Just a quick comment re early potential for upside.
Will update asap
Will update asap
Comment:
Just providing a quick update to include the near term group of timeframes.
The Energy in the daily and 2d is marginally higher than the Green and the Red RSI is below 50 indicating bearish sentiment. However the Green is coming up strong with the Energy and the Red RSI has made contact with the Green as it rises in all timeframes in this group. The Red RSI is turning up. We need to see the Red RSI continue above 50 and the Energy to rise above the Green. There was is a downward pressure race between the Energy in the 2d and the Red RSI in the 4d. The Energy in the 2d has crossed above 50 and the Red RSI has not fallen to 50 in the 4d...
..But the Energy in the 2d has not closed above 50. If we can see it close in 1d 12h before the Red RSI in the 4d crosses below 50, (ideally we would like to see the Red RSI turn up) we could then see the conditions to potentially support a reversal to sustained upward pressure. But in order to confirm this we would need to see the Green higher than the energy in the 6h, 12h and 1d.
We also have a downward pressure race in the mid term group. When the Red RSI fell below 50 in the 3d it triggered a race. The Energy in the 3d is currently at level 50.36, it needs to close like this in just under 11 hours before the Red RSI in the 6d crosses below 50 in order for us to see the conditions to support s reversal to sustained upward pressure, we would then need to confirm this in the same way as above by seeing the Green higher than the Energy in at least the preceding 3 halved timeframes. Considering the level of the Red RSI in the 6d, in my opinion the Energy is likely to win the Race. We need to consider that the Green is about to cross below 50 in the 6d and we are at risk of the price action falling falling to the Bollinger Band basis which would by then be in the region of $109.00. I'm not saying this is going to happen but just that there is the potential. This would be unlikely to play out until the middle of Feb if at all. In fact the Energy seems to be exhasting in the 6d and the Green looks as though it wants to turn up but it's worth monitoring.
As always - this is not financial advice but just my view of current market dynamics.
One has to be aware that analyses are done on the basis of what the indicators are saying at the time and things can change. It is important to always monitor the scalping group of timeframes as we will see changes propagate up from there.
Trade safe
aBL
Near term group of timeframes
Mid Term group of timeframes
The Energy in the daily and 2d is marginally higher than the Green and the Red RSI is below 50 indicating bearish sentiment. However the Green is coming up strong with the Energy and the Red RSI has made contact with the Green as it rises in all timeframes in this group. The Red RSI is turning up. We need to see the Red RSI continue above 50 and the Energy to rise above the Green. There was is a downward pressure race between the Energy in the 2d and the Red RSI in the 4d. The Energy in the 2d has crossed above 50 and the Red RSI has not fallen to 50 in the 4d...
..But the Energy in the 2d has not closed above 50. If we can see it close in 1d 12h before the Red RSI in the 4d crosses below 50, (ideally we would like to see the Red RSI turn up) we could then see the conditions to potentially support a reversal to sustained upward pressure. But in order to confirm this we would need to see the Green higher than the energy in the 6h, 12h and 1d.
We also have a downward pressure race in the mid term group. When the Red RSI fell below 50 in the 3d it triggered a race. The Energy in the 3d is currently at level 50.36, it needs to close like this in just under 11 hours before the Red RSI in the 6d crosses below 50 in order for us to see the conditions to support s reversal to sustained upward pressure, we would then need to confirm this in the same way as above by seeing the Green higher than the Energy in at least the preceding 3 halved timeframes. Considering the level of the Red RSI in the 6d, in my opinion the Energy is likely to win the Race. We need to consider that the Green is about to cross below 50 in the 6d and we are at risk of the price action falling falling to the Bollinger Band basis which would by then be in the region of $109.00. I'm not saying this is going to happen but just that there is the potential. This would be unlikely to play out until the middle of Feb if at all. In fact the Energy seems to be exhasting in the 6d and the Green looks as though it wants to turn up but it's worth monitoring.
As always - this is not financial advice but just my view of current market dynamics.
One has to be aware that analyses are done on the basis of what the indicators are saying at the time and things can change. It is important to always monitor the scalping group of timeframes as we will see changes propagate up from there.
Trade safe
aBL
Near term group of timeframes
Mid Term group of timeframes
Comment:
Just a quick update to point out that we are seeing a bit of downward pressure in the scalping timeframes. The Energy is above the Green in the 12m and the 23m, when the Red RSI fell below 50 in the 23m a downward pressure race was triggered. In order for upward pressure to resume, we first need to see the Energy in the 23m CLOSE above 50 before the Red RSI in the 45 CROSSES below 50. If the Energy does win the race, we need to see the Green MA higher than the Energy in at least the preceding three preceding halved timeframes from the timeframe in which the race was triggered.
In the short term group of timeframes, the Green is higher than the Energy in all but the 12h. In the 90m the Red RSI has made contact with the Green as it is falling, the Green has just dropped below 50, if it closes below 50 in just under an hour we are at risk of the price action falling to the Bollinger Band basis (currently at $144.94 but rising). The Red RSI in the 3 hour has also made contact with the Green as it falls, however, as the Red RSI is above 80, we are not guarranteed to see the price action fall to the BB basis when the Green drops below 50 in this TF. In the 12h, although the Energy is above the Green, the Green has gone up strongly with the Energy and may come out to the side to allow the Energy to fall below. The Red RSI and Blue LSMA have crossed above 50 and the Red RSI has closed above 50, as a result we can see the price action sitting between the Aqua/Orange upper BBs. We are likely to see upward pressure continue in this timeframe for another 2 12 hour candles until the Energy drops below 50. This does not mean we will necessarily see a continuation of price action to the upside but we are unlikely to see the price action drop significantly during the next 24 hours.
Overall we are still bullish but we need to continue to monitor the lower timeframes for now.
In the short term group of timeframes, the Green is higher than the Energy in all but the 12h. In the 90m the Red RSI has made contact with the Green as it is falling, the Green has just dropped below 50, if it closes below 50 in just under an hour we are at risk of the price action falling to the Bollinger Band basis (currently at $144.94 but rising). The Red RSI in the 3 hour has also made contact with the Green as it falls, however, as the Red RSI is above 80, we are not guarranteed to see the price action fall to the BB basis when the Green drops below 50 in this TF. In the 12h, although the Energy is above the Green, the Green has gone up strongly with the Energy and may come out to the side to allow the Energy to fall below. The Red RSI and Blue LSMA have crossed above 50 and the Red RSI has closed above 50, as a result we can see the price action sitting between the Aqua/Orange upper BBs. We are likely to see upward pressure continue in this timeframe for another 2 12 hour candles until the Energy drops below 50. This does not mean we will necessarily see a continuation of price action to the upside but we are unlikely to see the price action drop significantly during the next 24 hours.
These timeframes provide early indications of reversals.
We can see the Green is higher than the Energy in the 12m, the Red RSI has made contact with the Green as it rises as has the Blue LSMA, in the 12m, 23m, 45m, 90m & 3h the Green is higher than the Energy indicating bullish sentiment. In the 6h although the Energy is currently higher than the Green, the Green has moved up strongly with the Energy. The Red RSI & the Blue LSMA in the 6h have also crossed bullish above 50 and as a result we can see the price action move between the Aqua/Orange upper Bollinger Bands. We can also as a result of the Blue LSMA rising above 50 see the BBs begin to expand thus providing the potential for the price action to accelerate with the BBs to the upside.
I will try and provide an update for longer term TFs when I get a few..