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Orvillewright

If I am a bull? If I am a bear?If I am a bull? Price is bouncing off the 1.2 support zone as well as the lows of the bull channel. Look for buying opportunities with targets at 1) previous structure highs 1.127x 2) 127.2% extension at 1.129x. Buy retracements if price trades towards the channel highs. . . If I am a bear? Price seems to be supported at the 1.2 round number which is also previous resistance that turned into support. We are also at the bull channel low. I would wait for a strong break down and a weak retest of this zone before considering short opportunities.
Long
by orvilleawright
If I am a bull? If I am a bear?If I am a bull? Price is bouncing off the 20 SMA. There is however overhead resistance (previous high at $47.72), bull channel high and wedge high to work through. Instead of buying into resistance, wait for a deeper retracement before buying or wait for a strong breakout of resistance with a weak retest before buying. . . If I am a bear? After such a strong move yesterday (based on OPEC announcement to cut oil production) bears should be patient before taking short opportunities. Price is currently at the high of the bull channel and close to the wedge high (4H chart). This however does not means that price will automatically reverse. Strong moves are usually followed by another leg up. Wait for price action to turn bearish at these resistance zones before considering short trades. Look for strong breakdown pullbacks. Target could be the low of the bull channel. There is also resistance at $46 zone.
TVC:USOIL
by orvilleawright
USOIL - IF I AM A BULL? IF I AM A BEAR?IF I AM A BULL: Buy pullbacks as price rotates to the top of the bear channel. Targets are at the top of the bear channel or the 46.20 - 46.50 zone. IF I AM A BEAR: Sell failures at the top of the bear channel. Price is currently at the 61.8% retracement. If price action confirms it as also possible to short at this level with targets at the low of the bear channel. You can also buy a strong break and pullback of the low of the bear channel or the 44.20 level. As always wait for price action to confirm.
TVC:USOIL
by orvilleawright
IF I AM A BULL? IF I AM A BEAR? IF I AM A BULL: Currently price is at resistance (bearish trend and consolidation zone). I do not want to buy into resistance. My two options are to wait for a strong break and retest of resistance zones. Or wait for a deeper retracement of the previous upswing (about 50% to 78.8%) before looking for a buying opportunity. Waiting for a deeper retracement creates more space to get a better risk to reward ratio. The buyers have a lot of traffic overhead to get through. As a buyer look for breakout bear traps at the buy zones. As always wait for price action to confirm the reversal. IF I AM A BEAR: After a strong up move, price is now trading at the top of the bear channel and within the previous consolidation zone. I am looking for selling opportunities at the various resistance zones indicated on the chart. As a seller look for breakout bull traps at the sell zones. As always wait for price action to confirm the reversal.
Short
by orvilleawright