WTI - Levels to watch in new May contract (major is at 48,10)
Daily:
- Ichimoku setup is rather bearish
- Heikin Ashi candle and haDelta gave first warning signal yesterday, indicating an interim bottom and some possible pull back or sideaway move
- Heikin Ashi candle today is a bit confusing, as this continuous chart had a switch from April contract to new front end May contract. May was in some premium to April, that's why the recent candle is so decisive green.
- First supp/res is Tenkan sen at 46,40. Next one is stronger at 48,10. There we have Kijun Sen, Kumo bottom, horizontal key level and future Senkou B.
- We need to see more confirmation in form of SMA3 coming back above zero line and MACD base line to stop decreasing (holding around zero). Of course MACD cross as a laging indicator would come only later.
4H:
- Ichimoku Setup turned to neutral from bearish. Bears may try to push it down a few more times, but now Price is above Tenkan and Kijun Sen, which should act as short term support at 44,40. Chikou Span also up to past Price candles. Upper resistance is 100 WMA, horizontal line and the Kumo itself at 46,80.
- DMI signal turns to neutral from bearish. DI lines should start to widen with DI+ on top to confirm picture is changing to bullish.
- Heikin Ashi candle and indicator setup is rather bullish short term. It will be very important to see now if haDelta can make a bullish cross again above SMA3, as that cross above zero line would be additional bullish indication.
My bet is that we will likely see a swing up in the the multi layered ranges (visible on 4H). 48,10+ will be the big issue. Please not that the future Kumo on the daily chart is getting very thin. The later the Price attacks it the easier it will be to break.
p.s.: It took a bit too long to write this post, hope still not too late for you to join in case, as meantime Price moved 50 pips higher.
- Ichimoku setup is rather bearish
- Heikin Ashi candle and haDelta gave first warning signal yesterday, indicating an interim bottom and some possible pull back or sideaway move
- Heikin Ashi candle today is a bit confusing, as this continuous chart had a switch from April contract to new front end May contract. May was in some premium to April, that's why the recent candle is so decisive green.
- First supp/res is Tenkan sen at 46,40. Next one is stronger at 48,10. There we have Kijun Sen, Kumo bottom, horizontal key level and future Senkou B.
- We need to see more confirmation in form of SMA3 coming back above zero line and MACD base line to stop decreasing (holding around zero). Of course MACD cross as a laging indicator would come only later.
4H:
- Ichimoku Setup turned to neutral from bearish. Bears may try to push it down a few more times, but now Price is above Tenkan and Kijun Sen, which should act as short term support at 44,40. Chikou Span also up to past Price candles. Upper resistance is 100 WMA, horizontal line and the Kumo itself at 46,80.
- DMI signal turns to neutral from bearish. DI lines should start to widen with DI+ on top to confirm picture is changing to bullish.
- Heikin Ashi candle and indicator setup is rather bullish short term. It will be very important to see now if haDelta can make a bullish cross again above SMA3, as that cross above zero line would be additional bullish indication.
My bet is that we will likely see a swing up in the the multi layered ranges (visible on 4H). 48,10+ will be the big issue. Please not that the future Kumo on the daily chart is getting very thin. The later the Price attacks it the easier it will be to break.
p.s.: It took a bit too long to write this post, hope still not too late for you to join in case, as meantime Price moved 50 pips higher.
