Uk oil week 17
We are getting close to position ourselves for a long in my opinion:
-Tom Demark Count is currently at 7 (so close to the famous 9)
-The money flow index is very close to oversold area
-Close to a price trend line.
I believe today will be undecisive at least until API. If API and EIA reports are positive this week then I think we have a good set up for a long. The price should then be close either to the blue trend line or the yellow price trend line.
The only thing that is a bit negative is the fact that the OBV broke down the yellow trendline. It tells me to wait for confirmation to go long in form of a good API / EAI.
-Tom Demark Count is currently at 7 (so close to the famous 9)
-The money flow index is very close to oversold area
-Close to a price trend line.
I believe today will be undecisive at least until API. If API and EIA reports are positive this week then I think we have a good set up for a long. The price should then be close either to the blue trend line or the yellow price trend line.
The only thing that is a bit negative is the fact that the OBV broke down the yellow trendline. It tells me to wait for confirmation to go long in form of a good API / EAI.
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