Long term bullish, but short term pull back is possible
Weekly:
- Ichimoku is strategic bullish, with long term supports at 47,20 and 48,70
- There is some contradiction between last week's bullish Heikin-Ashi candle and haDelta, haOscillator. Watch out! This might be early signal for a local top and consolidation/pull back ahead in next few weeks.
- EWO and MACD are healthy bullish
Daily:
- Ichimoku setup is bullish, with supports at 51 / 49,45 / 48,70
- Heikin Ashi price action however shows market started a choppy consolidation, which can also extend to a pull back towards 51, based on indicators' signals below -> weakness and negative divergence in haDelta, haDelta+ and EWO. MACD also confirms consolidation period.
Short term strategy:
1. long term investors should take some profit and reduce weight in WTI longs.
2. Speculative accounts can try half unit swing short, with 54,55 stop and 51 tgt.
Long Term strategy:
Watch for buy signal at daily and weekly supports.
- Ichimoku is strategic bullish, with long term supports at 47,20 and 48,70
- There is some contradiction between last week's bullish Heikin-Ashi candle and haDelta, haOscillator. Watch out! This might be early signal for a local top and consolidation/pull back ahead in next few weeks.
- EWO and MACD are healthy bullish
Daily:
- Ichimoku setup is bullish, with supports at 51 / 49,45 / 48,70
- Heikin Ashi price action however shows market started a choppy consolidation, which can also extend to a pull back towards 51, based on indicators' signals below -> weakness and negative divergence in haDelta, haDelta+ and EWO. MACD also confirms consolidation period.
Short term strategy:
1. long term investors should take some profit and reduce weight in WTI longs.
2. Speculative accounts can try half unit swing short, with 54,55 stop and 51 tgt.
Long Term strategy:
Watch for buy signal at daily and weekly supports.