a daily price action after hour update - oil
Good evening and i hope you are well.
wti crude oil
This chart is obviously the hardest because big trading range for a long time where market is absolutely neutral and both sides have all the arguments for their case.
bull case: Strong enough rally to 78 and they want to print 80 for a higher high. They will probably give up below 75.5 and try again around 70. Again.
bear case: Bears did what they had to and kept it under last weeks high to form a lower high. They now need follow through below 75.5 to make a lower low and that’s where the stop for most bulls is and another short signal for the bears.
short term: down - invalid above 79.3
medium-long term: sideways until clear break of range between 70-80
trade of the day: shorting the double top with yesterdays high 78.47 and adding on to shorts on pullbacks. 15m 20ema was money today
wti crude oil
This chart is obviously the hardest because big trading range for a long time where market is absolutely neutral and both sides have all the arguments for their case.
bull case: Strong enough rally to 78 and they want to print 80 for a higher high. They will probably give up below 75.5 and try again around 70. Again.
bear case: Bears did what they had to and kept it under last weeks high to form a lower high. They now need follow through below 75.5 to make a lower low and that’s where the stop for most bulls is and another short signal for the bears.
short term: down - invalid above 79.3
medium-long term: sideways until clear break of range between 70-80
trade of the day: shorting the double top with yesterdays high 78.47 and adding on to shorts on pullbacks. 15m 20ema was money today
