USOIL. Last options for bears

TVC:USOIL   CFDs on WTI Crude Oil
As per my previous idea and despite an impressive bull run we are having on oil             , I´d still miss a leg E of my large-scale triangle.

Nevertheless, we should never ignore the signs market sends us. A wise trader said: trade what you see, not what you think. And I can only see 5 green daily candles in a row. Last time it happened, we went from 41 to 49 in a term of one week.

Bears have only two options left to turn oil             back to 40-lows. These options are: 50 and 51.60 per barrel. We are less than 1 ish             from the first level and this surely will be stormed with tomorrow´s EIA             report.

Beware of bearish report: Genscape and API were very bullish but it is the EIA             report who has always been in charge to put the things on their place. In normal conditions, we should see 50 falling down tomorrow but, as always, market will decide if we continue the rally or not.

Notice SPX500             and DXY             were not really supporting oil             these days.
Comment: Today Oil has tested the first critical level of 50 Dollars per barrel. Notice 1H bearish divergence which opens possibilities for short-term shorts, approximately to 47 Dollars per barrel.

Eventually, shorts from current levels will be rewarded with further profits if the NFP report on Friday pushed US Dollar higher.
Comment: Oil breaks first critical level of 50. Well done for bulls! Some charts below as usual
Comment: Last hope for bears: 51.50-51.70 zone. After that, oil has a free room to run a little more, correct and then get to 65-70 before the end of the year
Comment: It has been a 62nd week in a row which oil failed to close at 50 ish or above. Huge, huge, huge level!

Chart below

If they ask me to sign this off, I would do it right now

I use this chart to determine how "healthy" are the oil moves. On a left-hand side you have a chart for Gasoline futures which, in normal conditions, forwards oil with a correlation above 90%. Now, check the last 3 days: Gasoline futures climbed from August lows with oil but now stuck in a triangle. Oil broke a very similar triangle days ago and now overpassed 50. Obviously, the option now is for the gasoline futures to have a huge raise but... I have my doubts this will happen

Bearish divergence at 1H Timeframe
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out