- Despite weaker USD, Oil struggles to climb back above 4H Tenkan and Kijun. If it gets one more hit, then a weak bearish Tenkan/Kijun cross will happen and Price will test 43-44 area. - Daily Heikin-Ashi candle pattern indicates more pull back ahead.
More details you can read in my analysis posted yesterday.
Comments
AYosof
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bear market continuation what is the support target next?
Kumowizard
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Based on the daily it is still a Bull market, so recent pull back has to be considered as a correction, risk managed as a swing short opportunity.
Support zone based on daily is clearly ard 40-41. Of course it doesn't mean you have to buy there immediately! This is the mistake most people often make! Even professionals. They buy at a level, just because in last X days or weeks they identified it as a support,
No! A support is not a level where we automatically buy! A support is a level, where we assume buyers should take control again over sellers, so where we LOOK FOR BUY SIGNALS, and when a buy signal is confirmed, then we buy!
Or if you are a great risk manager and strict systematic trend follower, then you can start buying at the support, but in smaller clips, assuming it will hold, and you add on and go leveraged when a buy signal is confirmed!