Kumowizard

WTI - Bulls down, short term bit oversold, sell on spikes later

FX:USOIL   Crude Oil (WTI)
80 0 2
I am back from 1 week holiday break. Let's look over major products, starting with WTI, since in this one I had some bearish recommendations (and position) before. Pls             see ref:
WTI - bullish trend lost momentum


After the consolidation it spiked up to strong resistence at 105 USD, then finallly delivered the decisive break on 4 Hrs I was expecting for. Retested the Cloud once more (also in line with daily chart Kijun held for first), then collapsed. Put spreads worked pretty well, but here I recommend to take partial profit, as px             is approaching 96 - 97,50 support zone , while Slow Stoch on both time frames is in oversold territotry. Please note also that on daily time frame the bullish Ichimoku setup is a lot more weaker, but still not really bearish . It will likely enter into consolidation with some volatility pickup. There's some chance for a corrective bounce to 100,20 - 100,80. If we get there, we can start to look at further sell signals. Forget the longs and contra trades until it trades below 101,50, play only bearish setups.
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