I have the feeling that this quiet before the storm can finally break out in a move, and then we will have a new range for Oil between 61-74.
- setup is turning neutral, with a weak Tenkan/Kijun cross. Chikou hits past candles. Price reached major .
- The momentum slow down started 5 weeks ago, and by now we finish the 4th week with complete undecision and hesitation. Price has been trading in a very tight range. However haDelta/SMA3 is still biased!
- Range consolidation slightly above the Kumo, Price swinging around Tenkan and Kijun. Excellent example which Shows that signals are unreliable on sideaway mkt, since was built as a trend following system.
- Heikin Ashi signals have been changing in every 3-4 days. Heikin Ashi is also better to be used for trend trading, but still can show some signals and short term biases for range traders too.
- Very thick Kumo below Price should provide strong support. This doesn't mean that Price can not dip into the cloud
- Price is at major long term . For next few days I think some range traders will sell the 60-61 level again. The question is if there will be something to change the strategic picture, causing everybody to buy Oil again, and finally breaking the trend.
If Price breaks above the red box ( and horizontal resistance), that will be a start of a 20 %+ wave.
I am pretty sure something will happen, since I will be on holiday for next 1,5 weeks and I won't be able to react :-). However, if I were active, I'd still be a buyer on dips within the range ard 57,25 - 58,25 area, and of course I would not hesitate to buy the break, since believe me, lot of major investors are looking at it the same way.