Where do we begin?
first, let's talk momentum.
Monthly - bullish
Weekly - turning bullish
Daily - bullish and increasing
4 Hr - so bullish
well, it seems like Crude will be revisiting $64.20 (target). There may be some turbulence along the way with the daily downtrend line but.. it's likely going to break. 🙄
Happy Trading folks!
the daily chart of this market shows that it will experience an uptrend but also it is better to be vigilant of the change of this market towards the opposite direction
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Oil has had a nice bounce from the Jan 2019 lows, and I believe it's time for a little pullback. This 59.60 - 60.00 area is an important pivot point, exactly sitting at the Fib 0.50 line, which will prove very hard to be broken. We consolidated in this region back in 2015 and fell hard. Remember that we are in a secular bear market, and this up movement from the...
reasons to buy oil: storm harvey, venesuella storm, decreasing numbers of rigs, good inventories data
reasons to sell: all time high production, not so bulling report last week, i am expecting weaker report next week.
This one is classic.
Zoom, test and a potential re-test.
However, the target is the lower medianline parallel.
If we close above the centerline, then chances are very high for a pullback to the upside.
This is a wild ride, but we are not unhappy don't we ;-)
The prior LT chart gave us a great indication about the fall.
A closer looks reveal that the drop from above is the logical swing that markets do.
Well, we have a couple of them as you see on the chart.
See the circles? One at the A/R-Shift, and two other ones at the different centerlnes.
The blue centerline was respected very good.
The white U-MLH is not bad too.
There is a high chance that price will meet the centerline...hoooly...how about below 25, or even 20?
Looks totally crazy, yes, to me too ;-)
But hey, we follow the path of price & forks.
We act upon what we see, not what we wish to see...veeery hard sometimes hehe...
Here we have it picture perfect!
On the left side, you can see the big sine-wave-swing.
These sine-wave swings often get broken fist, before
a further movement in the original direction.
And so it happened.
Price was not able to move further north.
Oil organisations did all to keep price up - even manipulating in the news...
As I wrote in the previous post:...