- Like it or not, since 30/Dec WTI has not been trending. Its price action is very mixed, with lot of noise around flat Tenkan and Kijun averages -> see the big rectangle box above.
- MACD signalled possible start of consolidation with a cross down on 30/Dec/2016. Its picture has not changed ever since.
- Heikin-Ashi signal has bearish bias short term.
- Seems like EWO can't get its momentum back either.
- Volatility (ATR) is down
WTI is just simply not suitable for trend trading right now. A close above 54 would be bullish indication.
Bonus: The whole leveraged trading community (Hedge Funds) are sitting in all time high long exposure., while US shale producers and rig counts revive. I am not really surprized this market couldn't shoot higher in January
- MACD signalled possible start of consolidation with a cross down on 30/Dec/2016. Its picture has not changed ever since.
- Heikin-Ashi signal has bearish bias short term.
- Seems like EWO can't get its momentum back either.
- Volatility (ATR) is down
WTI is just simply not suitable for trend trading right now. A close above 54 would be bullish indication.
Bonus: The whole leveraged trading community (Hedge Funds) are sitting in all time high long exposure., while US shale producers and rig counts revive. I am not really surprized this market couldn't shoot higher in January
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.