Oil (Brent) Short Term Outlook

FX:UKOIL   Crude Oil (Brent)
178 2 3
My medium to term outlook is (still) short. WTI's about to enter a supply zone at 52-54 that has held since February. On the other hand, WTI's really close to breaking through the daily Ichi cloud and basically has this week to head south before automatically breaking through. Brent has already broken through the cloud by a few pips.

Having said that, nothing on the lower timeframes suggests a short will happen "right now" I'm biased long for the short term. No clue how much higher it will go, but 200pips are totally possible.

My LITS is at 57.15. Above I'm after longs, below only after shorts. I'll focus on long signals around the marked Tenkan Sen, Kijun Sen and then the upper cloud boundary. Entering long at the lower boundary would really require a great ADX signal because if it breaks I'll switch back to my medium term bias (short).

Should be an interesting week for oil             . Imo if people want another short stab, this has to happen rather sooner than later or oil             might have really bottomed out and start to edge towards 70 (once it survives the 60 bump).

We'll see...anyway...short term = long.
TradeApe PRO
2 years ago
Working according to plan :)
TradeApe PRO
2 years ago
Not a stellar rise, but I'll take it...
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