Oil reversal around the corner?

FX:USOIL   CFDs on Crude Oil (WTI)
Following on from my last chart, we are approaching the previously identified target zone for this correction to terminate. The box is defined between prices 43.35 - 43.75.

I believe the market will have one last push into this target zone before a sharp reversal develops and the bears take us down towards the $38 mark.

I will look to enter short in the target zone with stops just above 44.86. So we're looking at 110 - 150 pips risk, for profit targets of 535 - 575 pips.

Bearish candles on the 2hr             chart within the target box, followed by a MACD sell signal for the ultimate confidence booster would be my expectation.

If we see the market follow this script and hit $38... this could present us with the buying opportunity to jump onto the next 6+ month bull run.
Max, do you have updated view now
i've change my outlook, i am now bullish crude. long over 43
Sonic_scheme Sonic_scheme
my daily chart is bullish
so do you think there will be a pull back of todays fall first before resuming lower to 38?
Good !
nice job I sort back to 40 $ and we see from there
what do you look for on a macd for a sell signal?
The strongest thing to keep an eye out for is MACD divergence. Where the price of the instrument starts making higher highs... but the MACD doesn't. This is an indicator of falling momentum or exhaustion of a move. (also works in reverse for declines. Market makes new lows, MACD doesn't).

If you see these conditions and bearish candles develop, this could create a good reversal set up. The last thing I would look out for would be a MACD cross, where it crosses it's moving average. But in the case of this chart, the cross happened before the divergence and bearish candles formed.

I tend to find the crosses are the least reliable thing about the indicator, so personally I focus on spotting divergence.
mych36 PRO max_andronichuk
It looks like the Macd is making higher highs and higher lows in this graph ?
Looking good at the moment ;-)
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out