UKOIL
Clear uptrend channel but bulls are showing signs of slowing down. Eyes on the Crude Inventories on Thursday. A re-tracement to 76.5 area would be healthy, 75.5 possible and below that we would turn bearish. I wouldn't long here just yet if you are not long already and perhaps take some profits if you are net long. Fully expect $80 this month and potentially increasing into November but as usual - patience and listening to the markets.
Comment:
It seems bulls do not want to rest, we have broken through an important resistance after short consolidation in the marked area and $80 is in sight. Do not expect a drop lower than 78.28
Comment:
A bearish divergence on Stoch and decreasing buy volume is something to watch out for!
Comment:
We are back into resistance zone for some more possible redistribution, Heikin-Ashi are telling us to take profits from Longs, potential bearish cross over and divergence on 4H. Trade safe!
Comment:
Patiently watching the Pivot point for a further signal
Currently LONG from 72 with a trailing SL at 75.50
Currently LONG from 72 with a trailing SL at 75.50
Comment:
Mixed data and more potential trade worries with China has given fuel to the bears, mixed signals and bearish Kijun/Tenkan cross on 4H made me close the long trade before trailing SL at 75.50. There are growing supply concerns however clear signals needed for further direction. No trade zone for now.
Clearly sitting in the marked zone awaiting further decision. Looks like a distribution area.