Oil ended april as a first red month, in which case may id be looking for sell high, they kept price suppressed and didnt attempt to make any significant higher highs this month,
since there was no real place, except the start of may, to sell high, (and fundamentals somewhat driving my thesis) i would expect them to keep trapping volume down low for the frontside move of the week, and shift momentum to the upside later in the week ending as a first green month (closing the month above previous month close 81.15 (CL1!) - after attempting to continue going lower in a previous downtrend)
friday was a first green day, so mondays thesis would be to look for a buy low in any 1 of the 3 sessions.
past 3 weeks have been inside week for the most part, this is primed for a serious reversal.
May the markets be with you all!!
since there was no real place, except the start of may, to sell high, (and fundamentals somewhat driving my thesis) i would expect them to keep trapping volume down low for the frontside move of the week, and shift momentum to the upside later in the week ending as a first green month (closing the month above previous month close 81.15 (CL1!) - after attempting to continue going lower in a previous downtrend)
friday was a first green day, so mondays thesis would be to look for a buy low in any 1 of the 3 sessions.
past 3 weeks have been inside week for the most part, this is primed for a serious reversal.
May the markets be with you all!!
Note
oil look resilient, kinda wish there wasnt a holiday tomorrow, i usually look for reversals for oil on wednesdaysNote
see details in description (on chart)
Note
wait for a previous day level to be taken out before getting into any trades.... i would be looking for the sell opportunity tomorrow honestly, hopefull previous day high gets taken out first , and ill look for a reversal pattern from there or 25-50 pip extension levels to refine a cheap shortNote
looks like they needed more liquidity for the reversal, no worries, hopefully some people were able to capitalize on the move,Note
oil is a first red day template, look for sell high tomorrow.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.