Massive money making opportunity in oil, inverse H/S looking to potentially breakout... Buy anything over 50.40 w/ next resistance is at upper 50's
I'm day trading/ staying short looking for 49.38 before moving in to a long position.
W: Hidden Bearish Divergence ended, near break-out of RSI trend line, RSI > 50 , MAs are close too, price just about to cross up MAs
D: price over MAs, RSI and MAs > 50
.764 fibo as next target
caution: API Weekly Crude Oil Stock today
I decided to go back to the basics and pull in the classic Fib into the image.
I see more downside in the near term, but I also see potential for more short squeezes' The market is extremely volatile.
Trade with caution
Bulls should look to stay in their swing trade until we drop out of the green channel. Although we would expect consolidation soon, resistance is around $51.
Look to take half off if RSI or price breaks the current trendline (GREEN) and decide whether or not you want to let the other half ride.
Shorts should see entry points next week, but be cautious as a...
I dont really like waiting for Heiki Ashi to confirm a trade setup so i believe this is a very dangerous territory for oil bulls and a reversal is about to happen.
Better to keep trailing your stop losses because the monthly momentum is losing power...