I'm just starting out here and I usually go by the simplest method, support and resistance which has been a decent tools for me. Now we see here in the 4H that USOIL(WTI) has been attempting to go higher but so far unable to close above the resistance. From here I think we might see a bearish down movement as if we look at the Monthly time frame , we are still bearish and as it is the end of the month, it might has a good chance of rolling down from here. Thoughts ?
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It’s coming down a little bit but nothing big at the moment. I would say it will continue down to 56.xx - 55.9x. If it doesn’t get rejected in that area and if we can get a 4H bear candle under 55.9x then we should be able to head down more.
No doubt the report the other day will come to play a role later when US session hits.
Please feel free to leave a comment , any comments are welcome.
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If it hits 55.5 then we are looking alright for the time being for bear. Hopefully it stays down until US session comes just for some comforts. Next would be 55 - 54.9
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The last 4H didn’t close below 56 so we just gotta monitor this for the next 2 hours and we should see where it would be heading then
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Soooo it just touched 55.59 which is another good sign ! Let’s see the next hour just before US session which could bring a heavy storm up in the way
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US session opened, 55.59 bounced off for now but we will see in 45 mins
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Well, we got there ! Looks like the bear is still crawling