Hi Guys,
XABC are the moves unfolded since 2 Sept. inside the violet circle in the daily snapshot below:
It looks like an Harmonic Pattern/W-Formation supported at 36.(280), the same level it was when WHO declared pandemic emergency status on 11 March.
The divergence in RSI between S2 and S3 is not as evident as it is in the daily chart but was enough to boost the pullback from 36.(280)(C).
Is the pullback from C exausted itself already?
The move from C was stopped at B (previous high made on 18 Sept.) but never reached bullish momentum (not overbought) as it did the move from A (overbought).
After C price was pushed down at B right after OPEC published World Oil Outlook 2045 and said "The Worst Is Over" for the Oil Market.
Why?
Here the monthly view which I hope may help to improve the perspective.
Thank you for your support and for sharing your ideas.
Cozzamara
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumstances.
XABC are the moves unfolded since 2 Sept. inside the violet circle in the daily snapshot below:
The divergence in RSI between S2 and S3 is not as evident as it is in the daily chart but was enough to boost the pullback from 36.(280)(C).
Is the pullback from C exausted itself already?
The move from C was stopped at B (previous high made on 18 Sept.) but never reached bullish momentum (not overbought) as it did the move from A (overbought).
After C price was pushed down at B right after OPEC published World Oil Outlook 2045 and said "The Worst Is Over" for the Oil Market.
Why?
Here the monthly view which I hope may help to improve the perspective.
Thank you for your support and for sharing your ideas.
Cozzamara
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumstances.
