chartwatchers
Short

OIL - The red candle

FX:USOIL   Crude Oil (WTI)
7566 42 83
Here is our red candle. Not a simple candle: key reversal.
Shorts can take a breather. Late longs will pay the price of their late entry for 2-3 days.
As this rally was a monster rally and we finished the rally with a doji there will be at least one more red candle tomorrow.
1. I think we are going to tag the 10 EMA (red) tomorrow. So the first long entry points are at 46$.
2. If we are lucky we will have one more red candle on Wednesday. This red candle should be a hammer tagging the intermediate cycle down trend line and the 20 EMA ( green)
This is our 2nd entry point: 45$.
And I think that's it. RSI will leave the oversold territory and can get oversold again during the following 10 days.
This 2-3 days drop will not affect MACD. MACD is predicting higher prices.
Volume:
I would like to see decreasing volume tomorrow and on Wednesday.

This pullback will be the chance of the shorts to ease the pain and get back the lost money with longs.
Don't ruin this opportunity we might never see 45-46$ oil             again...


I will set this idea as short but I'm not going to short it just showing the most probable direction.
Also suggest not to short oil             . Wait for the entry points and go long.

Comment: Don't forget: we are buyers at the 10EMA.
It's today at 46.3$. This is also the lower trendline of the bull flag.
Have some dry powder for 45$ also. I don't think we will get 45$ : it would be a gift.
snapshot
Comment: Buying.
Comment: "val_trader:
Please, might change the short in long ...? When I open your wonderful chart my heart - for a second - sink .."
It's long now but some ppl - not you valtrader- just read the text and short or long.
If I set it long 5 days ago I would have gotten 100 messages in the last 4 days that:
"Man we are going down!"
you are right. The unpatience to make money sometimes make we take earlier decitions.
Reply
OK ! thanks for the answer
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Arpi, did you see a huge drop in NUGT? I think to buy it, but not sure...
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oh, it's occured to be just a 1-for-5 reverse split (announced in the previous month)
+1 Reply
I won't trade oil for geo-political reasons. Natural gas on the other hand yes. I hope for bullish data in 15 minutes to buy last time before it takes off.
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Please, might change the short in long ...? When I open your wonderful chart my heart - for a second - sink ..
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Hi!
candle touched EMA 10, buy now or we wait londres?
Reply
STarted to buy
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hungvolai chartwatchers
you're not concerned about volume not decreasing?
Reply
AYosof chartwatchers
are we going long from here?
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