Hello my beauties.
I'll be shorting oil until the 56/58 area as it needs to retest a 13 years old trendline. The price broke it to the upside and I don't think it is going anywhere before kissing it.
Oil is now facing a cluster that consists of the following resistances:
- 1 year long uptrend trend line ;
- downward channel trendline;
- inverted head and shoulders neckline.
On top of that, the following indicators suggest downside to come:
- RSI bearish divergence;
- stochastic forming a bearish divergence.
Further reasons why I am taking the trade:
- we have to see an Elliott wave 5 in the current downtrend. For those of you who are not familiar with Elliott waves , wave 5 needs to exceed the lows created by wave 3.
From a short/medium term technical perspective, downside is pretty probable.
After that I'll be bullish for a very long time. The green area evidences where I expect a strong reaction to happen.The weekly volume profile indicator suggests that the most orders have been placed in the 56 area.
I hope this idea helped you, please like, follow and drop a comment below if you have any questions and we'll discuss them together.
Consider supporting me if you believe I provide you with valuable information.
Peace.
Luca, TrickleDownFX
I'll be shorting oil until the 56/58 area as it needs to retest a 13 years old trendline. The price broke it to the upside and I don't think it is going anywhere before kissing it.
Oil is now facing a cluster that consists of the following resistances:
- 1 year long uptrend trend line ;
- downward channel trendline;
- inverted head and shoulders neckline.
On top of that, the following indicators suggest downside to come:
- RSI bearish divergence;
- stochastic forming a bearish divergence.
Further reasons why I am taking the trade:
- we have to see an Elliott wave 5 in the current downtrend. For those of you who are not familiar with Elliott waves , wave 5 needs to exceed the lows created by wave 3.
From a short/medium term technical perspective, downside is pretty probable.
After that I'll be bullish for a very long time. The green area evidences where I expect a strong reaction to happen.The weekly volume profile indicator suggests that the most orders have been placed in the 56 area.
I hope this idea helped you, please like, follow and drop a comment below if you have any questions and we'll discuss them together.
Consider supporting me if you believe I provide you with valuable information.
Peace.
Luca, TrickleDownFX
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.