- setup improved from strong to less bearish/more neutra.
- Heikin-Ashi signal is bullish: green candle without lower wick + haDelta/SMA3 crossed back up above zero
- EWO closing up to zero (neutral)
- stronger resistance: 44 ,95 - 48,00 zone.
- setup is , with lower supports at 38,85 and 36+
- Heikin-Ashi has some warning signal! We have an inside candle today, with a bit lower high! haDelta hit an extreme high two days ago. Back then I already warned you, this pace of buying is not sustainable in short term. haDelta crosses below SMA3, which may be a signal of a local top.
- Some divergence in EWO , but this may be valid only for short term: slightly higher high in price, while EWO printed only a lower high.
After 17 % rally from prev. local low, market probably needs some consolidation. We also have Doha meeting this w/e... so what? I think all news is out already. We know about output freeze for more than a month now. Sausi Arabia made it clear there won't be chance to cut output, especially that Iran is unlikely to participate in output freeze either.
Let me ask, what kind of extra positive news can come out this week end, that could push market higher from here?
If I have these questions, short term players can have same questions by tomorrow. If I were massive long, I'd lighten up my position a bit.
I do not say go short! Not at all! I just recommend to take profit, as some form of pull back is possible. If I'll be right, we can try to enter long again next week.