We have a possible HS pattern and a resistance trendline from the previous high that could keep price falling in spite of the recent recovery.
Unless we close above previous peak and above the resistance trendline I would consider same bearish scenario.
A gentle reminder: we are still trading inside an ascending channel though!
I was expecting to reach the circled target but to be honest I was not expecting such a tremendous u-turn on the price.
We are still inside a descending channel and if there is no break out we should continue considering to open shorts at the edges of the trendline.
We are not far from a possible reversal taking into account that current short squeeze was driven by UK fuel shortage due to logistics issue not due to high demand or lack of fuel in the storages.
80.45 to 81.83 are the possible reversal areas. Above that could backfire OPEC's strategy with weaker demand.
Short squeeze continues and forces a channel break out. Probably we are heading to a double top and above.
Price is going up driven by UK shortage due to logistics not by higher demand so I expect the price to fall at much faster speed once the correction starts.
If you look at this chart you will see that we are in a crossroads. Today we hit the resistance trendline of the ascending channel as well as the previous high as per the chart.
Some pullback seems appropriate and worth to try but I would not be surprised with current oil fundamentals to see a short squeeze and break the channel to go for the two next resistance...
Three main areas of support: 1716, 1703 and 1677.
Today's candle and trade range, with lower lows, suggests a possible bear continuation to 1716 area, followed by 1703 and 1677. Almost the same movements as seen in the chart with previous lows.
Current FED comments and the fundamentals implied are backing up this idea in the long term.
Only relevant data from...
As anticipated long ago and following fundamentals linked to this pair, it was quite an obvious decision to take shorts.
In my opinion USD will continue to strengthen against most pairs and that was confirmed today by FED with its QE tapering and forecasting possible rate hikes therefore you know : buy the rumors, sell the news...
Gold went down as well because...
If the head and shoulder pattern plays it traditional outcome we should be heading towards the circled target.
We are heading to a previous low and testing the previous resistance trendline.
I am expecting some sort of recovery of the EUR vs the JPY but will end up reaching the magnet target (126-125).
Yen is also considered a safe haven currency in volatile...
In my chart there is a relevant support trendline that could be an important bounce area for bulls.
With China's Evergrande possible default and the impact on global markets I was expecting the BTC to be used as a safe haven as it used to be the gold or the CHF, but instead price is plummeting considerably.
I am not trading BTC but I like to share my charts for...
In order to reach 1830 again we need first to close above 1780. So far my call was accurate taking longs at 1750.
China's situation and impact on global markets are unknown at the moment so you know the saying: "buy the rumors, sell the news".
As long as we remain below the tremendous resistance trendline coming since the all time high, I would rather go short BUT if we close above that, change sides immediately for an important rally to 100+.
So far I am only considering short positions from the Technical point of view and worsening fundamentals due to high prices after this global crisis...
Today's candle shows again a lot of uncertainties. Traders are hesitating, forces are equally pulling from both ends.
This doji like candle suggests more data is needed to decide which direction will prevail.
In my opinion it is all about China's Evergrande panic and its consequences on the global markets. Chinese are taking money off the company and buying USD...
We were trading inside an ascending channel and today's massive move provoked a break out, therefore we need to consider a bearish scenario.
Bears will push prices down to 37k area while bulls will need to get ASAP inside the channel and try to reach 45K quickly.
Today's volume was higher than the average of normal session, that is quite a relevant factor to...