chartwatchers
Singkat

OIL - At the edge of breakdown

FX:USOIL   CFDs di Minyak Mentah (WTI)
Dilihat 13776 kali
129
13776 137
The traders at the sideline got one more opportunity yesterday and today as the dip buyers pulled up price one more time.

2 days ago we printed a key reversal on the daily chart : new high and on the same day a close below yesterday's low. Actually we not just closed below the 30th Dec low but we took out 5 days' lows. So this is a strong key reversal. The daily chart for the traders who are not following cycles looks like a test of the breakout. But it will not just test 51.72$, it will break below that level soon.

Notice the key reversal's volume: this is the biggest volume in the last half year. No question: big players sold their positions in the breakout and the small guys bought the exact top.
The same story again....
The more time we spend here around 53$ the steeper the drop will be.

We still have the divergencies in the RSI and MACD and RSI left the overbought territory.
When we bottom the 7 day RSI will reach oversold territory. And I think it will be deep in the oversold...
The other good news that MACD crossed over.

I'm looking for a 10$ drop here in oil in the following 4-5 weeks.

Get ready : this decline coming to your chart near you soon.
Komen: Key reversal covering 5days' top and low:
Komen:
Komen: I want to share a few thoughts with you. I know it's frustrating to wait for this breakdown while everybody is so bullish.
Just take a look at this chart:
Komen: All the bulls who bought the breakout at 52 at the beginning of December (!!!) are in 1$ plus right now. Time is on the short side now. The breakout had no follow through for more than a month...
It will be a steep drop to the ICL.
Komen: WE are just testing back the double top's neckline.
Komen:
Komen: It's still short. Nothing changed. We are not in a panic selling so don't wait for 2$ down days day after day in a row for a week
Komen: I'm adding to my short positions today.
Yesterday's "big pop" was less than half volume of the key reversal.
Komen: It could be our big down day in oil...
Both MACD and TSI wasn't able to break above the 0 level, and they are crossing down.
RSI couldn't stay overbought and heading to oversold.
Bulls will lose patience if we break below the 50 EMA (50.72$)
Komen: ANd we just turned down from the 4hrs chart's down trendline...
Komen: Godot might have arrived....
Komen: OIL US FEB 2017 CFD just run out.
Komen: Fasten your seat belts. It's startiiiiiiiing....
Komen: I'M still holding the shorts. Let's wait for the close.
Volume is low.
Komen: Today is the day when we make everything great again.
Oil can't be exception.
Komen: Sooner or later it will break down. Mostly it happens when it looks it wants to break up.
Komen:
Komen: They've run the stops above 53,50$.
SOBs.
Sorry, but now i think usoil will upp to 55$ or more after days or week zik zak as last week.
Balas
I'm full position short with oil for a few days now. For any of you that also read goldpredict.com, I thought he did a nice comparison to the 2015 oil tops that took a while to correct. My only thought is the longer it hangs up here, the higher the 200MA is going to be, so the shorter the drop....
Balas
good luck Arpi! Seriously I just feel you are holding long positions;)
Balas
shinsky ewtrder
@ewtrder, when i see someone post something like this, i know we're good on the short ;)
Balas
Josef2016 ewtrder
@ewtrder, This is possible.It can be risky to be sure for big short.
Balas
Slow, but surely
Balas
Hi there - what's your view after the weekend?
My Elliott Wave analysis (which may or may not be accurate) still suggests a significant drop on the way. But it seems to be a long time coming (!)
Balas
I think,soon(next week) oil will strart go down seriosly.
Balas
Josef2016 Josef2016
@Josef2016, Maybe down around 40$.Check at deep RSI 7.
Balas
Josef2016 Josef2016
@Josef2016, Sorry,now i am not for short.I think usoil som days or weeks more it will zik zak same last weeks and then will up to 55$ or maybe more before falling down to 47$.
Balas
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