USOIL MARKET BREAKDOWN:
We have stayed silent on oil this week and let it run it's course. Unfortunately oil is at a region where it's extremely choppy at all levels which makes trading and analysing that little bit harder.
Oil broke the bearish channel with an extreme impulse showing bulls back in control of the smaller trend. I was surprised that we didn't see larger dips or even a retest of the bullish trend but again it makes the uptrend vulnerable to a large dip. Charts should have an equilibrium about them making for organic structure which is usually what we see in oil but right now we are not. Oil is at a region now where it will push to $93 without a pullback or it will pull back first. I warned members of an inverse head and shoulders which ended up coming through.
Should OIL push to $93 without a pullback in the first instance then the drop will be large and volatile once resistance is met in this area. I am only interested in shorting from $93 region. My eyes are set on buys and these have been marked by the blue arrows.
The dashed blue lines show oil taking a dip towards a major support zone which also lines up with a hidden trendline...Should oil find support here then I will look to long.
The solid blue lines show oil taking a dip towards the last line of defence for oils bullish move to stay valid which also lines up with the clear trend...Should oil find support here then I will look to long.
Regardless oil is bullish and pullbacks are due I warned of quick movements to the upside given the bullish pressure we have seen. We took three trades on oil this week leaving us around 180-190 pips in profit.
OIL is currently in an area where I see no trade but once is meets one of my three aspects mentioned above then I will look to execute a trade. Regardless on my thoughts on pullbacks I will not be looking to short any short-mid term bearish movements.
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We have stayed silent on oil this week and let it run it's course. Unfortunately oil is at a region where it's extremely choppy at all levels which makes trading and analysing that little bit harder.
Oil broke the bearish channel with an extreme impulse showing bulls back in control of the smaller trend. I was surprised that we didn't see larger dips or even a retest of the bullish trend but again it makes the uptrend vulnerable to a large dip. Charts should have an equilibrium about them making for organic structure which is usually what we see in oil but right now we are not. Oil is at a region now where it will push to $93 without a pullback or it will pull back first. I warned members of an inverse head and shoulders which ended up coming through.
Should OIL push to $93 without a pullback in the first instance then the drop will be large and volatile once resistance is met in this area. I am only interested in shorting from $93 region. My eyes are set on buys and these have been marked by the blue arrows.
The dashed blue lines show oil taking a dip towards a major support zone which also lines up with a hidden trendline...Should oil find support here then I will look to long.
The solid blue lines show oil taking a dip towards the last line of defence for oils bullish move to stay valid which also lines up with the clear trend...Should oil find support here then I will look to long.
Regardless oil is bullish and pullbacks are due I warned of quick movements to the upside given the bullish pressure we have seen. We took three trades on oil this week leaving us around 180-190 pips in profit.
OIL is currently in an area where I see no trade but once is meets one of my three aspects mentioned above then I will look to execute a trade. Regardless on my thoughts on pullbacks I will not be looking to short any short-mid term bearish movements.
Make sure you are following us and using the signature down below to keep up to date with us.
