OIL - "Big movements take time to develop" (Jesse Livermore)
Lot of traders got nervous last week Friday because oil moved down from that important resistance zone at 34.78.
For me it's still trending up. We didn't break the trendline, 4hrs chart 10 & 20 EMA didn't cross over.
It's still a bottoming process to me. We will take out that 34.78 level soon and price wil move fast to 40.
We just have to sit in the position , and let the bears do the "shopping" by closing their shorts.
Because OIL is shorted to death.
For me it's still trending up. We didn't break the trendline, 4hrs chart 10 & 20 EMA didn't cross over.
It's still a bottoming process to me. We will take out that 34.78 level soon and price wil move fast to 40.
We just have to sit in the position , and let the bears do the "shopping" by closing their shorts.
Because OIL is shorted to death.
