OIL - Daily update on the 4hrs chart
Today we had our follow through. Oil is doing what we were waiting for yesterday.
We tested back the previous daily cycle's trendline. It was a possible entry point for longs or a possible point to close the shorts.
The EMAs are starting to line up, at the trendline backtest we also tagged the 10 EMA. This is the first step of starting the rally. On the way up we are going to tag the 10 EMA again and again. Sometimes we break it down to tag the 20 EMA .
RSI is not in the overbought territory : if it enters it can be there for a long time.
MACD is also turning up. I think everything is ready for a 3-4 week rally.
I like the 2nd daily cycle of the intermediate cycle. It's usually the greatest rally.
In gold and in stocks the 2nd daily cycle was not so great. Hopefully here in oil we will get a nice rally.
We tested back the previous daily cycle's trendline. It was a possible entry point for longs or a possible point to close the shorts.
The EMAs are starting to line up, at the trendline backtest we also tagged the 10 EMA. This is the first step of starting the rally. On the way up we are going to tag the 10 EMA again and again. Sometimes we break it down to tag the 20 EMA .
RSI is not in the overbought territory : if it enters it can be there for a long time.
MACD is also turning up. I think everything is ready for a 3-4 week rally.
I like the 2nd daily cycle of the intermediate cycle. It's usually the greatest rally.
In gold and in stocks the 2nd daily cycle was not so great. Hopefully here in oil we will get a nice rally.
Comment:
I left on the chart the 2015 intermediate high level (red) but I don't think that will be a serious resistance.
Comment:
I see some divergencies evolving on the 4 hrs chart.
Most probably we will test back the 100 EMA and maybe the 200 EMA.
I will play a bit in the energy trade selling some USOIL and buy back at lower prices.
Most probably we will test back the 100 EMA and maybe the 200 EMA.
I will play a bit in the energy trade selling some USOIL and buy back at lower prices.
We are going to break it soon.
The next resistance is the last intermediate cycle high.(blue)