D707

Oil: Close below 51 might trigger a big sell off

FX:USOIL   CFDs on Crude Oil (WTI)
Oil chart doesnt look good for bulls at all, if it closes below 51 (which seems to be the "demand" line) we might see a massive sell off to last year's lows. However, seasonally oil rallies in August 70% of the time (long August 7th to 27th)
It's in "no mans land here" basically with the conflicting signals , probably safer to just daytrade it until we get a clearer picture.

**If you're interested in joining a group of like-minded traders, send me a PM. This is NOT a subscription service, just bunch of average traders sharing insights in a FREE group
I see bullish divergence on near term 30min and also short term 4h timeframes.
Yes, divergence can persist awhile before fulfilling the potential hinted at but at today’s hitting of lower 53s, us oil has hit a fib1.382 target.
The 1.5-1.618 region will reveal the 51-52 region but for now, coupled with your bullish seasonality observation, perhaps we can expect a short term rally?
Certainly the bullish inventory draws aren’t getting any attention in the mixed signals of geopolitics and trade war demand factors.

Guess price will show up soon enough.
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out