Weekly: Bearish, but got close to 78,10 key resistance, and got extremely oversold, overextended. DMI-ADX, tells us we should see some pull back, also Slow Stoch is very oversold. Anyway, now everybody is bearish on oil.
Daily: the magic level of 80-80,15 is holding well, blocked further selling 6-7 times by now! MACD crossed back to bullish. Price got far from Kijun Sen and Kijun has become flat. Flat Kijun and/or Senkou B tend to attract price back. ADX is also very high, while DI lines may stopped widenning further. In case of a corrective pull back tgt could be 86,50-87,00
4 Hrs: Key supp/res rnge is 79,65-80,05, which clearly a hard bite for bears. Kumo got very thin, it will not be difficult to break through when correction starts. Upper support/resistances are 81,30 - 81,50 (Kijun and Senkou B) and more importantly 82,50.
Slow Stoch gave a buy signal at the lower band of the range, MACD is on buy as well. What is also very important, the positive divergence in MACD on this lower time frame.
I bought small size today, will increase if Kumo breakout signals the start of a possible bullish counter trend.
Will add to Longs at 81,50 and above 82,50.
Initial stop at 79,55.
Tgt: 86,50 - 87,00.
Daily: the magic level of 80-80,15 is holding well, blocked further selling 6-7 times by now! MACD crossed back to bullish. Price got far from Kijun Sen and Kijun has become flat. Flat Kijun and/or Senkou B tend to attract price back. ADX is also very high, while DI lines may stopped widenning further. In case of a corrective pull back tgt could be 86,50-87,00
4 Hrs: Key supp/res rnge is 79,65-80,05, which clearly a hard bite for bears. Kumo got very thin, it will not be difficult to break through when correction starts. Upper support/resistances are 81,30 - 81,50 (Kijun and Senkou B) and more importantly 82,50.
Slow Stoch gave a buy signal at the lower band of the range, MACD is on buy as well. What is also very important, the positive divergence in MACD on this lower time frame.
I bought small size today, will increase if Kumo breakout signals the start of a possible bullish counter trend.
Will add to Longs at 81,50 and above 82,50.
Initial stop at 79,55.
Tgt: 86,50 - 87,00.