Short if it bounces the trendline formed by last 2 big highs, or long if it breaks that trendline.
No more time for oil direction, so this is preparing for next week.
The next direction is for oil to keep price action in that wedge, that down trend line won't be broken that easily.
Oil just teased the bears by touching the 50 day EMA on daily, but not breaking it. Most bears got baited.
Now oil is back into the channel or let's just say channel got extended a bit.
Oil might make a new episode of making new highs, only to fall lower.
This can be done.
For oil to officially be back in bull trend, it needs to break the 200 day EMA, that is currently 1$ above the (trendline. not!) upper channel.
Neither 50day of 200day EMA will be shown in this chart, because it's an hourly chart.
Therefore, check the daily chart to see current status of 50dayEMA and 200day EMA. Only these two indicators when they're broken, indicate the real trend that will follow.
Next time, don't get teased guys, oil is tricky.
Have a nice weekend and check this post before trading next week!
No more time for oil direction, so this is preparing for next week.
The next direction is for oil to keep price action in that wedge, that down trend line won't be broken that easily.
Oil just teased the bears by touching the 50 day EMA on daily, but not breaking it. Most bears got baited.
Now oil is back into the channel or let's just say channel got extended a bit.
Oil might make a new episode of making new highs, only to fall lower.
This can be done.
For oil to officially be back in bull trend, it needs to break the 200 day EMA, that is currently 1$ above the (trendline. not!) upper channel.
Neither 50day of 200day EMA will be shown in this chart, because it's an hourly chart.
Therefore, check the daily chart to see current status of 50dayEMA and 200day EMA. Only these two indicators when they're broken, indicate the real trend that will follow.
Next time, don't get teased guys, oil is tricky.
Have a nice weekend and check this post before trading next week!
