Back into bullish mode and move towards the overnight all time high and further. looking for the ATH to break then consolidate to provide a good entry spot. not expected but always can happen is a retest downward back into the last week range.
The action in oil is small range inside and balanced with little directional bias. With a bigger down side directional action inside a bigger consolidation. This means I remain in a back and forth mode until the first blue line targets are violated. And a small directional bias when the red zone is violated, but remain looking for a long bottom of Red and short...
For the last trading day of 2019 not looking for a lot to happen, and as long as oil remains above 60.50. I remain bullish on oil however for daytrading we have a 60.50 and 61.50 range that could be just back and forth.
Last day of the year and a short day so not big expectations, but further down is very probably after opening pop up to the area of the dashed blue line then if we break red low a move to 3105. In then event of red top break the bulls maybe back es numbers are 1 point higher.
overnight is balanced and will be looking for a breaking balance move other wise will play back and forth inside the blue zone. Big picture is still long, but the days action is still in limbo. This limbo could resolve prior to opening bell but as of this typing that is what is being presented.
all action is long and looks like for now that will continue as long as we remain above 61.90. and early on will be looking for a pullback into that area and ten on bullish action will take the long side of the trade. In the event that area does not hold will look for a short down to 61.5 area.
We keep moving up and back filling could happen at anytime, but out the top of the red zone will be back looking long. I am not sure what to think, will know after today, I did pick a about 1 month back as a top target of 3255. now we are there will see if we rest or keep going, sure looks to me at this point as a keep going.
After one more step up oil balances again, watch red zone and if they break will work for nest upper or lower target. Bias is long but could be getting a bit extended in the short term.
Range bound looking for a break out so we can pick a side. the range is big enough to trade but expect very choppy low impulsive action today. not much more to say. may not even trade.
today I am not expecting a lot from oil, so be ready for me to be proven wrong, the red zone has smaller targets if it break. If no break will just trade oil back and forth.
Wow, what more can be said, other than this is exactly what I have been thinking will happen. and until the shorts stop shorting there will keep being fuel to drive it higher. Before the bell the Red zone top could already be broken but as it stands will remain bullish unless we can break lower and then become content at the lower prices. So will be leaning hard...
today we look to be balancing at the bottom end of Fridays action and could be signalling for further down move and if the red zone bottom breaks I will be watching Friday's low for bounce or rejection. A move upwards has many top side target taking us back to the recent highs. Not sure how much action this week brings but could be interesting action or very dead.
over night has reasonable balance as it pushes long. Market looks ready to melt up one more time and I will be leaning that way. I thee event we drop below 3206 then a move down to 3202 could happen at a point I would think a bounce. Will focus long until shown the bears are going to show up.
Oil is still working on this balance zone and I will trade the sloshing bath tub water until it breaks out. There is not a lot else to say at this point
Today we will just follow yesterdays idea
Oil is again range bound with a smaller range and then a bigger one ( first blue lines- important) the range trading remains valid until the first blue boundaries are broke. and the red zone will pick the side i bias towards.
Es is trading in range in balance and now we are looking for a range break out to give us the next legs direction. Again left with a small 5 point range so this gives me very little to work from until the balance breaks. I do not like trading a 5 point range, however if I do will be looking for about 2 points so watch the risk reward on days like this.
After hitting the first higher target yesterday and then pausing the up move, Oil is now testing range just above prior distribution. The important level to watch today is Red zone low, if we go below I would expect us to find balance in the 60 area. In the event we remain above the red zone low then a revisit of the highs and even to next target is most probable.