Thoughts on USOil for the coming week of 2017-03-20
I'm currently on the side with USOil but looking for a pullback to continue to the 49.9x-50.1x range before moving down further.
4hr chart since 3/14, has been correcting from it's drop from the 54.8x range. I'm looking for price to pull back into the 49.9x to 50.1x range before moving down to my next target of 44.7x.
I'll be watching for the following confirmation and triggers:
DMI: Does the ADX remain above 20 or does it drop below signaling potential price consolidation. Price consolidation not a guarantee if it does drop below 20 but could be a factor
TSI: Begins to diverge with price as price moves up to 49.9x - 50.1x range
TRIX: Remains above 0 until price objective is hit
RSI: Pushes up to the 6x area
Should these hold and play out, triggers will be a move below 0 for TSI and failure to pullback above 0 on price pullback. TRIX moves below 0. -DI of DMI continues to make new highs while pulling ADX up with it
Daily chart with weekly channel based on weekly ADX. Current target is 44.7x
Weekly chart I believe most indicators have moved negative. The TRIX remains above 0 but has crossed averages and heading in that direction.
Scenario: Price continues pull back toward 49.9x-50.1x range this week then begins drop to 44.7x. Should this play out, I think there will be ~3 weeks of price consolidation while market decides what to do at bottom of the weekly channel in place. After this period, price continues down with possible targets of 40.2x, 35.0x, and 28.4x.
4hr chart since 3/14, has been correcting from it's drop from the 54.8x range. I'm looking for price to pull back into the 49.9x to 50.1x range before moving down to my next target of 44.7x.
I'll be watching for the following confirmation and triggers:
DMI: Does the ADX remain above 20 or does it drop below signaling potential price consolidation. Price consolidation not a guarantee if it does drop below 20 but could be a factor
TSI: Begins to diverge with price as price moves up to 49.9x - 50.1x range
TRIX: Remains above 0 until price objective is hit
RSI: Pushes up to the 6x area
Should these hold and play out, triggers will be a move below 0 for TSI and failure to pullback above 0 on price pullback. TRIX moves below 0. -DI of DMI continues to make new highs while pulling ADX up with it
Daily chart with weekly channel based on weekly ADX. Current target is 44.7x
Weekly chart I believe most indicators have moved negative. The TRIX remains above 0 but has crossed averages and heading in that direction.
Scenario: Price continues pull back toward 49.9x-50.1x range this week then begins drop to 44.7x. Should this play out, I think there will be ~3 weeks of price consolidation while market decides what to do at bottom of the weekly channel in place. After this period, price continues down with possible targets of 40.2x, 35.0x, and 28.4x.
Comment:
Change in timing but not in direction. The weekly chart looks like it won't have another leg down to the 44.7x level before putting in a 3 week correction. It looks like this correction has already started. With this being the case, I'm still looking at the 50.1x area for resistance and the remainder of this week along with next week to be flat to up.