mikebiz
Short

WTI 2018-11-22 continues setup for sell opportunity

TVC:USOIL   CFDs on WTI Crude Oil
22nd was an 'expanded typical day' that ranged between the IBH and S3 level. This followed the 21st, another 'expanded typical day' with a VA inside of the 20th's signaling a potential breakout. The 22nd's VA was 'overlapping lower value' and price traded below the IBH for the day.

23rd's IB range of 39 pips. From IB , price dropped below both S3 and S4 levels but closed above S4. According to the pivot strategy, S3 is where responsive buyers come in while S4 is where initiative sellers come in. This candle also tested the VAL of the 20th's session. Considering the short and medium Stoch has been oversold during past 2 sessions, I'm not expecting a drop below S4 today (though possible) but rather a pullback to the R3 or IBH levels for the session. A better scenario for a drop here seems as if the Stoch was overbought and diverging with price. However, I do have an alert on the channel below the S4 level so if price looks like it will close below it on 30min chart, that could be a signal of a shorting opportunity. As of now, I'm thinking that today will be a 'expanded typical day' market type.
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