The oil moves are very bullish and i will be looking for a pull back to 58.40 area for a triggered long. Or a break above 58.75 and then a support retest.
Use this asa a guide to develop your view on the chart Main items we can see on the Daily timeframe: a)Price is on an ascending channel against a relevan resistance zone b)Now is a key moment to see if the price is able to go higher or if it fails on the attempt. c)IF the price fails and the ascending channel is broken below 55.56 we will expect a continuation...
CL is making a serious attempt to break out of the composite of last few sessions, so we go to give it the benefit of doubt :) 57.40-50 remains the trend decider for today. 1. test and hold of that for a long side play to test 57.90 and 58.10 2. Hold below to get back into the range of 57.20
Oil remains bullish but is reaching some resistance and the up move will either explode or stall. will look long if top red zone becomes support. and short below red zone showing a few support areas that could keep the bull alive. remember oil inventory report today at 11:00 est so play safe.
oil has moved to the bottom of its bigger range and we get to see if that is support or further weakness steps in. The test off the bottom of the red zone or a break above red top both could be good trades back to the 57.5 area and we will still be in the consolidation. As of this typing a bigger up move is happening and will give a clue as to further strength...
Use this as a guide to develop your setup. Main items we can see on the 1H chart: a)Price Couldnt Broke the primary ascending Structure, and it failed several times on the past (Weakness of the Bullish Movement) b)On MACD we can see a Bearish Divergence (Weakness of the Bullish Movement) c)Now we will wait for a Re-Test of the White trendline, and after that,...
oil action is short but in range and balanced inside a larger consolidation. We have a small and large red zone, one for the big consolidation and then one for the last hours of action. bit one is 57.60 to 55.75, I will be looking for trades to remain inside the big range and will use that as targets and or entry points till we move out of the range.
Everyone involved in FX trading has their eyes peeled on price charts and fundamental data that comes out every first Friday of each month, when Non-Farm Payrolls data is made public for the month before. This creates volatility during the day, and also a very significant price level where the market reacts, either being attracted to or rejected from the...
the short term trend is short but the bottom of the red zone will either stop that trend or confirm today's direction so that is where my focus is
Nice bounce in oil keeping it inside a big range, creating what i think will be a very sideways day. A break below red zone low should see a move to 56.65 that is about the only edge I have today in oil.
The current move is a bit short but balanced, so thinking we will open test top of balance or a bit higher and then move down to test the red zone bottom. I maybe waiting it all out until post 10:30 report and see what side gets the driver.
after close oil has remained in a balance consolidation and now looking at the Red zone to be very important to the next move for oil. Will look for a range bound trade inside the red zone and only lean the direction of the break out after it happens.
big moves up and now maybe getting into resistance areas so will be watch close for how the market reacts in these upper levels, so will be looking at what happens when this red zone breaks