a daily price action early hour update - oil
Good morning and i hope you are well.
wti crude oil
bull case: Bulls still have the 80 target in sight and they are buying all pullbacks. The uptrend is weakening but i think then can get there. The 1h 20ema is holding pretty good and we are right at it. So it's a buy. The drawn wedge could get us there but bulls have more trend lines below which can hold. Last time bulls got near 79, bears surprised and trapped many late bulls. I don't expect something different for now.
Invalid below 77.
bear case: Bears look at higher timeframes and it's a big trading range. We are in the upper third and they sell the highs because they made money the last times they did it. Until bulls get consecutive big bull bars above 80, odds favor a continuation of this trading range 70-80. I doubt bears will die defending 78/79 and we will probably at least reach last weeks high 77.29 or 80 before more profit taking by the bulls and shorting by the bears unfold.
short term: up to 79/80 before sideways to down
medium-long term: Sideways until clear break of range between 70-80
wti crude oil
bull case: Bulls still have the 80 target in sight and they are buying all pullbacks. The uptrend is weakening but i think then can get there. The 1h 20ema is holding pretty good and we are right at it. So it's a buy. The drawn wedge could get us there but bulls have more trend lines below which can hold. Last time bulls got near 79, bears surprised and trapped many late bulls. I don't expect something different for now.
Invalid below 77.
bear case: Bears look at higher timeframes and it's a big trading range. We are in the upper third and they sell the highs because they made money the last times they did it. Until bulls get consecutive big bull bars above 80, odds favor a continuation of this trading range 70-80. I doubt bears will die defending 78/79 and we will probably at least reach last weeks high 77.29 or 80 before more profit taking by the bulls and shorting by the bears unfold.
short term: up to 79/80 before sideways to down
medium-long term: Sideways until clear break of range between 70-80
