I have shorted oil from between 42 and 41, and added on the way down, but recently covered when approaching the low in light blue.
I have added a quarterly speed line, connecting 2015's Q2's high with 2016's Q1 low, which has acted as resistance before, rejecting price at the recent top, as well as speed lines for the recent up and down swing in the .
If we look closely, we can detect that April 4th's bar, offers a nice to short against, which matches the speed line analysis I've conduced, and also, is favored by time at mode trend analysis.
We're trading below the uptrend mode, and despite finding bulls at a low , it could very well be a short squeeze rally, and probably short lived.
If price enters my sell zone (the red box from March 31st to April 14th), we could enter short (or add to shorts in the money) with a stop loss above the 38 handle, or more conservatively, above 41.5. Target is 21.70 but monitor the support levels below.
Good luck if taking this trade.
1h uptrend, and now consolidating below resistance. Let's monitor for short entry.
If it doesn't happen, the quarterly speedline might act as resistance and stop this rally.
"2 days ago
Comment. New quarterly high is impressive...now we see some profit taking. We could attempt a short and risk a rally above today's open."
We broke the uptrend speed line, I'll place some limit orders to add on close.
I expected a bearish outcome for news, based on the charts and commercial traders positioning in CoT. (and the fact that Iran doesn't want a deal, and Arabia and Russia are at record output levels anyway, so cutting here, when they can't even produce faster haha...who are they kidding?)
I'm going to grab a little rest so I can be up for the Frankfort and London open tomorrow AM. Besides WTI, I'm watching USDCAD based on the cartel info. DXY has pulled back this year but it could now offer a nice long entry over CAD with weakening oil, yes? I say no fundamental weakness in DXY, and CAD has been riding high on the oil market correction of a sustained down-move (?) I'll be up before the volume hits this morning looking for a pullback entry in WTI (short) and USDCAD (long). Wishing us both luck! :-) Also, US home sales and DOE oil inventory reports upcoming Wednesday to be mindful of.
Not sure if you play at the OKcoin casino, but if so I hope you caught my cypher from the other day.