GarryBartsch

GarryBartsch

Long lower shadows indicate a market plumbing the depths for support. Found support twice in the green circle. Looking for up soon.

GarryBartsch

The two are moving inversely. As very often is the case. WTI is pulling back slightly for the 3rd day. Volume is trailing off. IF the candle has a long lower shadow today - or a medium shadow - I will feel more confident a move up is due soon. The USDCAD has medium upper shadows for the last few days so coming as the do after a drop I am expecting another leg down...

GarryBartsch

Another chance to short.

GarryBartsch

Ideally one would be short already because the market could open a ways down from here but regardless a stop loss somewhere above the long upper shadow is a small risk for a possible large reward. The market just didn't follow through on yesterday's surge and despite any longer term moves the next move is likely to be down. Good luck.

GarryBartsch

No real brilliance here. After the surge to 62.58 the market has basically moved sideways for five weeks. From 42 to 62 is a big move and the market cannot be faulted for needing a rest. The surprising thing is the power of the initial surge; it's a better faster start than the '09 wipeout. Does that tell us we have more good gains to come? This week has a candle...

GarryBartsch

SPX500 is in the middle of a large ascending channel and within a smaller ascending channel within that, and finally at the lower trendline of a pullback channel. Two trendlines converge (green circle) and Friday the index tried to drop through them but buyers came in each time prices dropped. Note the three candles with long and medium lower shadows: the market...

GarryBartsch

Note the cluster of candles with long upper shadows. The pair is rejecting higher prices. Expectation is for a decline and a corresponding rise in oil.

GarryBartsch

This is starting to feel like a fight the bears cannot win. The market has an indecision complex.

GarryBartsch

Oil is now congesting at the top trendline in a descending channel. I look at this as a very big positive. Traders are waiting for Wednesday and oil is not pulling back much in the meantime. After the strong surge Friday I expect the market wants to push up; it's just waiting for a reason. These channels like we see are the rest before the trend resumes. Crossing...

GarryBartsch

The last three days have small bodies with long upper shadows showing the market rejecting higher prices. Coming as it does after a significant rally and roughly half way down from the 1.28 peak I am expecting a fall. The currency will have implications for oil. I am bullish on oil even though it may hesitate a bit after last Friday's big move up. Expectation: oil...

GarryBartsch

The large channel is obvious and the smaller wedge within it seems reasonable. So far the last two months have seen the market rise but it has been such a painful trip. It's been exasperating for the bears as well. Each time the market drops buyers show up withing two days. Declines don't gather any momentum. But this may change if the wedge breaks. 2040 could...

GarryBartsch

Big volume on today's surge but oil is right at falling resistance with 50 minutes to go. Now the war begins. After hesitation here for a while I won't be surprised so see oil begin a decent leg up.

GarryBartsch

This will have implications for oil. Resuming bullish stance on CAD and oil.

GarryBartsch

This is time to start getting out of USD.

GarryBartsch

NG is in a declining channel. Today it sold off hard on big volume. It's likely oversold for the day. Time to begin accumulating some.

GarryBartsch

Oil advanced a lot from the bottom and stalled. Sellers emerged. It looks like profit taking now as a serious pullback has not occurred. It appears like a pullback channel is in force and could have bullish implications.

GarryBartsch

Nine day advance working up into a wedge while volume decreases. Tuesday (today) red koma with the longer upper shadow showing the market rejecting higher prices. Volume increased - and taken in conjunction with the candle - indicating sellers were active today. Note volume on the three previous up days was lower and declining as price rose. I believe bulls are...

GarryBartsch

It's clear to see by the small bodies in the last two candles. Long upper shadows show the market is rejecting higher prices for now. Volume is drying up as price reaches this high. I will not be surprised at all to see oil weaken from here.