Bears looking like they are running out of gas
Looks like there is still some downside in WTI. Bears have been reinvigorated as price are falling below the S1 pivot towards the S2 pivot. Volume Profile is showing much action towards the lower range of prices. As volume is showing positive divergence with the move towards the downside. Bulls are fighting to bring prices back towards $52 which I see as the true buy range once prices can stabilize above these numbers. Prices are fighting to move back towards the S1 Pivot. I would not be surprise to see a move towards or just below the S2 Pivot before the true beginning of the upside movement. I would suggest placing a long position at $52. There looks to be slight breakdown in the MACD, but that should not last too long.
It will be an interesting week. Let see what the world has in store for us. I will say there is an initial short position but the risk/reward is in favor of the bulls.
It will be an interesting week. Let see what the world has in store for us. I will say there is an initial short position but the risk/reward is in favor of the bulls.
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