Multi weeks consolidation before... next leg up?
Weekly:
- Nothing new this week. Third week of consolidation. Ichimoku is neutral, still no breakout, but forward Kumo shows a bullish Senkou Span cross. This gives higher chance for a bullish continuation later!
- Heikin-Ashi candle is doji again, haDelta/SMA3 at zero: indecision / consolidation. Price is still above 100wma.
- EWO is bullish
- Closest support is 45-45,50
Daily:
- Ichimoku setup is still bullish biased, but we clearly see the consolidation in form of flat average lines. Tenkan and Kijun at same level, Senkou lines are closing in. Price trades exactly at Tenkan and Kijun. Bullish continuation requires a break above 50.
- Heikin-Ashi has been giving mixed signals. Short term slightly bearish.
- Thick Kumo support below Price. 100wma and Senkou B supports between 45,90-46,65ticking down to neutral zero.
- EWO ticks down to neutral zero
From this picture it is very hard to tell which direction Oil will go short term. Almost equal chance for more dip, or for break higher.
Looking at the major Weekly signal, I'd rather set up my mind for a bullish continuation and get ready for buying the 50 breakout later, but for now just be patient.
- Nothing new this week. Third week of consolidation. Ichimoku is neutral, still no breakout, but forward Kumo shows a bullish Senkou Span cross. This gives higher chance for a bullish continuation later!
- Heikin-Ashi candle is doji again, haDelta/SMA3 at zero: indecision / consolidation. Price is still above 100wma.
- EWO is bullish
- Closest support is 45-45,50
Daily:
- Ichimoku setup is still bullish biased, but we clearly see the consolidation in form of flat average lines. Tenkan and Kijun at same level, Senkou lines are closing in. Price trades exactly at Tenkan and Kijun. Bullish continuation requires a break above 50.
- Heikin-Ashi has been giving mixed signals. Short term slightly bearish.
- Thick Kumo support below Price. 100wma and Senkou B supports between 45,90-46,65ticking down to neutral zero.
- EWO ticks down to neutral zero
From this picture it is very hard to tell which direction Oil will go short term. Almost equal chance for more dip, or for break higher.
Looking at the major Weekly signal, I'd rather set up my mind for a bullish continuation and get ready for buying the 50 breakout later, but for now just be patient.