Monthly: LT chart posted earlier which is bearish and very extended.
Weekly:
-Bearish ichimoku
-EWO has some divergences
-RSI still below 30
-Prices below Tenkan
Daily:
-HA Doji
-EWO and RSI divergence on lower low
-ST bearish momentum drops
-Ichimoku is overall bearish
4H:
-Prices snap back into head and shoulder neckline
-100 wma and 200 sma above price alongwith cloud
-EWO is green
-Neutral Ichimoku as prices cleared Kijun
So , what do we do now? We wait for PA to guide us. Look for HA here. If we can clear the orange zone and then prices come back to test it and support holds, then long can be taken.Daily ichimoku resistance comes around 35-35.50. If we clear that ,then 38-40 region. But if this zone act as resistance, oil can keep going lower. Watch the PA for trade signals.
Weekly:
-Bearish ichimoku
-EWO has some divergences
-RSI still below 30
-Prices below Tenkan
Daily:
-HA Doji
-EWO and RSI divergence on lower low
-ST bearish momentum drops
-Ichimoku is overall bearish
4H:
-Prices snap back into head and shoulder neckline
-100 wma and 200 sma above price alongwith cloud
-EWO is green
-Neutral Ichimoku as prices cleared Kijun
So , what do we do now? We wait for PA to guide us. Look for HA here. If we can clear the orange zone and then prices come back to test it and support holds, then long can be taken.Daily ichimoku resistance comes around 35-35.50. If we clear that ,then 38-40 region. But if this zone act as resistance, oil can keep going lower. Watch the PA for trade signals.
