There's nothing new. The Ichimoku setup should favor bulls, but there are so many speculative bulls (hedge funds, speculative accts. net longs are at historic high levels), that probably due to the over-positionned market it seems Oil just can not get fresh buying power. Or else, we can view it from the other side: producers (hedgers) sell all they can on the forward oil curve to the speculative buyers.
Anyway, for now this chart just misses the required momentum which could force an upper break of the 'noise box' range.
Forward Kumo gets thinner due to rangebound prioce action of past few months. This clearly marks the lower support at 52,57.
Hekin-Ashi candles show indecision, maybe a sign of weakening short term buying power.
Anyway, for now this chart just misses the required momentum which could force an upper break of the 'noise box' range.
Forward Kumo gets thinner due to rangebound prioce action of past few months. This clearly marks the lower support at 52,57.
Hekin-Ashi candles show indecision, maybe a sign of weakening short term buying power.
