Looking at the chart we see that soon we may take an action in crude oil. Overall price is in a sell off but it's being in a correction for a while. At the moment it is testing a key level.
If we see a breakout to the down, we may sell as the correction will be over. If we see a breakout above the key level we should wait for a consolidation and buy.
In 1h chart we have a divergence with MACD which is showing that the scenario most likely to happen is price to continue its sell off.
If we see a breakout to the down, we may sell as the correction will be over. If we see a breakout above the key level we should wait for a consolidation and buy.
In 1h chart we have a divergence with MACD which is showing that the scenario most likely to happen is price to continue its sell off.
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For some reason the trendline i draw in the chart appers higher than it should be.. Anyway if you look at the chart you may easily see where it should be.
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The up move has ended with clearly price breaking out. We should now be a little patient and wait for a consolidation. We then can go short.