USOIL short term picture
Updated
Hey guys! we saw a nice EOW and EOM with a rocket to 35!
Now we can see small consolidation around the 35 level.. i think this is key to what will happen next. If we see a break of the upper side we can expect it to hit daily resistance at 36.5 or even weekly at 37. beyond that we can expect a rocket upward to clsoe the gap up to 41 ish. However the volume at this stage is not convincing of anything.. SO if we look at downward possibility we can target the pivot at 34.5ish and then 33..
Be aware that there is no confirmation of any move as yet.. so i would't advise to enter without a confirmation signal. Use multiple indicators and pivots to be able to decide your desired risk/reward ratio as well as entry points for each situation! and most of all keep a good stop loss to help you gain bes entry without losing.
Good luck all and if you enjoy this please like/comment. (Also if you dont enjoy it please let me know in the comments what you think)
Now we can see small consolidation around the 35 level.. i think this is key to what will happen next. If we see a break of the upper side we can expect it to hit daily resistance at 36.5 or even weekly at 37. beyond that we can expect a rocket upward to clsoe the gap up to 41 ish. However the volume at this stage is not convincing of anything.. SO if we look at downward possibility we can target the pivot at 34.5ish and then 33..
Be aware that there is no confirmation of any move as yet.. so i would't advise to enter without a confirmation signal. Use multiple indicators and pivots to be able to decide your desired risk/reward ratio as well as entry points for each situation! and most of all keep a good stop loss to help you gain bes entry without losing.
Good luck all and if you enjoy this please like/comment. (Also if you dont enjoy it please let me know in the comments what you think)
Comment
We saw a break of trendline and target 1 has been hit for the downside.. looking to reload shorts if we rehit 35 but however still holding half position to target 2.. GL all. BTW india announce today that lockdown will be extended untill june 30, (3rd biggest oil consumer )Comment
Looking for weekly pivot and 9d sma at 34 and 33.85 before hitting target 2. will be taking 3/4 of profit there and save the rest incase of a waterfall rideComment
tradingview.com/chart/hOzHlBi8/ we might be seeing a formation like this forming now.. not sure. keep an eye out, will be closing half at daily pivot just for safety and 1/4 if it hits WPComment
not above
Comment
OIL goosed due to an opec meeting moving p to une 4th possibly. trade is out at a little abov break even. sometimes gotta take the profits while you can and look for a new picture
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