Nothing but a counter-trend rally

FX:USOIL   CFDs on Crude Oil (WTI)
377 2 4
I don't see yesterday and overnight's "risk-on" rally as the end of the bear market in oil             . That said, we need to give respect where it's due:
  • Up 17% in 2 sessions
  • Buyers finally stepped in, and in a big way, at the 9am NYMEX open yesterday
  • No intraday reversal to the downside - this is only the 2nd non-occurence in the last eight trading sessions
  • All of this has been confirmed with strong volume
I question whether Draghi will be able to muster sufficient support to expand QE and I don't think Kuroda will want to play competitive devaluation chicken with China. However, as long as central bank easing rumours are flying, "risk on" will be the mentality. Watch for another test of 31.30, and definitely watch the 9am NYMEX open for clues. 32 will be a ceiling to the upside and 38% fib retracement at 30 will be support.
i am seeing divergence at the high values of crude.should go back to 30$ by wednesday
you do such great work.
thank you for posting... very helpful.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out