Short Term Bottom in Oil
I've noticed the price of gas has been declining for about three to four weeks. Come to see, Oil has been in a free fall for a month now. From the bottom in mid-April to the high in late-June, the 61.8% provided a technical level that prices could bounce off of. Even when the harmonic patterns aren't evident, the harmonic ratios are always close by dictating prices.
The volume increase we saw as prices approached the 61.8% fib, to me, confirm the bottom we've formed. Again, lower prices spur buying, appearing as a bargain for some. With the addition of RSI Divergence, I feel we go up from here but I can't say for how long. My job's to trade what's given to me.
That being said, I'll wait on the sidelines until a buying opportunity presents itself or selling becomes to the new bias, allowing me to act accordingly.
The volume increase we saw as prices approached the 61.8% fib, to me, confirm the bottom we've formed. Again, lower prices spur buying, appearing as a bargain for some. With the addition of RSI Divergence, I feel we go up from here but I can't say for how long. My job's to trade what's given to me.
That being said, I'll wait on the sidelines until a buying opportunity presents itself or selling becomes to the new bias, allowing me to act accordingly.
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