chartwatchers

OIL - The good news and the bad news

FX:USOIL   Crude Oil (WTI)
1588 19 17
7 months ago
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.
7 months ago
Comment: If we could break above 44.50 back into the big channel:
that would be a very bullish sign to me.
7 months ago
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.
7 months ago
Comment: Back into the big uptrend channel.
Bullish.
HAIYOU
7 months ago
did the usoil will travel upto the top channel or we can except the downward breakout
Reply
chartwatchers PRO HAIYOU
7 months ago
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
7 months ago
If stocks are negative where we could go ?
Reply
chartwatchers PRO val_trader
7 months ago
42.73 - daily chart 20 EMA
Reply
nexuz
7 months ago
EIA Data still upcoming - could be bearish but hopefully we will stay above.
Reply
Turestedt nexuz
7 months ago
What time do we get the data GMT?
Reply
nexuz Turestedt
7 months ago
3pm GMT - so now ;)
Reply
Turestedt nexuz
7 months ago
Thanks :) I'm CET here (Sweden). So let's sit tight and see what goes out...
+1 Reply
nexuz Turestedt
7 months ago
sorry my bad! 3:30 gmt not 3 - just checked it
Reply
Turestedt nexuz
7 months ago
Thanks :) Well, surely looks like the market is buying into anticipation of good news...
Reply
nexuz Turestedt
7 months ago
Hopefully mate - i expected a pullback to 42.50 so if the pullback is over that would be just wonderful :)
Reply
Turestedt nexuz
7 months ago
Agreed :) My stops were so far bellow I got a little fear of heights.... Here's the report page I think: https://www.eia.gov/petroleum/supply/weekly/
Reply
DerekUweri71
7 months ago
snapshot
Reply
DerekUweri71
7 months ago
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.
Reply
chartwatchers PRO DerekUweri71
7 months ago
No we break back into it.
The whole thing was a false breakout yesterday because of dollar
Reply
DerekUweri71
7 months ago
Of course if price rallies through $44.90-$45.00 then this possibility is negated.
Reply
val_trader
7 months ago
negative stocks brought us down from the big uptrend channel. Bearish?
Reply
xiiimik val_trader
7 months ago
Might be pullback to channel.
Reply
Trendhopper PRO
7 months ago
You wait 12 hours for it to create a bottom then it bites you on the ass!
Reply
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