Oil broke above the 2015-10-09 intermediate high and turned down from there with a key reversal.
It also has broken the trendline and broke below the 10 EMA today.
For a sustained move we will need a daily close below the 10 EMA and later the 20 EMA.
I have 3 levels which I think a possible spot for the DCL.
Level 1 50 EMA, 300 EMA - even in ligh decline we can have a DCL at this level (45$)
Level 2 200 EMA, 100 EMA - most probably we will print the DCL at the 100 EMA (43$)
Level 3 200 SMA - in extreme case we might come down till the 200 simple moving average (200 SMA) (40$)
All the indicators are showing into the lower prices.
MACD crossed down and having the divergence.
RSI left overbought trying to break below the 50
Slow Stoch showing exactly the same picture as at the ast DCL (21.03.)
It also has broken the trendline and broke below the 10 EMA today.
For a sustained move we will need a daily close below the 10 EMA and later the 20 EMA.
I have 3 levels which I think a possible spot for the DCL.
Level 1 50 EMA, 300 EMA - even in ligh decline we can have a DCL at this level (45$)
Level 2 200 EMA, 100 EMA - most probably we will print the DCL at the 100 EMA (43$)
Level 3 200 SMA - in extreme case we might come down till the 200 simple moving average (200 SMA) (40$)
All the indicators are showing into the lower prices.
MACD crossed down and having the divergence.
RSI left overbought trying to break below the 50
Slow Stoch showing exactly the same picture as at the ast DCL (21.03.)
Comment:
Comment:
20 EMA tagged
Comment:
We are just testing 47.80. I think we will take out this low tomorrow and will be heading down to 46 (level1)
Comment:
That's why I told no need to rush to buy oil.
It's throwing the curveball...
It's throwing the curveball...