Technical Analysis- The 4 hour is down against 1/08/2020 peak (63.87). 1 hour is turning down. However, while near-term dips remain above 6.59 low expect OIL to extend higher to correct the cycle from 1/08/2020 peak in 3, 7 or 11 swings before downside resume. We prefer selling the bounces in 3, 7 or 11 swings at the extreme areas.
he weekly is turning up. The daily right side is down against the 76.96 highs from 10/3/18. The 4 hour right side is down against 65.78. While below the 4/3/20 highs where the hourly is turning down it can see weakness toward the 16.00 area before correcting the cycle from the 4/23/19 highs.
The weekly is favored turning up above 26.34 lows from 2/11/16 & the daily is turning down against the 77.01 highs from 10/3/18. Nearer term while above the 49.30 lows where the 4 & 1 hour are turning up it can correct the cycle lower from the 10/3/18 highs.
Curde running 4hr candle closes above 57.35 will confirm the uptrend signal, where you can go for long in curde.. target 60.20 in 1-2 week of time.. continue uptrend till 64 level stop loss will be update once buy triggered.
Crude is favored ended correcting the cycle up from the 12/24/2018 lows at 51.05 on 10/3/19 where the 4 hour is turning up. The wave (1) cycle from the 10/3/19 lows has ended at 65.66 where the hourly is turning down. While a bounce fails below there expect another swing lower to correct the cycle from the 10/3/19 lows.
Crude is favored ended correcting the cycle up from the 12/24/2018 lows at 50.99 on 10/3/19. The 4 hour is turning up from there. Ideally while a pullback remains above the 60.62 lows where the hourly right side is up it can see the 66.00 area in wave (1) cycle from the 10/3/19 lows.
58.05 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
We will close our open trades, if the Midterm level 58.05 is broken.
The RSI support #1 at 43 is broken, so the probability of beginning of downtrend is increased.
While the RSI downtrend #2 is not broken, bearish wave in price...