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 before the DOHA meeting...
We might print 2 low 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 on this 4hrs chart- in a strong rally this supporting the price (40.8)
200 (light blue horizontal line ) a lot of traders are watching the 200 and not the 200 . We broke this already so a testback of the 200 is possible. It is at 40.5$ now. It's a possible point to test back.
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...
So it Looks like expected now even, better imho cause of the next Meeting in only 6 months
But you have to prepare if the meeting produce good news we will break up.
If we will have bad news some kind of pull back will be but the rally will continue.
And I don't think powers want sub 40 oil prices. They want to stabilize prices above 40$.
They won't miss this chance on sunday...