The traders at the sideline got one more opportunity yesterday and today as the dip buyers pulled up price one more time.
2 days ago we printed a key reversal on the daily chart : new high and on the same day a close below yesterday's low. Actually we not just closed below the 30th Dec low but we took out 5 days' lows. So this is a strong key reversal. The daily chart for the traders who are not following cycles looks like a test of the breakout. But it will not just test 51.72$, it will break below that level soon.
Notice the key reversal's volume: this is the biggest volume in the last half year. No question: big players sold their positions in the breakout and the small guys bought the exact top. The same story again.... The more time we spend here around 53$ the steeper the drop will be.
We still have the divergencies in the RSI and MACD and RSI left the overbought territory. When we bottom the 7 day RSI will reach oversold territory. And I think it will be deep in the oversold... The other good news that MACD crossed over.
I'm looking for a 10$ drop here in oil in the following 4-5 weeks.
Get ready : this decline coming to your chart near you soon.
코멘트
⋅
Key reversal covering 5days' top and low:
코멘트
⋅
코멘트
⋅
I want to share a few thoughts with you. I know it's frustrating to wait for this breakdown while everybody is so bullish. Just take a look at this chart:
코멘트
⋅
All the bulls who bought the breakout at 52 at the beginning of December (!!!) are in 1$ plus right now. Time is on the short side now. The breakout had no follow through for more than a month... It will be a steep drop to the ICL.
코멘트
⋅
WE are just testing back the double top's neckline.
코멘트
⋅
코멘트
⋅
It's still short. Nothing changed. We are not in a panic selling so don't wait for 2$ down days day after day in a row for a week
코멘트
⋅
I'm adding to my short positions today. Yesterday's "big pop" was less than half volume of the key reversal.
코멘트
⋅
It could be our big down day in oil... Both MACD and TSI wasn't able to break above the 0 level, and they are crossing down. RSI couldn't stay overbought and heading to oversold. Bulls will lose patience if we break below the 50 EMA (50.72$)
코멘트
⋅
ANd we just turned down from the 4hrs chart's down trendline...
코멘트
⋅
Godot might have arrived....
코멘트
⋅
OIL US FEB 2017 CFD just run out.
코멘트
⋅
Fasten your seat belts. It's startiiiiiiiing....
코멘트
⋅
I'M still holding the shorts. Let's wait for the close. Volume is low.
코멘트
⋅
Today is the day when we make everything great again. Oil can't be exception.
코멘트
⋅
Sooner or later it will break down. Mostly it happens when it looks it wants to break up.
코멘트
⋅
코멘트
⋅
They've run the stops above 53,50$. SOBs.
코멘트
GcNaif
⋅
Good Call man
MrRick
⋅
I'm shorting motor oil and hedging it with transmission fluid.
xsubtownerx
⋅
Rig count: 551 - Highest level since October 2015.
ewtrder
⋅
Time for another buy!
cigno.nero
⋅
U are the Number 1!
EnergyCorridor
⋅
Apri, can you comment on what 'CFD' is a abbreviation for, I am not familiar with it. Maybe front-month contract??
@camB, haha - your video was hilarious by the way. I have never heard of trading in CFD and not sure why you would want to do that vs. futures contracts, I guess to lower your leverage and risk.