Based on technical analysis alone, we should approach the R1 level this week, and see a down trend. Based on the Day candlesticks, we should see a slight retracement back down to the indicated level of 56.19 (-1.75%) if the trend line is broken. Since the RSI is hovering near the 70 marker, this indicator could point to a negative week. However, on the weekly charts, the RSI is neutral.
Key notes:
1.) See previous posting of the long position for oil.
2.) If trendline is broken, we should retrace for the week.
3.) If R1 is broken AND sustained, this will invalidate a short position for the week. This being said, the RSI will most likely go into overbought conditions on the daily chart. This will point to a negative week ahead, instead of this week.
There is a lot to look out for. Be patient! Let the trades come to you.
Happy Trading!
Zak
Key notes:
1.) See previous posting of the long position for oil.
2.) If trendline is broken, we should retrace for the week.
3.) If R1 is broken AND sustained, this will invalidate a short position for the week. This being said, the RSI will most likely go into overbought conditions on the daily chart. This will point to a negative week ahead, instead of this week.
There is a lot to look out for. Be patient! Let the trades come to you.
Happy Trading!
Zak
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