So what now? Hard call. Short term upper key at 30,20

FX:USOIL   Crude Oil (WTI)
474 0 7
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.

- 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!

- 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.

Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out