In my 'Oil Meltdown - What Now?" chart, Prices reach their first Target Price but have rallied back to the original Supply level where I expect the selling to again occur. That analysis was on a continuous chart and the entry and bottom target is lined up with this K (May) chart view. With the DX relatively flat this price drop would require a couple weeks of bearish reports; while good sources are advising continued bullish reports, when bullish sentiment gets too high, I expect the market to off-balance and trap the majority.
I still have existing short positions form the trade mentioned above but will be adding or advising to open new short positions between 50.90 and 51.16. Bullish reports could quickly squash this trade so be sure to set your SL.
Again, please take a look at my "Oil Meltdown - What Now?" chart for a view on the continuous chart, retrace to initial supply level and ascending trendline.
Comments, questions, criticism, fundamental views are all welcome,
Good trading all!
交易進行
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Entry level reached, this trade is active
交易結束：達到停損點
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Unfortunately the SL was hit very quickly; sentiment following API is very bullish; I will wait for prices to settle following EIA to reassess a new entry.
It's funny how the trades moved today. In the Asian session a drop to 49:89 then a sudden spike to 50:50. US session a sudden spike from 50:50 to 50:90.
Good luck in having the next support levels holding the longs, it seems that there are no more shorts to squeeze (lol).
PS: I am waiting for the second Kurtosis AKA wide dilation to the downside.
smitheric1970
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@R81, Yes, lots of volatility! I think sentiment is looking for more draws this week, which is very possible, so make sure stops are set.
iqs
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@smitheric1970, What do you think currently about WTI ? Trend going down ?
smitheric1970
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@iqs, I would expect prices to now test what I previously thought would hold as resistance, the 51.06-51.16 level. Looks like sideways action between 51 and 52.30 is possible.
Good luck in having the next support levels holding the longs, it seems that there are no more shorts to squeeze (lol).
PS: I am waiting for the second Kurtosis AKA wide dilation to the downside.