OIL - The good news and the bad news

FX:USOIL   CFDs on Crude Oil (WTI)
1590 19 19
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.
You wait 12 hours for it to create a bottom then it bites you on the ass!
negative stocks brought us down from the big uptrend channel. Bearish?
xiiimik val_trader
Might be pullback to channel.
Of course if price rallies through $44.90-$45.00 then this possibility is negated.
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 DerekUweri71
No we break back into it.
The whole thing was a false breakout yesterday because of dollar
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 ;)
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