Before anybody would start to jump out of the oil position today
I would warn everybody that it's just a pullback. We are testing back the 100 EMA today.
Even testing back the breakout of the double bottom (34-34.30) would be also normal, I don't think that will happen though.
Check on the chart 04.21.2015. - I think we are somewhere there today.
2015 April we just sliced through the 100 EMA, and we tested back but price was around the 100 EMA for a week and couldn't break below that. It was just waiting for the 10 EMA to catch up the price.
If you are not a position it's a good possibility to enter. I would keep some capital for the testback of the breakout at 34.20 because it's possible (30-35%) we will tag that price.
If you are already in a position it's a good place to add...
I would warn everybody that it's just a pullback. We are testing back the 100 EMA today.
Even testing back the breakout of the double bottom (34-34.30) would be also normal, I don't think that will happen though.
Check on the chart 04.21.2015. - I think we are somewhere there today.
2015 April we just sliced through the 100 EMA, and we tested back but price was around the 100 EMA for a week and couldn't break below that. It was just waiting for the 10 EMA to catch up the price.
If you are not a position it's a good possibility to enter. I would keep some capital for the testback of the breakout at 34.20 because it's possible (30-35%) we will tag that price.
If you are already in a position it's a good place to add...