Daily: - As I wrote on Twitter yesterday, bearish price action slowed doen at spot Kumo bottom. The forward looking Ichimoku picture is rather bearish, but spot setup is still neutral - Yesterday we had an inside HA candle + haDelta, DMO cross up -> bearish momentum loss, start of consolidation. Today we'll have a doji candle. - The previous bullish trend is broken, but from this level we can see some pull back to 46,50-47,50 zone, before we get next leg down.
4H: - Ichimoku setup slowly loses its strong bearish bias. Tenkan and Kijun got close to each other, Chikou will soon hit past candles. - Bears attempted a push lower twice today. Both attempts failed: two doji candles (second with longer wicks) reflect some short covering interest on Oil market. Please note that both haDelta and DM-Oscillator are located above their zero lines. - EWO is still bearish.
With some noise in its price action WTI is likely bottoming, and possibly starts a retracement towards 47 +/-.
Comments
Gerser
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look great !! took small position ... early this morning ..wait and see .. Thank you for sharing!!
Kumowizard
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welcome. Thanks for following!
I also bought haéf trade unit size at 44,65. We'll see. But my major commodity focus has been on Wheat for some time now. If you like trading commodities, you may like to check Wheat chart too.