So what now? Hard call. Short term upper key at 30,20
Yesterday i thought 30,60-31,00 would be a good support and possible retracement, before price goes higher again. In fact it dropped more. Let's check how does it look like. I tell you it is confusing here.
Daily:
- Trend is still bearish. Price got close for a moment to Kijun, but did not reach it.
- EWO still bearish
- Heikin-Ashi candle looks bearish again, but as always. closing will matter.
- haDelta turned down sharply from extreme top print and gets below zero, however SMA3 still well above zero -> shows very high volatility in last 3-4 days. What if market spikes with same illiquid conditions? Monitor how haDelta/SMA3 behaves. HA Oscillator is still bullish.
- Will oil market give both bulls and bears a hard time with more choppy consolidation, or will it continue bearish with a lower low? Key is a lower low for bears!
4H:
- You may be surprised but Ichimoku setup is still neutral!!! It WAS neutral at 32+ and it is neutral at 29,65 too, as price still trades within a thick spot Kumo cloud!
- EWO back zero (slightly below) -> neutral too
- forward Kumo 26 bars ahead is bullish (positive), and Tenkan is still above Kijun (medium bullish)
- haDelta/SMA3 suggests the sharp drop may be coming to a pause.
As you see it is really a hard call for the short term. We have a lot of confusing signals. Anyhow, not yet a safe buy! (nor a good risk/reward sell here)
All we have to watch now is 4H Heikin-Ashi candle signal! If you see it reversing to green and Price breaks back above Kijun Sen (30,20) then you may try a swing buy. Stops should be placed around 28,85.
Bearish positions I do not open in oil, as I don't see very good long term strategic risk/reward here for the shorts.
Daily:
- Trend is still bearish. Price got close for a moment to Kijun, but did not reach it.
- EWO still bearish
- Heikin-Ashi candle looks bearish again, but as always. closing will matter.
- haDelta turned down sharply from extreme top print and gets below zero, however SMA3 still well above zero -> shows very high volatility in last 3-4 days. What if market spikes with same illiquid conditions? Monitor how haDelta/SMA3 behaves. HA Oscillator is still bullish.
- Will oil market give both bulls and bears a hard time with more choppy consolidation, or will it continue bearish with a lower low? Key is a lower low for bears!
4H:
- You may be surprised but Ichimoku setup is still neutral!!! It WAS neutral at 32+ and it is neutral at 29,65 too, as price still trades within a thick spot Kumo cloud!
- EWO back zero (slightly below) -> neutral too
- forward Kumo 26 bars ahead is bullish (positive), and Tenkan is still above Kijun (medium bullish)
- haDelta/SMA3 suggests the sharp drop may be coming to a pause.
As you see it is really a hard call for the short term. We have a lot of confusing signals. Anyhow, not yet a safe buy! (nor a good risk/reward sell here)
All we have to watch now is 4H Heikin-Ashi candle signal! If you see it reversing to green and Price breaks back above Kijun Sen (30,20) then you may try a swing buy. Stops should be placed around 28,85.
Bearish positions I do not open in oil, as I don't see very good long term strategic risk/reward here for the shorts.
