Weekly: - Failure at 51+ key resistance. No break of neckline means no validation on longer term inverse Head &Shoulders idea (pls see earlier posts). - ha Delta called your attention for loss of momentum two weeks ago! Heikin-Ashi candle clearily signalled a top last week! We have a heavy red reversal candle confirming it this week. -> next question: will it lead to a dramatic double top later? - MACD negative divergence was also a warning signal - Bullish trendline penetrated, but as we have multiple supports between 44-45,50, this zone may provide some support for some time... later we'll see what price action we have
Daily: - I had some short from 50,70, but frankly speaking I closed it way too early. 27/Oct candle made me indecisive as back then the structure looked rather bullish for longer term. Well, I was wrong, Price collapsed. - Kijun, 100wma broken, and we have a weak bearish Tenkan/Kijun cross. Trendline penetrated, but market still has the spot Kumo below as a support/resistance zone. - Heikin-Ashi has been heavy bearish, but be careful now, as haDelta and DMO reached extreme lows, while price got to Kumo.
From now this structure has to be considered as a sell on tops, until price is below Kijun, and EWO is red. In case market spikes to 47-48 zone and you see a sell signal there, do not hesitate. By the way if that happens, that can lead to a H&S pattern on daily. That formation with a weekly Double Top would be extremely bearish, with possible target to 39... or even to 28.
Note: Since I have closed all my NOK longs too, I don't have any Oil exposure now. I am flat, waiting for value levels to trade.
Comments
Rupesh003
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My Warn Signals before yours.
Kumowizard
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My P/L before yours...
BigPippinSpendingGs
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Bad idea. Oil is set to go to 60s imo
Kumowizard
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From this point, both scenario are possible, but the bullish chances are lot lower now. You can be right only if price manages to get back above 48 usd. A lot of damage has been made to both time frames.