Oil H4 Analysis - Neutral, but favoring shorts

FX:UKOIL   Crude Oil (Brent)
182 2 1
As per my daily analysis , it's pretty much a coin flip right now as long as we're stuck in this 54.0 to 57.5 range.

ADX has consistently dropped off since the last low, so I don't really trust this last up trend. I'd really want price above 57.5 to consider any sustained long trades towards 70-80.

ADX , D+ and D- are all hovering pretty close to the 20 level. Generally, that's a good entry point for new trend trades. Having said that, if it goes much below 20, we'll get some ranging crap.

A break of 54.0 would indicate price will try to reach the round 50.0 level. I'll keep an eye on the 56 region. If we get a good short signal there on the H1 as momentum picks up, that might be a pretty decent entry for a longer short trade.

I'm going to hate price between 56 and 57.5 so will likely stay out unless I can be bothered to take a short term trade to 57.5.


So 56.00 was hit. Let's see if price breaks through or bounces :)
ADX still below 20 kinda supports the bounce scenario...
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