Although i am having a shorter side bias in crude oil BUT ..... A word of caution - Trade with a strict stop loss, at least till it confirms the move by breaking the uptrending line on daily closing basis.
* Trendline * Bullish crossover on Stochastic * RSI back from oversold territory
Let It Break decisively. Till then you can take advantages of intra-day short ranges. But do that with strict risk management. Finally the pattern at present looks Bullish, BUT it can go either way. Because on the flip side of it - COT reports are Bearish, open interest is at record high and Commercials are record short(more than they were at 2014 drop from...
US Crude commencing Wave 5 after corrective Wave 4. Heading toward 55/56 levels before reversing.
Still Playing between the two Levels & DIRECTIONLESS Until it breaks either level convincingly, look for small and short term trades on lower time frames. I will personally have a short side bias.
I am planning to short Crude oil if it breaks down in the evening US session, using lower timeframes for entry. Nice Risk Reward
Final Leg down will take price down towards $52 below.
Both the Levels STILL Holding Nicely. Have Patience
Cl1 will give a short breakout Below 53.54 it can go to the level Downside level- 52.90 upside safe level- 54.07
CL1 had given a big long breakout out of multi tops.. Watch it out above 52.85, Above 52.85 it will confirm the breakout and can move upwards. Upwards level till 54.85/56.40/61.20.... Downward level to watch as a safety line can be kept at 51.50...
I will Favour Shorts Below 49.50 and Longs above 54.50 with bias towards Shorts Happy Trading and Happy Christmas.
CL1 is giving a short breakout below 52.95, below 52.95 it can go to the level 52.20/51.95/51.30 if do not break the level 53.50 on upside.
CL1 is giving a short breakout below 50.75 for the downside level till 50/49.60 if do not break the level 51.36 on the upside.
Gap UP on Monday, Distribution and the kind of price action of last 2 Days, I am staying away from this market for the time being. i will be interested in going long only between 55-60 Level.