I'M posting the oil chart again. Lot of you had asked to post some update.
Not too many things happened the last few days. The rally seems to be slowing now. Though we are printing a higher high again I stll see the divergences in the indicators. I don't see any reason now to jump on board at the long side again. I would like to buy oil again when it's moving down into its daily cycle low to the 300 EMA. ( Last DCL was printed at the 300 EMA so I'm watching that EMA again.
It would like to be nice to tag the 2015 intermediate high at 50.89$ and move down to the DCL from there.
I think that the the weakening dollar in the following days could help oil to bounce to 51$ and after that we could see the decline down to 44$. That would give us a perfect buying opportunity.
Holding ERX and individual oil shares.
Not too many things happened the last few days. The rally seems to be slowing now. Though we are printing a higher high again I stll see the divergences in the indicators. I don't see any reason now to jump on board at the long side again. I would like to buy oil again when it's moving down into its daily cycle low to the 300 EMA. ( Last DCL was printed at the 300 EMA so I'm watching that EMA again.
It would like to be nice to tag the 2015 intermediate high at 50.89$ and move down to the DCL from there.
I think that the the weakening dollar in the following days could help oil to bounce to 51$ and after that we could see the decline down to 44$. That would give us a perfect buying opportunity.
Holding ERX and individual oil shares.
Note
Maybe today we will start the decline into the DCL.That's why I told you there is no need to rush with shorting oil.
Not too much happened in the last 2 weeks.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.