Pivot: 47.75
Most Likely Scenario: long positions above 47.75 with targets @ 49.30 & 50.20 in extension.
Alternative scenario: below 47.75 look for further downside with 47.30 & 46.80 as targets.
Comment: the RSI advocates for further advance.
Pivot: 47.50
Most Likely Scenario: short positions below 47.50 with targets @ 45.55 & 44.50 in extension.
Alternative scenario: above 47.50 look for further upside with 48.50 & 49.30 as targets.
Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
Pivot: 48.72
Most Likely Scenario: short positions below 48.72 with targets @ 46.50 & 45.55 in extension.
Alternative scenario: above 48.72 look for further upside with 49.30 & 50.00 as targets.
Comment: the RSI is mixed with a bearish bias.
Pivot: 48.60
Most Likely Scenario: short positions below 48.60 with targets @ 47.50 & 47.10 in extension.
Alternative scenario: above 48.60 look for further upside with 49.30 & 50.00 as targets.
Comment: the RSI lacks upward momentum.
Pivot: 49.30
Most Likely Scenario: short positions below 49.30 with targets @ 48.00 & 47.50 in extension.
Alternative scenario: above 49.30 look for further upside with 50.00 & 50.35 as targets.
Comment: the RSI lacks upward momentum.
Pivot: 51.15
Most Likely Scenario: short positions below 51.15 with targets @ 49.80 & 49.40 in extension.
Alternative scenario: above 51.15 look for further upside with 51.70 & 52.25 as targets.
Comment: the RSI broke below a rising trend line.
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Price action likely to consolidate around weekly resistance at 39.63 before advancing to the next weekly resistance at 49.08 before pushing upwards to 50.68 where the physiologically important $50 oil mark will likely cause the liquidation of long positions and a sharp correction downwards.
Buy entry point at any failure to break before between 42.32 - 41.42
We expect CRUDE to rise.
STOCH RSI is rising.
RSI is rising.
CCI is rising.
We expect crude to stay long above: 34.77 SL: 34.48 TGT 01: 35.59 TGT 02: 35.91 TGT 03:36.91
Caution: The above is our personal view. Neither a recommendation nor a tip nor an advice for trade. Please consult your personal financial advisor before investing.
USOIL is expected to sink now.
There are many reason why we feel it may sink.
01. It is trying to touch Tgt 01. of quarterly short level of 29.66
02. HAMMER in daily Chart.
03. To sink and come near quarterly Tgt 01. sell level of 29.66
04. Stoch RSI (3,3,14,Close) clearly states it may sink.
05. RSI(14,CLOSE) Is also of the same view.
06. CCI(20,CLOSE) Is...
