a daily price action after hour update - oil
Good evening and i hope you are well.
wti crude oil
bull case: Bulls stayed above the daily 20ema which is around 78, they bought where they had to and today was strong enough for at least a second leg, which would bring us back to 81, which is last weeks high. I still expect 82 in the near future. If we get a third leg, that’s the obvious target. The fact that bears could not sell below 77 is further confirmation of my bullish thesis which i have been talking about for some weeks now.
bear case: Last days Bears tried many times to get below 77 again and today they gave up. They will scalp pullbacks and wait for bulls to show weakness again around 81/82.
short term: Bullish. Look for longs at the 15m or 1h 20ema. 1. Target 81, 2. is 82. - Invalid below 78.6
medium-long term: Neutral until clear break above 81 and no drop below 77 but i tend to lean bullish here. I would not engage in long term trades here. Either wait for lower prices or a bull breakout. —unchanged
wti crude oil
bull case: Bulls stayed above the daily 20ema which is around 78, they bought where they had to and today was strong enough for at least a second leg, which would bring us back to 81, which is last weeks high. I still expect 82 in the near future. If we get a third leg, that’s the obvious target. The fact that bears could not sell below 77 is further confirmation of my bullish thesis which i have been talking about for some weeks now.
bear case: Last days Bears tried many times to get below 77 again and today they gave up. They will scalp pullbacks and wait for bulls to show weakness again around 81/82.
short term: Bullish. Look for longs at the 15m or 1h 20ema. 1. Target 81, 2. is 82. - Invalid below 78.6
medium-long term: Neutral until clear break above 81 and no drop below 77 but i tend to lean bullish here. I would not engage in long term trades here. Either wait for lower prices or a bull breakout. —unchanged