Is Oil dying?
I can't know if Oil is dying because I cannot see into the future. So what's on the chart?
1- There is a death cross on a daily timeframe which is always a significant event.
2 - The red stepwise line (the ATR) is telling us that there is heavy bear pressure in this market.
3 - Twice price was rejected in 31 days.
4 - Now there is a big struggle at a neckline.
5 - Price pushed outside the ascending wedge pattern, and has now fallen through the base. Not a good sign for bulls.
Price can go up or down at the leading edge. True trend-followers would have held short once price is below the 1D ATR line. Nobody knows how far that may go.
This is a dangerously volatile market on the daily, with no good short entry positions at this time.
A better entry short would have been at price point 100 - and still under the switch in the ATR.
But wow - look at the volatility one would have had to withstand over months. This is for strategists - not gamblers.
Stay safe. Don't burn cash.
1- There is a death cross on a daily timeframe which is always a significant event.
2 - The red stepwise line (the ATR) is telling us that there is heavy bear pressure in this market.
3 - Twice price was rejected in 31 days.
4 - Now there is a big struggle at a neckline.
5 - Price pushed outside the ascending wedge pattern, and has now fallen through the base. Not a good sign for bulls.
Price can go up or down at the leading edge. True trend-followers would have held short once price is below the 1D ATR line. Nobody knows how far that may go.
This is a dangerously volatile market on the daily, with no good short entry positions at this time.
A better entry short would have been at price point 100 - and still under the switch in the ATR.
But wow - look at the volatility one would have had to withstand over months. This is for strategists - not gamblers.
Stay safe. Don't burn cash.
FED balance sheet 42% of GDP @ 2020-01-26. Does money have value anymore? [Different perspective on the virus youtu.be/NjTdvALChwk ]
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