OIL: Potential trouble ahead
Several important things converge on UK Oil price (on weekly chart) creating probabilities for the south on most lower time frames:
1. Original Grade A ATR switch for the south.
2. Bullish rebellion into a near 61.8% Fib
3. Weak squeeze momentum rebellion (so far).
4. Horizontal zone of congestion near recent price.
5. VMA resistance level.
Note that VMA and ATR resistance are each more powerful than ordinary horizontal resistance/support. But now we have confluence of ATR and VMA levels.
Nothing in this snapshot analysis means that Oil price cannot go north. There are no predictions here.
1. Original Grade A ATR switch for the south.
2. Bullish rebellion into a near 61.8% Fib
3. Weak squeeze momentum rebellion (so far).
4. Horizontal zone of congestion near recent price.
5. VMA resistance level.
Note that VMA and ATR resistance are each more powerful than ordinary horizontal resistance/support. But now we have confluence of ATR and VMA levels.
Nothing in this snapshot analysis means that Oil price cannot go north. There are no predictions here.
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