The bulls have worked very hard.
The problem at the moment is that the Sept/Oct 2015 high was 54.29 and 54.03 respectively.
WTI was 50.39. So today the bulls pushed very hard and the WTI level was exceeded BUT Brent did not make it yet. RSI is showing signs of divergence and correlating Forex pairs are tired and ready for a retracement/correction.
Cushing oil reserves indicated a drawdown which might/might not support the late push in prices. Asia will be the determining factor. I think the bulls are a bit tired after all this and to get a efford together to push more they need to work together but the signs are there.
Might be a bit too far now. Correction and then the assault will come
The problem at the moment is that the Sept/Oct 2015 high was 54.29 and 54.03 respectively.
WTI was 50.39. So today the bulls pushed very hard and the WTI level was exceeded BUT Brent did not make it yet. RSI is showing signs of divergence and correlating Forex pairs are tired and ready for a retracement/correction.
Cushing oil reserves indicated a drawdown which might/might not support the late push in prices. Asia will be the determining factor. I think the bulls are a bit tired after all this and to get a efford together to push more they need to work together but the signs are there.
Might be a bit too far now. Correction and then the assault will come
Trade closed: target reached:
I am leaving a small token short here. 95% closed as target reached.
StochRsi is showing divergence (starting to) and we passed the 50 2hr EMA. Somewhere before 200 2hr EMA it will turn. The UKOIL bulls rested for a while and I think they just might try and take it above the 54.03 level before the weekend
As soon as I notice a change I will update on the Long coming
StochRsi is showing divergence (starting to) and we passed the 50 2hr EMA. Somewhere before 200 2hr EMA it will turn. The UKOIL bulls rested for a while and I think they just might try and take it above the 54.03 level before the weekend
As soon as I notice a change I will update on the Long coming
Trade closed: target reached:
