after last night US CRUDE INVENTORY release larger than the market expected we see a slight drop from $57/barrel to $55.5/ barrel. Look for short around the double top pattern.
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WTI is about to approach the upper band of the downward channel. Based on the 4hr chart this is a significant level. Within the last weeks price failed already several times and corrected even further after those attempts.
The EMAs are trying to get in order, which means the lowest (8) on top and the highest (144 /200MA) below all others. Based on this we are...
USOIL may creat a range move between 55,55-57,10
What I expect today?... Today, as a yesterday I expect move up.
1st price can just move up from here.
2nd pullback to 55,55 and there I will try to buy.
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WTI short possibility from the top of the descending price channel. RSI shows divergence of this long momentum with descending volume as well. Although possible production cuts and geopolitical issues are supporting the longs, the global economic slowdown and recession + trade-war fears could affect more powerful on the price action.
Price has just broken through the upper band of the channel. A minor pull back may occur but if price ascends considerably,
buy for the double top at 63.
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Oil is in a big range between 55.20 and 56.50 and has no real direction until it breaks free of this area. however a move below 56 could see a nice trade down to the lower boundary. there is not much meat on the bone for the long side until it breaks out of this range or revisits the bottom of the range