#oil bullish but at resistance
Updated
Someone on twitter notified me of the oil trade. Big thanks to him!
Oil does look bullish, but we are currently at previous resistance. Moreover, price have reached the 75% extension from the impulsive move off the low. From my experience, that's usually where the run starts to slow down or reverse. Yes we can have a full and complete 1 to 1 measured AB=CD move but not all the time.
Judging by the way we reverses after the big bullish engulfing bar, I can expect higher prices. But it is not tradable now.
Other commodities seem to have a good run too, except for precious metals.
Oil does look bullish, but we are currently at previous resistance. Moreover, price have reached the 75% extension from the impulsive move off the low. From my experience, that's usually where the run starts to slow down or reverse. Yes we can have a full and complete 1 to 1 measured AB=CD move but not all the time.
Judging by the way we reverses after the big bullish engulfing bar, I can expect higher prices. But it is not tradable now.
Other commodities seem to have a good run too, except for precious metals.
Note
Today's 13 combo is a decent looking one. Meaning price might stall here short term. It does not look like the 'usual' combo at the top in my experience. Price action is too whipsaw
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