9/14/20 “the intermediate-Term outlook remained bearish on the oil.
Today ditto. The wedge pattern shown on the 90-minute bar implies a thrust coming out of that formation, very typical. After a number of false starts we witnessed, this decline has the structure of an impulse wave, which suggests it is in the direction of the larger trend. I will leave trade plans to the trader, we have an Algo to use. however, it should be clear that a minor move above 40.34 would run a few stops. If that failed to pick up a long following jumping on the failure with short sales make sense. More below…
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“What I find peculiar, what contrary thinker finds peculiar, is how analyst aka content providers – when in doubt themselves lead with a subject line that goes like this, “As Oil Nears $50 Again, Is Now the Time to Buy?”