Is it time for the breakout, Take a Look Inside!!!!!
Updated
In this cycle cross of 10d EMA over the 30d EMA is a very bullish signal. Grey shaded cross/+ sign indicates bullish change in trend. Last time 10d EMA crossed 30d EMA was beginning of March (3/2/18). However, previous post where think black trend line was support has turned into resistance, and a double top is in on the table. Oil will likely make a big move tomorrow or Friday going into weekend. Would advise holding crude over weekend. Take a few steps back and trend still follows bearish sentiments post bearish cypher, and we see crude formed 1 bearish flag and possibly 2. I am long oil looking ahead to end of Q2 middle of Q3, but current climate leans neutral with a bias toward bearish.
Key Points of Interest:
Grey shaded cross
Light blue shaded star (intraday)
Red dotted line running through blue star (intraday & close)
Thick Red line for possible breakout
Neon green dotted lines for support
Orange line as lynchpin for complete takeover by bears
Thick blue line bulls last possible line of defense (strong break here low 50’s imho)
DON’T FORGET WTI IS STILL IN A DESCENDING TRIANGLE TRADE WITH STOPS. Still in 2%-3% range.
DON’T AVERAGE DOWN WHEN CONSOLIDATION IS TAKING PLACE IT CAN TURN ON A DIME AND CREATES MAX PAIN
GLTA,
G
Key Points of Interest:
Grey shaded cross
Light blue shaded star (intraday)
Red dotted line running through blue star (intraday & close)
Thick Red line for possible breakout
Neon green dotted lines for support
Orange line as lynchpin for complete takeover by bears
Thick blue line bulls last possible line of defense (strong break here low 50’s imho)
DON’T FORGET WTI IS STILL IN A DESCENDING TRIANGLE TRADE WITH STOPS. Still in 2%-3% range.
DON’T AVERAGE DOWN WHEN CONSOLIDATION IS TAKING PLACE IT CAN TURN ON A DIME AND CREATES MAX PAIN
GLTA,
G
Note
Breakout occurred, posted quite a bit on stock twits favoring bullish sentiment. Have been winning on all oil trades. Stayed on sideline today sold UWT for 7.2% yesterday, and looking to add with a close above 65.15. If not expect pull back (slight) to back to low 64's with an intraday or morning dip and will possibly buy. Keep in mind MACD is bullish but RSI on 1hr is becoming exhausted. GLTA.
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