Oil's been a real cliff-diver recently coming down from almost 55 to 47.50 without much of a pullback. Having said that, as predicted in last week's oil outlook (linked below), it wasn't a great week for oil traders...the range mentioned was just as crappy as expected.
Overall bias is still short with a bearish regression. BUT, not by much. A clear break of 0.0000 on the regression indicator and stabilization above it would indicate a trend change to the upside. It's too early to predict that what's going to happen...but worth keeping in mind. We could see the early signs of a temporary bottom forming.
For shorts I will watch price action at 47.60 (needs a strong break to get me in that low), 48.15ish (aka where we are now) and 48.80ish.
For longs, assuming price action shows bullish momentum, I'm keeping an eye on 47.60ish, 48.15 and given very bullish momentum a break of 48.80ish. Above I'm just going to follow momentum and obviously keep an eye on the psychological 50.0 level.
So yeah, overall still slightly bearish, but with a potential bottom forming.
Overall bias is still short with a bearish regression. BUT, not by much. A clear break of 0.0000 on the regression indicator and stabilization above it would indicate a trend change to the upside. It's too early to predict that what's going to happen...but worth keeping in mind. We could see the early signs of a temporary bottom forming.
For shorts I will watch price action at 47.60 (needs a strong break to get me in that low), 48.15ish (aka where we are now) and 48.80ish.
For longs, assuming price action shows bullish momentum, I'm keeping an eye on 47.60ish, 48.15 and given very bullish momentum a break of 48.80ish. Above I'm just going to follow momentum and obviously keep an eye on the psychological 50.0 level.
So yeah, overall still slightly bearish, but with a potential bottom forming.
