OIL - 4hrs update with entry points
DAY 7 in the new daily cycle.
We took out the prevoius high yesterday. But couldn't close above it.
Is it good news or bad?
Bad news for the traders who are already in, but good news for the ones whho would like to get on board.
And a hope for the bears who are trying to short again.... :)
As I thought it seems we will not break the 200 EMA before the DOHA meeting...
We might print 2 low volume nothing day today and tomorrow. I'm watching the energy shares very carefully, if they rally then smartmoney got the information that agreement will be and they will be buying energy shares today and tomorrow. ( Not every big player is trading OIL futurescontracts, many just buying energy shares if they know that oil is going up or just holding the gains in a range.)
So where to enter or add?
This is the last point where I add position to my portfolio. I want to close my gains so I dont want to enter into a surprise decline with a huge position which will reset my account.
Possible entry or adding points:
20 EMA on this 4hrs chart- in a strong rally this supporting the price (40.8)
200 SMA (light blue horizontal line ) a lot of traders are watching the 200 SMA and not the 200 EMA. We broke this already so a testback of the 200 SMA is possible. It is at 40.5$ now. It's a possible point to test back.
50 EMA (39.6)
The dollar is in an epic rally , but wont affect oil price too much.
Be patient maybe nothing will happen till sunday.
We took out the prevoius high yesterday. But couldn't close above it.
Is it good news or bad?
Bad news for the traders who are already in, but good news for the ones whho would like to get on board.
And a hope for the bears who are trying to short again.... :)
As I thought it seems we will not break the 200 EMA before the DOHA meeting...
We might print 2 low volume nothing day today and tomorrow. I'm watching the energy shares very carefully, if they rally then smartmoney got the information that agreement will be and they will be buying energy shares today and tomorrow. ( Not every big player is trading OIL futurescontracts, many just buying energy shares if they know that oil is going up or just holding the gains in a range.)
So where to enter or add?
This is the last point where I add position to my portfolio. I want to close my gains so I dont want to enter into a surprise decline with a huge position which will reset my account.
Possible entry or adding points:
20 EMA on this 4hrs chart- in a strong rally this supporting the price (40.8)
200 SMA (light blue horizontal line ) a lot of traders are watching the 200 SMA and not the 200 EMA. We broke this already so a testback of the 200 SMA is possible. It is at 40.5$ now. It's a possible point to test back.
50 EMA (39.6)
The dollar is in an epic rally , but wont affect oil price too much.
Be patient maybe nothing will happen till sunday.
It's starting to look scary isn't it...?
:)
Voulme is still low...