Broken support (bearish)
Fib Retracement - price retraced to 61% and hit trendline resistance and reversed (bearish)
When the downward channel broken towards down sell (very bearish!)
Price is already in lower high and lower low pattern
HOPE IT FALLS TO 1300~ GOOD PRICE TO BUY!!!
this is long term view / setup
1590~1600. the important price level that i will be looking at.
1] uptrend - bullish, above 200MA
2] 50% FR point
3] Previous highly important "top"/resistance turned support
4] will look for simple confirmation to get in
i believe this is a very rigged market. do always place a stop loss and trade safely.
TRADING OIL: BUY THE DIP
half of my usual position size now @ 58.80
half of my usual position size @ 56.25
usual position size @ RSI 1HR <28, 4HR <30, 1D <30
two times my usual position size @ 50.00
The current world news has been very uncertain with lots of tension which supports the likelihood of oil price increasing in the long term.
In the 4 hour time frame, you would be able to see price is consolidating near key level.
Supported by the previous days of reversing and failing to break further below after the break of 1485~
In the 30 mins time frame you would be able to see price is hovering near the previous high.
Stop loss near at below the 200 EMA @ 4 hour time fram and below the previous low.
CRUDE OIL INVENTORIES REPORT OUT LATER
Current outlook: LONG
RSI : 30 Mins
RSI : 60 Mins
RSI : 4 Hours.
Price range now is also near support level.
Market looks dangerous to go long but will be entering it to try and get pullback profit.
Position duration: ~14 days