Quite a reversal in prices today! Prices closed precisely on the midline of this weekly range today; which is neutral to the range; that being said... I am still biased to the short side; however, the DX which is generally inversely correlated to oil had a slight drop today and if that continues then oil may continue this rally. That being said, the EIA report was very bearish today and I believe that oil data will impact oil prices negatively if the DX holds at its support level.
Based on the last 2, 4-hour swings I am looking to long above 52.8 or short below 51.76; keep in mind if prices do drop, i'm expecting possible consolidation within the last swing prior to a breakdown. Target prices on chart; good trading all!
コメント
⋅
buy signal was hit, from a basic trend line perspective, the upper TL is being tested; if you are long this would be a good time to reassess and look for a break or resist. s3.amazonaws.com/tradingview/snapshots/2/21udrX79.png
コメント
⋅
So far the trend line (i use closing prices) has rejected prices; if you are long, make sure your stops are in the green, this is looking like a possible https://reversalhttps://s3.amazonaws.com/tradingview/snapshots/c/cUpk0syJ.png
Another thought on this being a reversal; you can see on the original chart above that the weekly range midline is 52.37 - range midlines are important and prices generally end up consolidating around them prior to a break to upper or lower end of the range. I'm seeing a potential upside down 'chair' pattern here i learned from @kate25 who is an awesome supply/demand purist. Watch for price action around 52.37: tradingview.com/chart/lbk1uFml/
update on the last chart; prices are back at the 52.37 pivot, the midpoint (major weekly inflection) on the original published chart above. If it breaks down i would expect prices to see first support at 51.8 level
Now that we are above 52.8 are you going long as first mentioned??
smitheric1970
⋅
@RJHumphries, sorry, just saw this, i did open a long position when 52.78 was breached; i closed at the trend line mentioned in the updates above, sorry i did not include that in my original analysis. Based on the trend line rejection, i am now short, see the last chart posted.
PKA
⋅
Watch 51.44 as a battleground area.
smitheric1970
⋅
@PKA, agreed, similar 51.49 was the 4 hour buying climax on this ranges original leg up; and gap up level - good call!
smitheric1970
⋅
@PKA, that consolidation i mentioned would likely happen within the last swing will be your battle ;)
Now that we are above 52.8 are you going long as first mentioned??