Today promises to be moved into the WTI, with the possibility of wide ranges of price day. The underlying trend is bullish, but a cut after sharp rises is very healthy.
www.fxstreet.com
I can still see oil dropping waaaaay down if we keep producing more than we are using and the world economy continues to slow. On this time frame I am watching momentum shift and if not for the oil news this morning we would probably have seen some upward movement.
I will trade a break of the string break of the 4 hr (blue) TL using my breakout rules (link to...
The red line is a historical resistance line. The green line is the new buy or support line. CRUDE is in a position to buy and hold for some long term. May be till end of the year or even may be early next year and before 2017 summer comes or even during spring 2017 may sell.
I believe we are in for a bit of a correction on the lower time frame. Price may fall to the 1.27 or even the 1.16 extension.
I will be looking for a break of the 1 hr trend line (purple) followed by a small correction (3-5 x 15 minute sideways).
See attached chart for my breakout procedure.
If price moves too far away from the 1 hour TL before correcting I would...
Crude did not roll over and die after breaking the uptrend. A BIG emotional candle after a disappointing eia report broke the trendline dating back to january, but what puzzles me is why it did not break down further after the retest of that line from the back.
Maybe they are anticipating the BIG DRAW eia report on wednesday and therefore hesitant? Or is this...
