WTI - Watch 4 Hrs trendline and turning point!
Daily: No special signal, trend is intact bearish. However ADX has been stuck very high (above 50) for some time now. Be cautious with shorts now!
4 Hrs: Ichimoku setup is still bearish, but Tenkan got close to Kijun Sen and Future Kumo is not pointing down any more. Basically all averages are flattenning out. ADX is down with no obvious DMI signal yet, but indication right now is rather for loosing bearish momentum. ROC indicators don't give clear indication for momentum eaither as they are flipping ard their EMAs.
What we first have to watch now before we consider any possibly counter long trade is if Price makes a higher low. If it does so, then on next wave up it could break the short term bearish trend and could make a valid bullish Kumo breakout to set up for a counter trend move. Upper supp/res levels are:
- 76,55 -> this is the possible turning point, which matches daily Tenkan Sen as well.
- 79,80-80,00 -> Previous Key Resistance zone, slightly above daily Kijun Sen
- 83 -> Major daily downtrend and daily Kumo support
This chart and the trigger level of 76,55 is also important for those who follow my call on EURNOK short. If WTI starts correction, EURNOK selling will accelerate.
Patience for now! Don't try to pick the bottom, trade only when you see an obvious break above 76,55
4 Hrs: Ichimoku setup is still bearish, but Tenkan got close to Kijun Sen and Future Kumo is not pointing down any more. Basically all averages are flattenning out. ADX is down with no obvious DMI signal yet, but indication right now is rather for loosing bearish momentum. ROC indicators don't give clear indication for momentum eaither as they are flipping ard their EMAs.
What we first have to watch now before we consider any possibly counter long trade is if Price makes a higher low. If it does so, then on next wave up it could break the short term bearish trend and could make a valid bullish Kumo breakout to set up for a counter trend move. Upper supp/res levels are:
- 76,55 -> this is the possible turning point, which matches daily Tenkan Sen as well.
- 79,80-80,00 -> Previous Key Resistance zone, slightly above daily Kijun Sen
- 83 -> Major daily downtrend and daily Kumo support
This chart and the trigger level of 76,55 is also important for those who follow my call on EURNOK short. If WTI starts correction, EURNOK selling will accelerate.
Patience for now! Don't try to pick the bottom, trade only when you see an obvious break above 76,55
