Since Oil bottomed (26$) we rallied up to nearly 42$ without any significant pullback (no lower lows). When u check my chart you will see the following:
D1 Levels:
Fibo .382 @ 35.80 (Retracement since last rally)
50EMA @ 36.09
(imho strong) Resistance @ 36.00
we are still way above the lower trendline (pink) so we are still in an uptrend
Indicators:
RSI Oversold
TSI reading -29 (most bottoms at around -50)
MACD may cross
So my Setup will be:
Long @ about 36.30
S/L around 35.30
Targets @ around 44 (Target1) to 48 (Target 2)
D1 Levels:
Fibo .382 @ 35.80 (Retracement since last rally)
50EMA @ 36.09
(imho strong) Resistance @ 36.00
we are still way above the lower trendline (pink) so we are still in an uptrend
Indicators:
RSI Oversold
TSI reading -29 (most bottoms at around -50)
MACD may cross
So my Setup will be:
Long @ about 36.30
S/L around 35.30
Targets @ around 44 (Target1) to 48 (Target 2)
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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.
Disclaimer
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.