Oil seems to be entering a new bull moment; technical reasons to claim that are:
- Green trendline (bound to feb 2016 low, not shown) being respected; -Divergence on RSI and Stoch RSI, shown by white trendlines; -Divergence on MACDH, shown by white curve line; - 61.8% of retracement from the most recent rally being respected twice;
As the last friday (09/24) was bearish, i would like to see some green candles before a long entry. A break of the green trendline would be a bearish sign, indicating the rally wont happen anytime soon;
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Would be buying already; Im not trading oil directly though
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Still respecting the green TL
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opec news started the rally
Trade closed: target reached
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Well, as i said, not trading this idea, but if i were, would close position here. This doesnt mean the rally wont keep going, in fact i believe it will, but would be safer close it here. I may add a continuation idea of this later.