Oil Daily Analysis - Coin flip time!

FX:UKOIL   Crude Oil (Brent)
175 4 2
My longer timeframe bias is short, but looking at this daily chart , it's a total coin flip.

ADX, D+ and D- are all below 20 which basicaly screams "no clue what to do, stay out". Often markets will range when that happens, at least until momentum picks up. So while I favor shorts at the moment, I'm not exactly expecting longer sustained moves in either direction.

Any short breakouts will try to aim for the previous low around 45, and a push higher could end up somewhere between 70 and 80.

Someone hand oil             a roadmap and compass please, it's currently lost! Kick in the ass might help too.

TradeApe PRO
2 years ago
Nice uptick today, but my overall view hasn't really changed. ADX suggests momentum's still crap.
Buy under cloud and hold.
TradeApe PRO PolarSolar
2 years ago
True, but as long as ADX remains below 20 I'm not paying moves too much attention. Might range for a bit longer before making up its mind.
PolarSolar PRO TradeApe
2 years ago
War on Far East and is coming. Low ADX now is perfect to buy before all happens.
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