Possible H&S forming in USOIL

27 nov 2016

There is a possible H&S formation in USOIL and it is something to look out for. To confirm the H&S a break and close below the neckline is needed. This is still very premature as various support levels (ascending trendline, previous swing lows at 42.30 area, and the neckline) are present. Also keep in mind that USOIL is very dependent on fundamentals and with OPEC talks going on any directional bias can be eliminated depending on the outcome of the talks. A break and close above the downward sloping trendline scraps this idea

28 nov 2016

Nota

Gapped down and bounced. Look for a short setup around 47 (Mara line, magenta)

30 nov 2016

Nota

Fundamentals are swinging this around like a rag doll. Big meeting tonight and also EIA inventories will increase volatility. Trade at your own risk

30 nov 2016

Nota

Idea didn't get a chance to materialize thanks to OPEC and the biggest green candle we have seen in a while. Due to the shift in fundamentals, longer term direction is distorted and it will take some time to show some accumulation and direction