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Technical Breakdown in Oil pricesWTI Crude Oil has seen a technical break lower, although momentum has not accompanied the later part of the move. A rising 4-hour channel broke down last Friday, with momentum accelerating to the downside, and a rising trendline from February lows was seen broken during the FOMC Statement on Wednesday. Retracements in the pair may now be capped by resistance found at the $49.69 price point, reflecting the highest daily close in the fourth quarter of 2015. A secondary level is found at $50.18 representing May highs. The $50.00 price point provides resistance as a psychological level. The stronger uptrend witnessed from this year's lows dictates a consolidation period may take place prior to a broader decline.
FX:USOILShort
by JigneshDavda
1
Oil Breaks up ChannelI sent out a bullish chart on Oil on Friday, as the instrument went back to retest highs. As per the chart, it did not confirm the bullish break by taking out the 46.04 level, for the ABC up. We have however, taken out the lows, and broken the up channel. This is a strong short setup. It remains to be seen if we retest the upper channel line of the new down channel, currently we are retesting the broken channel. So I will be looking for reversal candles to enter a short position, but allowing the instrument some time (at least into NY) to see if it can retrace further higher to get a better entry.
FX:USOILShort
by JigneshDavda
11
Oil Bouncing from Channel Support - remains BullishAt the start of the week, we saw some pressure on Oil, possibly suggesting we may have topped out The chart shows we are holding the up channel, and we are likely still in the bullish cycle. On 4H, if the current candle closes near it's current levels, we would have a bullish engulfing candle. We are also showing a higher low followed by the low made two days ago. A break of 46.04 will confirm a higher high and reinforce the bullish trend, increasing the possibility of the instrument taking out the highs on the chart.
FX:USOILLong
by JigneshDavda