a daily price action after hour update - oil
Good evening and i hope you are well.
Quote from my weekly outlook:
short term: slight favor for the bulls to reverse Friday and trade above 79, there could still be resistance if bulls won’t push above with some force. bears win below 75 for at least 74 or lower
That outlook was good for 300 pips. Hope you made some.
bull case: Bulls got exactly what i have laid out. 79.62 was the high before many took profits and bears shorted aggressively. Bulls bought the bull trend line right under the 1h 20ema and to me that’s bullish because bears could not get lower lows. I expect bulls to trade back up, as long as it stays above 78. Target is still 80.
bear case: Bears sold the highs and reversed the big breakout but until they break below the bull channel under 78, they have to cover and wait for higher prices again.
short term: sideways to up for 80 and invalid below 78.
medium-long term: same as last weeks. sideways inside the big triangle, above 80 odds favor bulls to get to the upper bear trend line around 82-84
trade of the day: buy 78 and sell 49 when the big bars were forming or buy/sell at the bull channel lines
Quote from my weekly outlook:
short term: slight favor for the bulls to reverse Friday and trade above 79, there could still be resistance if bulls won’t push above with some force. bears win below 75 for at least 74 or lower
That outlook was good for 300 pips. Hope you made some.
bull case: Bulls got exactly what i have laid out. 79.62 was the high before many took profits and bears shorted aggressively. Bulls bought the bull trend line right under the 1h 20ema and to me that’s bullish because bears could not get lower lows. I expect bulls to trade back up, as long as it stays above 78. Target is still 80.
bear case: Bears sold the highs and reversed the big breakout but until they break below the bull channel under 78, they have to cover and wait for higher prices again.
short term: sideways to up for 80 and invalid below 78.
medium-long term: same as last weeks. sideways inside the big triangle, above 80 odds favor bulls to get to the upper bear trend line around 82-84
trade of the day: buy 78 and sell 49 when the big bars were forming or buy/sell at the bull channel lines