Oil is showing all the signs of a rally out of the daily cycle low. Yesterday we broke above the previous(?) daily cycle - the DCL is still not confirmed - trendline and today early morning GMT we break below it but it was bought in a few hours. Oil starting to show strength. If it's a new daily cycle the bulls should buy every dip. And they are doing their job.
The next mission is to break above the blue trendline. That is the previous daily cycle's trendline. If we break that - and it seems as I'm writing this it will - our long position has a "DCL injurance". What does it mean? It means that this is the breakout you can buy . It will has a very high chance that we are going to rally above 48-49 and later above 52. So all those who missed the lower entry point this is the place I would enter with longs.
If we break above the blue trendline I will switch to lower timeframe with my posts to see the details of the story. If I'm right this is the 2nd daily cycle of this intermediate cycle. This one usually produces the best rally. Who was short it is the time to get out and change the direction. All the losses you made on your short trades you will earn back in the next 4-5 weeks.
And MACD is looking god now. Crossover below 0.... Let the rally begin!
評論
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We turned down from the trendline again. Timewise a drop to the 200 SMA is still on the table in the next 2 weeks.
評論
pipizer
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VirtualFax
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Have similar view; so, tend to agree. As for timing, I'm thinking Tue, maybe even Wed. At the same time, Mon is equally not impossible.
pipizer
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You sure? ;)
VirtualFax
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I can never be sure in trading. You best you can do is to learn (a lot), analyze (a lot), plan for the worst, hope for the best, and whatever is the outcome, use it as a further learning experience.
pipizer
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Good thoughts.... No one is sure in trading only experience make us to spot and catch good trades! Have a good luck!
VirtualFax
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Something along these lines
VirtualFax
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By the way, this bullish move would take Oil to the IH&S neckline which could potentially shoot the price up for another $20 or so... If the pattern works out, of course.
For example, recently I witnessed what looked like H&S pattern almost finished forming for Yahoo but then completely destroyed over the last two days. Though I'm still bearish on that stock.
At the same time, Oil's H&S is much better shaped and over much longer period of time
kidbroge
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I read Iran is seriously considering freezing production at current levels as suggested by OPEC. At the last meeting they told OPEC to buzz off. Opec has a meeting soon. Has anyone else heard about this freeze. Chartwatchers observations appear to reflect a freeze scenario.
oldpeter
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Reuters: Saudis offer oil cut for OPEC deal if Iran freezes output