This has been on a relentless selloff for nearly 2 years, oversupply is currently in place, but if that changes with OPEC etc then demand may return (albeit temporarily), to start up a mini bull market for oil but we doubt it will go much higher that $45.00 in the near future and in fact maybe lower lows.
As we enter the weeks and months ahead we are likely to see price rise to the 1.085 and even 1.1300 handle. On January 27th, we have a strong Bullish break of the 1.0880 handle. This gave me confirmation that price likely tends to climb up a good ways before making it's way elsewhere.
Trade Idea: Waiting for a retrace to 1.0880 and a proper show of rejection. ...
Hello everyone, i will be posting here my ideas, so i can keep track of them.
Why i dont publish in private? Because i am open to any suggestion, so if anyone wants to tell me something about the idea i published, i will be glad to read what he or she has to tell me !
In this case i am posting the pair usdjpy, which seems to be on a corrective structure. On the...
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The GBPNZD just broke the lower Trendline and now retests the privous price level. A good opportunity to get involved in the trade. We expect price to move down to retest the previous swing low level.
Recently, resistance has been eye-catching on GBP/USD in the 1.5660 area where price closed off of last week not only rejecting this price proximity but also warding off trend line support that price action broke through in the last week of August. This duo of resistance proposes a price movement to the downside over the coming days.
entry - below...
Market is being cross-shareholdings . Market might take a big profit and to break above the resistance line of 1.5375 . On top of 1.54413 because there is no resistance line . So there is a possibility to go missing over at once .
--- Please readjust the scaling so that the spiral sits just above recent price action ---
We are still in the process of consolidation.
In my opinion, the recent drop should not be interpreted as a meaningfull breakdown.
It's still within the acceptable range.
Price bounced of the longest possible MA at 222 (using Bitstamp due to good historic data).
Sanchez Energy's chart may look down-and-out with recent profit taking, but actually it is the Accumulation/Distribution Line (ADL) that tells the real story. The ADL has broken out to all time highs, and now the chart has to play catch-up and rally, the Heikin-Ashi TrendBars are signalling that the new bullish trend has already started.
Volume and OBV are both not supporting the bullishness of this wave (III)
We are likely to continue forming the wedge (in 5 waves ideally) on lower volume and break down right after.
Sell here and buy at the level of green support trend line.
For further analysis check out my other published charts that I linked bellow.
Cheers : ]