WTI - Bulls down, short term bit oversold, sell on spikes later
I am back from 1 week holiday break. Let's look over major products, starting with WTI, since in this one I had some bearish recommendations (and position) before. Pls see ref:
After the consolidation it spiked up to strong resistence at 105 USD, then finallly delivered the decisive break on 4 Hrs I was expecting for. Retested the Cloud once more (also in line with daily chart Kijun held for first), then collapsed. Put spreads worked pretty well, but here I recommend to take partial profit, as px is approaching 96 - 97,50 support zone, while Slow Stoch on both time frames is in oversold territotry. Please note also that on daily time frame the bullish Ichimoku setup is a lot more weaker, but still not really bearish. It will likely enter into consolidation with some volatility pickup. There's some chance for a corrective bounce to 100,20 - 100,80. If we get there, we can start to look at further sell signals. Forget the longs and contra trades until it trades below 101,50, play only bearish setups.
After the consolidation it spiked up to strong resistence at 105 USD, then finallly delivered the decisive break on 4 Hrs I was expecting for. Retested the Cloud once more (also in line with daily chart Kijun held for first), then collapsed. Put spreads worked pretty well, but here I recommend to take partial profit, as px is approaching 96 - 97,50 support zone, while Slow Stoch on both time frames is in oversold territotry. Please note also that on daily time frame the bullish Ichimoku setup is a lot more weaker, but still not really bearish. It will likely enter into consolidation with some volatility pickup. There's some chance for a corrective bounce to 100,20 - 100,80. If we get there, we can start to look at further sell signals. Forget the longs and contra trades until it trades below 101,50, play only bearish setups.