TradeApe

Oil (WTI) Short Term Outlook

FX:USOIL   CFDs on Crude Oil (WTI)
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Getting close to the significant supply zone at 52-54...one that has held since February! We're also getting really close to breaking through the daily Kumo cloud on the daily and basically have a week left to drop before automatically breaking through it.

Above my LITS at 51, I'm really only after longs. Having said that, the closer to 52 we get, the more unhappy I am about it. Right now we're too close for my liking and I'd need a bit of a pullback to enter long. Also, once we hit 52, I'll be on the lookout for shorts and quite selective with any potential long trades.

For now, ADX suggests long's the way to go (still). If we get a pullback, I might give a long a go. If not, I'll soon be looking for shorts.
Like a bearish wolfe
+1 Reply
TradeApe ElPatron.Y
Yeah, medium term outlook is bearish for me too (still). Having said that, I'm not totally convinced it'll head all the way down to 44ish again.

Either way, I think it'll bounce lower from 52-54 first before really making any potential start to a longer term up trend.
+1 Reply
mohhanraw TradeApe
I personally feels more than technical indicators, it is following the sentiment. After the april month expiry, i feel the downtrend will start to go for fresh lows... till June 30.. After the iran final resolution, again some bounce back expected.. Before June' 30 the new low will be formed...
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All according to plan, good opening of the week :)
+1 Reply
TradeApe ElPatron.Y
Ditto :)
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Yup halfway target for a good short.
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TradeApe ElPatron.Y
That worked out "ok". Still not convinced by the bull power though...
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