New to the commodities but it's something I want to focus on more. Just sharing a very short view here:
We see a clear rejection of the 30> levels on UK Oil. This is specifically visible on the daily chart, with a bearish 2-bar reversal. This level got rejected, we are in clear downtrend looking at the moving averages, and we closed below 30. Now we are hovering in high 29 area awaiting price action.
We see a clear broadening falling wedge, where downside will be tested in next two weeks.
Note the 30 level is also the support level of January 2016. The 30 level has been clearly broken last month, tested again, and rejected.
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We see some minor strength, retracing above 30. Probably we will test 31 levels soon, from whereafter I expect weakness again.
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Very bull run today with definitely people being stopped out. We tested 31.75 and are now heading back to the low levels of yesterday. Even more confirmation of the bearishness. Also a local trend line generated by the two low’s generated yesterday, has been breached. That is another bearish signal. A great moment to enter a short now.
This is instead a bullish signal for me, leading to a huge demand upwards. Just look at RSI daily. it seems we're in a reversal pattern .......
BiniYosef
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Especially, 29.26 level is well respected......
pptw
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@hodeyefeker, I see much more bullishness now too with latest price development. It seemed at time of posting 30> levels were rejected. However, the low of 28.7 was followed by super bullish run to 31.8, followed by strong correction downwards which found support around at 29.1. S very bullish run with two higher low's, forming a nice symmetrical triangle, makes me bullish too.
BiniYosef
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@pptw, The whole world is heading towards opening economies step by step especially the next two months. we're now witnessing the demand curve pushed into the northern horizon. We don't need a Kalman filter to prove this. Do we?