UK oil week 3
Hard to make up my mind this week. There are two indications that lead me to think that we could see more upward movement of the price:
1. One can see that the money inflow index over the last 15 days is reading below 30 indicating that the selling pressure dissipated.
2. The famous count 13 is reached which according to Tom demark indicates that we are likely to try another upward move. Still..the 13 is not reached after a nice downtrend but the couting continues because the sequential was not negated by a TD sel set up.
3. we came very close to the black resistance line I draw 2 weeks ago. Close but not actually going through, so stay careful!
THese 3 factors below triggered an automated buy (see graph). Target should be around 3 to 4 dollars up from a few days ago.
However as I write this I looked at the hourly Uk oil price and there it seems to me that in the most likely situation we have not overcome the downward pointing trend line. It seems likely to me that in the first part of the week we are probably still to see some downward movement of the price before we go up.
A very possible scernario would be: down for first 2 days or so possible until we reach the blue resistance area and then up again. Let's wait and see!
1. One can see that the money inflow index over the last 15 days is reading below 30 indicating that the selling pressure dissipated.
2. The famous count 13 is reached which according to Tom demark indicates that we are likely to try another upward move. Still..the 13 is not reached after a nice downtrend but the couting continues because the sequential was not negated by a TD sel set up.
3. we came very close to the black resistance line I draw 2 weeks ago. Close but not actually going through, so stay careful!
THese 3 factors below triggered an automated buy (see graph). Target should be around 3 to 4 dollars up from a few days ago.
However as I write this I looked at the hourly Uk oil price and there it seems to me that in the most likely situation we have not overcome the downward pointing trend line. It seems likely to me that in the first part of the week we are probably still to see some downward movement of the price before we go up.
A very possible scernario would be: down for first 2 days or so possible until we reach the blue resistance area and then up again. Let's wait and see!
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