Is it bearish? It's not. Interesting levels and signals.

FX:USOIL   CFDs on Crude Oil (WTI)
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Some says WTI price action is bearish . Well, short term we saw a fall from the 48 local top, and it also meant a failure of immediate bullish continuation, but the picture is still far from being bearish . It is neutral in fact. What's more, we still have long term positive signals.

- Ichimoku is neutral. Price is sitting right on the weekly Kijun at 43,43. Forward Kumo has bullish bias as Senkou A is above Senkou B.
- Forlast 3 weeks price action was indecisive with minor bearish bias, but could never break below 43 key level.
- Long term inverse H&S pattern is still possible (until price holds above 38,80)
- EWO             is back to neutral.
- MACD fast line is below signal line, but both value are above zero.

- Ichimoku picture is neutral, with bullish bias in forward Kumo.
- Price is approaching a very important key level at 43+. There we have Kumo bottom, horizontal supp/res and trendline! If it breaks and stays belo 42,50-43, only then we could say picture is bearish .
- Heikin-Ashi will be our guide. We have to monitor pric action and momentum as price is very close to 43+ support.
Actually we already have a minor positive signal in haDelta/SMA3. This shows selling pressure may start to ease. If swing bearish momentum really decreases here, then haOscillator will be the next confirming signal.
- EWO             is bearish .

Please note that Front contract will change soon from October to November (CLV6 to CLX6). Next contract trades appr. 65 points higher.

What to do now? Just sit patiently, and wait for a reversal signal around 43. Maybe you can also monitor Price/Kijun Sen relation and look for any positive divergences in coming days on lower, 4H time frame.
Please keep us posted. These are interesting levels.
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