Hey!
OIL has been somewhat choppy this year, since the bottom in june, moving between 50 and 60 dollars without a clear trend. But even tough i don't see a clear trend i think that the fact that it broke 58.7 is very important, especially after that day when it went down more than 5% two week ago.
I'll be waiting for 2 major numbers this week, 58.7 and 60.5. I want to see what kind of PA it will do until it gets to one of those values and i'll act accordingly then.
What i prefer to see is more indecision and small moves until the price reaches 60.5 and it will probably squeeze when it gets there.
Looking to the PA in the daily chart, it's easy to see that the market is getting trouble recovering from corrections, which may lead to a stronger downside reaction sooner or later.
Cheers
OIL has been somewhat choppy this year, since the bottom in june, moving between 50 and 60 dollars without a clear trend. But even tough i don't see a clear trend i think that the fact that it broke 58.7 is very important, especially after that day when it went down more than 5% two week ago.
I'll be waiting for 2 major numbers this week, 58.7 and 60.5. I want to see what kind of PA it will do until it gets to one of those values and i'll act accordingly then.
What i prefer to see is more indecision and small moves until the price reaches 60.5 and it will probably squeeze when it gets there.
Looking to the PA in the daily chart, it's easy to see that the market is getting trouble recovering from corrections, which may lead to a stronger downside reaction sooner or later.
Cheers
Looking for at least 63.15.