Position:
Long - WTI:USD
Leverage - 10:1
Stop Loss - $62.18
Profit targets - $80 & $90
1st Entry - $67.50 support
2nd Entry - Green 2 above a green 1 on the daily
Previous analysis/position: Div' in OBV, and monthly BB/TD’ Sequential are concerning. VRVP shows very little resistance between here and $90 and there is a strong confluence of support at the current price.
Patterns: Higher highs and higher lows form solid bull trend/pitchfork.
Horizontal support and resistance: Weak S: $68.62 R: $69.70 Strong S: $67.35 R: $75
9 & 21 EMA’s (calculate % difference): 9 = -1.01% (currently acting as resistance) 21 = -1.61% | Recent bearish cross on daily.
50 & 200 MA’s: 50 = -0.43% (currently acting as resistance) 200 = +9.27 | Recent bearish cross on 30m and posturing for 1h. Posturing for bearish cross on 1h. Recent bullish cross on 4h.
FIB’s: 0.382 = $71.71 | 0.5 = $86.03
Candlestick analysis: Daily dragonfly. Monthly dark cloud cover.
Ichimoku Cloud: Cloud acting as support. Bullish TK' cross starting to diverge. 4h cloud is acting as resistance, has a bearish TK' cross and a recent bearish kumo twist. 6 hour cloud is resistance. 12h cloud is support.
TD’ Sequential: Green 1 on the daily. Will add to my position if a green 2 trades above the green 1. Red 1 on the weekly.
Visible Range: $69.2 - $69.3 has the largest volume profile over the past 24 hours. Ditto for the last 5 days. $67.7 is second largest. $68 has a very good volume profile over the past year, as does $66. 5 year view shows large gap between $70 and $92.
Bollinger Bands: MA on weekly is apart of support cluster. Bottom band on daily is apart of the support cluster.
Trendline: 6/20/17 to current
Daily Trend: Bullish for 3 days.
Fractals: Down printed at $67.34 - Too soon to move stop loss. Oil is too volatile and has a habit of breaking down fractals before taking off. Similar to how whales will hunt for stop losses in Bitcoin.
On Balance Volume: Bull div' in daily. Bear div' in monthly is a significant reason to be concerned.
Chaikin Money Flow: Double top on monthly. Huge divergence in weekly. Looks like it may have found a bottom above 0.05 with higher low. Daily looks healthy.
Conclusion: I really do not like seeing divergences in buying volume/pressure. Indicates that buyers are getting exhausted and > $55 may not be sustainable. Nevertheless I remain confident in my position and will be adding upon a green 2 as planned. There is simply too much support at the current price levels and too little resistance in front of us to pass up on a large long position.
Long - WTI:USD
Leverage - 10:1
Stop Loss - $62.18
Profit targets - $80 & $90
1st Entry - $67.50 support
2nd Entry - Green 2 above a green 1 on the daily
Previous analysis/position: Div' in OBV, and monthly BB/TD’ Sequential are concerning. VRVP shows very little resistance between here and $90 and there is a strong confluence of support at the current price.
Patterns: Higher highs and higher lows form solid bull trend/pitchfork.
Horizontal support and resistance: Weak S: $68.62 R: $69.70 Strong S: $67.35 R: $75
9 & 21 EMA’s (calculate % difference): 9 = -1.01% (currently acting as resistance) 21 = -1.61% | Recent bearish cross on daily.
50 & 200 MA’s: 50 = -0.43% (currently acting as resistance) 200 = +9.27 | Recent bearish cross on 30m and posturing for 1h. Posturing for bearish cross on 1h. Recent bullish cross on 4h.
FIB’s: 0.382 = $71.71 | 0.5 = $86.03
Candlestick analysis: Daily dragonfly. Monthly dark cloud cover.
Ichimoku Cloud: Cloud acting as support. Bullish TK' cross starting to diverge. 4h cloud is acting as resistance, has a bearish TK' cross and a recent bearish kumo twist. 6 hour cloud is resistance. 12h cloud is support.
TD’ Sequential: Green 1 on the daily. Will add to my position if a green 2 trades above the green 1. Red 1 on the weekly.
Visible Range: $69.2 - $69.3 has the largest volume profile over the past 24 hours. Ditto for the last 5 days. $67.7 is second largest. $68 has a very good volume profile over the past year, as does $66. 5 year view shows large gap between $70 and $92.
Bollinger Bands: MA on weekly is apart of support cluster. Bottom band on daily is apart of the support cluster.
Trendline: 6/20/17 to current
Daily Trend: Bullish for 3 days.
Fractals: Down printed at $67.34 - Too soon to move stop loss. Oil is too volatile and has a habit of breaking down fractals before taking off. Similar to how whales will hunt for stop losses in Bitcoin.
On Balance Volume: Bull div' in daily. Bear div' in monthly is a significant reason to be concerned.
Chaikin Money Flow: Double top on monthly. Huge divergence in weekly. Looks like it may have found a bottom above 0.05 with higher low. Daily looks healthy.
Conclusion: I really do not like seeing divergences in buying volume/pressure. Indicates that buyers are getting exhausted and > $55 may not be sustainable. Nevertheless I remain confident in my position and will be adding upon a green 2 as planned. There is simply too much support at the current price levels and too little resistance in front of us to pass up on a large long position.
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