OIL - The good news and the bad news

FX:USOIL   Crude Oil (WTI)
1589 19 18
So the bad news are that we broke down the uptrending channel yesterday because of the rallying dollar.
The breakdown volume was also good...
And we also break down the smaller descending channel which was a false breakdown because
- and here comes the good news-
we are still back into this channel.
If we can close back above the 10 EMA today than the whole yesterday's 10EMA broke down will be erased and we
are bullish again.

300 EMA is the support on the hourly chart. If that falls 20 EMA is the next resistance on the hourly chart.

If you enter your trading platform you will see that everything is in red today - except the dollar.
They will buy something when the USA opens. It should be stocks and if stocks rally oil             will follow.
Comment: If we could break above 44.50 back into the big channel:
that would be a very bullish sign to me.
Comment: Back above the daily 10 EMA.
YEsterday's close below the 10 EMA starts to seem a fake out move...
That's the reason I dont like to jump in and out.
Comment: Back into the big uptrend channel.
did the usoil will travel upto the top channel or we can except the downward breakout
I think the dollar ahd finished its job on oil yesterday.
Now price will depend on stocks, And I think we will run to new highs in the USA markets.
That will pull oil up also.
+1 Reply
val_trader chartwatchers
If stocks are negative where we could go ?
42.73 - daily chart 20 EMA
EIA Data still upcoming - could be bearish but hopefully we will stay above.
What time do we get the data GMT?
nexuz Turestedt
3pm GMT - so now ;)
Thanks :) I'm CET here (Sweden). So let's sit tight and see what goes out...
+1 Reply
nexuz Turestedt
sorry my bad! 3:30 gmt not 3 - just checked it
Thanks :) Well, surely looks like the market is buying into anticipation of good news...
nexuz Turestedt
Hopefully mate - i expected a pullback to 42.50 so if the pullback is over that would be just wonderful :)
Agreed :) My stops were so far bellow I got a little fear of heights.... Here's the report page I think:
Hi Chartwatchers, is it possible that price is testing your uptrend channel and that a bearish harmonic pattern is forming? What are your thoughts. I think you're an awesome trader by the way.
chartwatchers PRO DerekUweri71
No we break back into it.
The whole thing was a false breakout yesterday because of dollar
Of course if price rallies through $44.90-$45.00 then this possibility is negated.
negative stocks brought us down from the big uptrend channel. Bearish?
xiiimik val_trader
Might be pullback to channel.
You wait 12 hours for it to create a bottom then it bites you on the ass!
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