Medium term short next four months. Oil going to have a major correction we will have a great buying opportunity $25 dollars per barrel here we come. Remember one thing every oil exporter is trying to sell as much inventory as possible at these prices. Production is going up daily and China will wait for the dollar to appreciate before filling their reserves again.
5 and 10 DMA's lost in a rug pull fashion today as oil had a bull trap this morning to the $50 integer, followed by a rapid $1 dump in around 1-1.5 hours. MACD bear cross on daily, inverse hammer on daily, etc.
Price is starting to get a bit over extended in Crude. Wait and see if price can break 49 to the psych 50 level. I am sure there are a lot of buy orders at 50.
ANOTHER CONFIRMATION TO MY PREVIOUS BIAS
GOLD LAST WEEK DOUBLE TOP REJECTION FROM THE 38.2 FIB LEVEL INDICATES WEAKNESS
WE HAD A TREND LINE BREAK LAST WEEK AND NOW SEEMS IT WILL MAKE FURTHER DOWNSIDE MOVES OFF THE PIVOT POINT FROM LAST WEEK
TARGET 1220 AND BELOW
Although I do not have access to a Market Profile indicator on TradingView , I've shaded in the areas (on a 30 minute bar chart) where I see two separate distributions from Friday's double distribution trend day selloff.
If the market opens Monday in the lower distribution, I would look to enter a day trade short if price rallies to the high of this balance and...
Wave five as shown on the chart might terminate crude oil medium term top. There is possibility for retracement back to
45.75 then making a new high at 46.8/47 area. before falling.
@basraoil
There are technicals for either outcome to go off from my analysis here on the USDCAD Daily. Given the monthly support rejected price aswell as the top channel rejecting price for a 3rd bounce, gives me an incline a B/O seems pretty natural and potentially to the upside. however with all MA'S crossed over to the downside on all higher TF'S & bearish engulfings...
Today, hmmm, as if we could go down but just in case look at 2091 as over under, and just below that at 2088, now if we hang out at the 88 level for 30 plus minutes than i look towards 2086 and 2080. Now back to reality when buyer step in above 2091 my idea will be to stalk long to 2106, and 2116, with the possible hint of blow off at 2145. We are due for retrace...
