So oil is going to continue south, im waiting for a pull back to short.. Here is an example of the macd setup i sometimes use.
I will for a pull back, the histogram and ma lines will reach a point above the previous 2 macd highs, breaking the trend and creating divergence.. i will short crossing the zero line and see where it takes us.
OK, so this is more of a trend continuation.
Maybe this is a bit crazy, but i still feel price will move higher for a few more weeks.
1 - New moon usually signals a continuation of the main trend.
2- hidden div on rsi
3- resistance from channel. It may pop just below and will get bought back.
I'm going to be keeping an eye on this new channel line. if we ignore the one spike we have quite a few points aligning. will keep a close eye to see if this trenline reacts, or whether it becomes just an arbritary line.