I warned you yesterday just in time (above 38 USD) on Twitter, that a pull back in WTI was possible.
By now the pull back is confirmed, and Price continues to dip towards daily supports.
Weekly:
- The major bearish trend seems to be broken, but Kijun Sen may block further gains for now (Ichimoku is still bearish biased). I think we will not see a lower low, market will rather stuck in range for a few more weeks.
- Heikin-Ashi weekly warning: after printing a high, haDelta/SMA3 shows Oil is losing counter bullish momentum.
- EWO is still bearish
Daily:
- Price broke above Kumo, but moved too quickly too far away from Kijun Sen -> consolidation/pull back was necessary.
Future Kumo is bullish.
- Heikin-Ashi (candle and haDelta) warned about a possible downturn yesterday. Pull back is confirmed today: red candle, haDelta back below zero.
- HA Oscillator turns red.
- EWO is still bullish, but it looks like 1st Wave is done.
- Possible support where we may start looking at buy signals again: 35,50 / 34,55 / 33,50
We don't know how deep the pull back goes. But setup doesn't favor bulls any more. Actually it doesn't match strategic bearish criteria either, as the two time frames do not coincide.
I closed all longs. For now just be patient, and wait until we see another firm signal.
I still prefer buying Oil, just not here and now, but at stronger supports if signal confirms.
Good luck!
By now the pull back is confirmed, and Price continues to dip towards daily supports.
Weekly:
- The major bearish trend seems to be broken, but Kijun Sen may block further gains for now (Ichimoku is still bearish biased). I think we will not see a lower low, market will rather stuck in range for a few more weeks.
- Heikin-Ashi weekly warning: after printing a high, haDelta/SMA3 shows Oil is losing counter bullish momentum.
- EWO is still bearish
Daily:
- Price broke above Kumo, but moved too quickly too far away from Kijun Sen -> consolidation/pull back was necessary.
Future Kumo is bullish.
- Heikin-Ashi (candle and haDelta) warned about a possible downturn yesterday. Pull back is confirmed today: red candle, haDelta back below zero.
- HA Oscillator turns red.
- EWO is still bullish, but it looks like 1st Wave is done.
- Possible support where we may start looking at buy signals again: 35,50 / 34,55 / 33,50
We don't know how deep the pull back goes. But setup doesn't favor bulls any more. Actually it doesn't match strategic bearish criteria either, as the two time frames do not coincide.
I closed all longs. For now just be patient, and wait until we see another firm signal.
I still prefer buying Oil, just not here and now, but at stronger supports if signal confirms.
Good luck!
