Nezah
Long

Convergence of bullish signs

FX:USOIL   CFDs on Crude Oil (WTI)
Oil break out of bull flag is following through with a bullish engulfing candle today. RSI is healthy.

Majority of analysis on chart. Wave patterns added in for fun. (Not an elliot wave fan).
My issue here is volume. This is breaking out on no volume. Meaning it’s not smart money that’s moving this higher. I think the institutions let the price get where they want it then drop the hammer. I really need to see oil make a new high before I can get bullish
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Nezah 4thewin
@4thewin, Good comment. I think volume showed its hands in the last 2 dips. We see massive dip buying at the lows, which is a good sign that it can go higher. That's not to say bears can't come in force and slam it down, but I'm drawing lines and triangles. Not predicting the future.
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