hey guys
hope you had fantastic january. It was busy month in markets. I am pre positioned for my trades for tomorrow. I just noticed something in oil. Not a set up yet but similar pattern emerging. Thought to share. Look at two blue boxes i marked alongwith macd. Price is sideways now and macd is near zero line. If cloud breaks form here, it can bring a nice move. Not saying it will but it can. On weekly chart, oil is consolidating above support. This support need to go first before a move lower can come. I am just watching oil for now. Its waiting for some catalyst. Lets see how it plays out and keep an eye on it.
Happy Trading.
hope you had fantastic january. It was busy month in markets. I am pre positioned for my trades for tomorrow. I just noticed something in oil. Not a set up yet but similar pattern emerging. Thought to share. Look at two blue boxes i marked alongwith macd. Price is sideways now and macd is near zero line. If cloud breaks form here, it can bring a nice move. Not saying it will but it can. On weekly chart, oil is consolidating above support. This support need to go first before a move lower can come. I am just watching oil for now. Its waiting for some catalyst. Lets see how it plays out and keep an eye on it.
Happy Trading.
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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.
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.