If I'm right the Big Picture should look like the above in the next month.
This is the 4hrs chart.
We have the 1200 EMA (Equal to the daily chart's 200EMA) which is important to me.
And I set the 300EMA (Equal to the daily chart's 50EMA) - scroll back to 2014 and see how the 300 EMA worked as a resistance.
Price couldn't hold too much above the 300 EMA. Now it's working as a support.
That is the reason why I think the bear market is over in oil.
If I'm right we will have a nice rally in the following 4 weeks till the middle of May.
I also inserted the EMA 50 (green) which should support the price during this rally.
Timing may change , the price at the top may change (from 50 to 60$) - we will see how strong the rally is- , but this intermediate cycle will end at the end of July the latest. So the top should occur 24.05.-15.06.
I'm planning to exit all oil positions around that time and reenter in september again.
This is the 4hrs chart.
We have the 1200 EMA (Equal to the daily chart's 200EMA) which is important to me.
And I set the 300EMA (Equal to the daily chart's 50EMA) - scroll back to 2014 and see how the 300 EMA worked as a resistance.
Price couldn't hold too much above the 300 EMA. Now it's working as a support.
That is the reason why I think the bear market is over in oil.
If I'm right we will have a nice rally in the following 4 weeks till the middle of May.
I also inserted the EMA 50 (green) which should support the price during this rally.
Timing may change , the price at the top may change (from 50 to 60$) - we will see how strong the rally is- , but this intermediate cycle will end at the end of July the latest. So the top should occur 24.05.-15.06.
I'm planning to exit all oil positions around that time and reenter in september again.