Bullish divergence in Crude Oil (WTI) H4 opening for correction
Bullish divergence in Crude Oil (WTI) H4 opening for correction back towards 35$ (round number), 34,80$ supportline and 34$ (0.38 Fib support).
This scenario might play out, if the ECB rate decision, today 13:45 CET, disappoints markets, e.g. postponing further ratecuts and QE measures to the next meeting and thus drives the Euro up against the US$ (EURUSD), sending markets down, which are hanging on the cliff already.
The timeframe might be slightly different from the visualised one.
So please take this as an inspiration to make your own analysis and work out your own trading plan.
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Interesting to see how so far the August 2015 resistance zone ist keeping the oilprice capped below 39US/barrel. However I have to notify, that we might see a short bullish episode in stockmarkets. I just don't believe, it will be a stronger bullish trend as there are too many factors of insecurity in the global economy, surrounding the US, EU, China and EM.