. A bottom has been posted on the 18 April (85.90) followed by nice retracement that has taken the price into a confluence of median and parallel lines (Monday, 29 April). A high close on Monday followed by a cross of the 20MA in the opposite direction on Tuesday would be a confirmation that the downtrend is resumed. Entry point at 91.00 or higher with a target around 87.00.
Comments
LEONES
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Nothing clear, crazy markets. I'm out of this trade too. On the sidelines.
LEONES
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Update Crude -2% today. I'm expecting a high close tomorrow - planning to short it at around 92.40.
LEONES
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Update: the projection is slightly changed. Might need to wait two days more to go short here.
QuantitativeExhaustion
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Thanks for the update
LEONES
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I think we need some consolidation after last week fast retracement.