Weekly:
- The third week of pull back ended with a smaller body HA candle, and WTI could not print a higher high above 54. haDelta crossed back below SMA3
- This week has just started, so we don't know how the candle will develop, but without further buying it will turn red again
Daily:
- Price reached the Kumo. The Kumo is very thick, so it will provide a strong resistance for further bullish move. (means the cloud still supports bears). Looking at Ichimoku setup as a whole, it is neutral.
- Red Heikin Ashi candle with haDelta dropping further below SMA3 and the zero line suggests we can see more selling in next few days. Oscillator is bearish as well. The question is if the sellers will be strong enough to push Price back below Kijun Sen support at 48,90.
4H:
- Ichimoku setup is neutral/bearish. Price may dip below Kumo again.
- HA candle, haDelta and Oscillator set is short term bearish, but Chikou Span is lagging in a thick Kumo.
Real bearish acceleration could take place only below 49,60.
Summary:
There is one thing we can see with higher confidence: it is very unlikely that we see a real bullish reversal in Oil. 54 is a hard resistance. But from current technical setup we can not really decide if the next move would be a stronger bearish wave again, or just further sideaway consolidation.
Bottom fishing is getting more dangerous at this level (lower risk/reward. I rather stay on the sidelines now.
- The third week of pull back ended with a smaller body HA candle, and WTI could not print a higher high above 54. haDelta crossed back below SMA3
- This week has just started, so we don't know how the candle will develop, but without further buying it will turn red again
Daily:
- Price reached the Kumo. The Kumo is very thick, so it will provide a strong resistance for further bullish move. (means the cloud still supports bears). Looking at Ichimoku setup as a whole, it is neutral.
- Red Heikin Ashi candle with haDelta dropping further below SMA3 and the zero line suggests we can see more selling in next few days. Oscillator is bearish as well. The question is if the sellers will be strong enough to push Price back below Kijun Sen support at 48,90.
4H:
- Ichimoku setup is neutral/bearish. Price may dip below Kumo again.
- HA candle, haDelta and Oscillator set is short term bearish, but Chikou Span is lagging in a thick Kumo.
Real bearish acceleration could take place only below 49,60.
Summary:
There is one thing we can see with higher confidence: it is very unlikely that we see a real bullish reversal in Oil. 54 is a hard resistance. But from current technical setup we can not really decide if the next move would be a stronger bearish wave again, or just further sideaway consolidation.
Bottom fishing is getting more dangerous at this level (lower risk/reward. I rather stay on the sidelines now.
