CURRENCYCOM:US100 is at a support level currently (trend, pitchfork and first level of fibonacci). Support can be found and the price can make a 5th wave.
Yesterday the price of CL1! corrected a bit. I opened a long postion but my stop loss has been hit as well, because it is likely (in my opinion) the high of tuesday will be broken I opened a new long position.
Today I take into account two scenario's:
1.) the price will move up from this support level.
2.) the price will correct a bit more and move up from...
Yesterday CL1! has risen rapidly, unfortunately the price did not enter the green zone and therefore I have not a long position. Currently oil is correcting, I expect the high of yesterday will be broken. In order to get a good risk reward I would like to see a correction into the blue zone.
DISCLAIMER: Only trade based on your own decision
Yesterday the price of CL1! has dropped slightly, however it did not enter the green zone. The price went up again and is hitting the upperline of the trend channel. In my opinion it is not interesting to open a long position at this moment.
Yesterday CL1! have cleaned up stop losses, however the price did not moved into the green zone and continued the uptrend. At the moment it is not interesting, in my opinion, to open a long position. The slope of the trend is decreasing and I will wait for a correction before opening a long position.
DISCLAIMER: Only trade based on your own decision
CL did not correct in price the past days, which is a bullish signal. This morning CL1! has left the triangle, I expect the price will move up a bit more in order to clean up stop losses. When the price will correct, I will chase for an entry in the green zone.
Today I used a different chart of CL1! , as I described yesterday the price was approaching a key level. The price decreased and found support on a minor support level, oil is making a nice triangle now and until oil will break out of this triangle I'm neutral.
Oil is approaching a key level (orange zone), from here the bears and bulls will determine who will win: continue the uptrend or correct (in time or price). CL1!
Today I post my first weekly and daily analysis about OIL. Based on this chart we have not many upward potential. As I do not trade shorts (for now) I do not trade at the moment.
