The Market is in a correction of a Bear Market Rally on the daily, with price below the 13 , but above the 50 which is above both the 200 and 800 emas, but the 200 , at 57.79 still below the 800 , at 58.36. Price is testing a long-term zone and just broke below the 9/13/30 emas this last week and is testing the 50ema. A likely down side target for this x-wave sell-off are the 200 and 800 emas. We’re still in an downtrend as long as each day closes below the 9 &13 emas at 60.70.
The Market is in a correction of a Bull Market on the 4 hour, with price below the 9/13/30/50 emas, which are above the 200 , at 59.90, which is above the 800 at 57.79. Price would have to close back above the 9 & 13 , at 59.82 to consider the correction over. The Oil Market is selling off as a result of the succession of US tensions with Iran.
With a likely calm weekend, I’m expecting the oil to open in a positive light, but test the lower and emas, in the early part of the week, then bounce in to the later part of the week to complete wave form patterns. The over-all trend is down on the longer time frames, but there is a feeling that this is the quiet before the storm. Hostilities in the Middle East could unexpectedly show up at any point and cause prices to rocket back up.
This is my USOIL look ahead for my own trading purposes. trading involves risk. Feel free to comment, but trade off of this post at your own peril.