Opening week breakdown:
Summary:
Oil closed very bullish and we can see by these price ranges that oil engulfed 2-3 day price range in a matter of hours. This shows oil has a lot of momentum even at these higher levels, as you can see from telegram I stated that we would push higher and the double top was false. Oil shows no signs of slowing right now and the real resistance zone which should show some bearish price action are the two marked zones at the top. I expect oil to hit these rapidly and have a correction. Oil hasn't really corrected since $67 so we are long over due one, I am not looking for shorts in particular due to the smashing momentum but I wouldn't be shy from $87. We have seen in the past that $87 as proved itself as huge resistance and price has ranged from there all the way down to $81, I expected a further dip to fill the gap as this would provide liquidity and false break to the down side. Trade setups are the follow this week in telegram for free members. Should the gap fill scenario playout I would look to long from the gap fill to $90.
I will be focusing on my levels to trade and scalp oil.
Bias:
Long
Closing
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Summary:
Oil closed very bullish and we can see by these price ranges that oil engulfed 2-3 day price range in a matter of hours. This shows oil has a lot of momentum even at these higher levels, as you can see from telegram I stated that we would push higher and the double top was false. Oil shows no signs of slowing right now and the real resistance zone which should show some bearish price action are the two marked zones at the top. I expect oil to hit these rapidly and have a correction. Oil hasn't really corrected since $67 so we are long over due one, I am not looking for shorts in particular due to the smashing momentum but I wouldn't be shy from $87. We have seen in the past that $87 as proved itself as huge resistance and price has ranged from there all the way down to $81, I expected a further dip to fill the gap as this would provide liquidity and false break to the down side. Trade setups are the follow this week in telegram for free members. Should the gap fill scenario playout I would look to long from the gap fill to $90.
I will be focusing on my levels to trade and scalp oil.
Bias:
Long
Closing
Sub to us and follow are signature to receive start, mid and ending week oil updates, trade ideas and analysis.
