WTI: Dwindling Bear interest?
The Bear rout of oil might be coming to a pause. And here I will share with u why.
Late Wed, we see a high volume H4 bar(A). But the next bar is a hammer on lower volume. If there's professional selling interest(A), why isn't there a follow through(B)? On Thu, price consolidated near the low before Bulls make a push. Notice that the push is to the same area will we see high volume activity(A). But this push is of a lower volume. This indicate to me there is an absence of sellers where it use to be. And true enough, Bulls continue it assault early Fri, taking out Thu high before it falter and came off. I will be looking to see some rejection of Thu consolidation before taking a LONG trade. But bear in mind this is a counter trend trade. Only when 13th Mar high is taken out and value starts forming above do I see Bulls taking charge.
Late Wed, we see a high volume H4 bar(A). But the next bar is a hammer on lower volume. If there's professional selling interest(A), why isn't there a follow through(B)? On Thu, price consolidated near the low before Bulls make a push. Notice that the push is to the same area will we see high volume activity(A). But this push is of a lower volume. This indicate to me there is an absence of sellers where it use to be. And true enough, Bulls continue it assault early Fri, taking out Thu high before it falter and came off. I will be looking to see some rejection of Thu consolidation before taking a LONG trade. But bear in mind this is a counter trend trade. Only when 13th Mar high is taken out and value starts forming above do I see Bulls taking charge.
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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.