Bulls do have a problem to move back above 1315 but still holding above 1300. If we see stronger dollar in coming days 1300 might be broken. In that case ( only in that case ! ) I will look to sell retest of 1315 with target around 1260/1240.
Within last three days bears were able to get back and hold below falling TL.
Im looking to sell rallies towards 1,30, first possible target around 1,2850, second around 1,27.
Stop is going to based on 1hr chart and will be placed above the candle rejecting 1,30 lvl
Higher prices still possible. Unfortunately last Fridays fireworks may delay strong dollar rally a bit.
Looks like Mr Market will look for more stops to the downside ( all details on the chart ).
Bullish as long as demand zone holds
Possible supply towards 1,31/3200 and above towards 1,33 and 1,35/3600 and possible demand around 1,27.
Break below 1,27 may expose 1,25.
Brexit related news will drive the market again and we should see highier volatility.
Will look to sell failure above 1,3150
Oil closed yesterday above key $50 level as the production cut seems to be real. But while Saudi Arabia claimed they are going to cut production by a significant amount, on the contrary new supply is coming and the main source is the US where the production is still at 11.7 M Barrels. Despite crude inventories dipped by 1.7M barrels, to 439.74M barrels, they...
It's Bank of Canada day ;)
Hike is expected by the Mr Market
In my opinion it's big "if", even if they hike it will be dovish hike.
So I do expect lower levels ahead of or right after ( stop hunt ) and then higher prices towards 1,35.
Invalidation of that bullish view with daily close below 1,3150.
Stops are done to the downside and strong weekly close suggest bulls are trying to dominate.
I would like to see retest of 0,7040/00 early this week, rejection and higher prices towards 0,72+ at the end of the week.
This kind of action would create another lower shadow on weekly chart.
Possible targets stops above 0,74, then 0,7510/7630.
Weekly close below 0,70...
The first week of the year crude made an impressive come back although it didnt manage to close above key $50 level. Oil seems to be oversold and some short covering was necessary. The engulfing pattern on the weekly chart is a hint of possible reversal. Also MACD histogram is signaling weakening momentum as there the hope the US-China trade talks may continue in...
We are done with small H&S formation but what about "The Monster" one ?
For now we may see continuation to the downside towards 9500/000 and after that some kind of bounce/rally
which might create right shoulder.
Please remember its weekly chart , its going to take time and we are talking about possible bounce twds 12000/500
On the deceber 3rd we were right about shorts at the top of the channel here
Bears still happy below 6370/6400 on daily basis and retest of the latest low possible. Daily close below may expose 5000 and even 4600 but Im not going to be surprise to see aggressive rally above 6400 which may expose top of the channel again.