As expected, the incredible symmetry is playing out. Staying above or near the daily pivots on the green trendline will serve this trade well. Use the pink for the absolute last-ditch effort to stay long. I would not short this above the green trend line.
Still targeting 49.xx within the next 2 weeks. If it breaks through, 50.xx is possible, though I do not see it likely. The pattern can still fail at any time, but observe RSI as the green trendline is confirmed and shows no signs of weakness.
Good luck all.
Still targeting 49.xx within the next 2 weeks. If it breaks through, 50.xx is possible, though I do not see it likely. The pattern can still fail at any time, but observe RSI as the green trendline is confirmed and shows no signs of weakness.
Good luck all.
Trade closed manually:
Take profits here, buy above green or at pink channel bottom.
Holding 44.78 was crucial to remain fully long. If we do not close above 45.30, it would be prudent to take profits (if you were long since I was at 42. We are either at channel top (pink) or channel bottom (green).
Last candle shows signs that it is respecting the top of the channel (note the rejection wick. I would look to add at 44.25 or 43.52 (if it gets to that).
I would short if 43.52 does not hold.
Note RSI green is holding and we are far from pink.
Despite a mixed bag of inventory numbers, it is driving season and strategic petroleum stores for China and USA are fluctuating.
OPEC members are also a mixed bag as Russia did show some compliance while Libya is pumping record numbers. Good luck all.
Feedback and comments are welcome.