HTF chart for oil has been very bearish since the large gap up ($7+) due to attack on SA key oil facilities
Daily
-On the SA event, price gap up & went right into Supply zone and reverse
-Price has been very weak afterward as it didn't have meaningful retracement, basically drop and consolidate & continue sliding lower
-Last week price develop a fresh Supply zone
-Price has now reach long time S&R level @ $50.78 and started to bounce
Summary:
-Short setup is prefer as major sentiment still bearish, price has not yet to reach HTF demand zone
Daily
-On the SA event, price gap up & went right into Supply zone and reverse
-Price has been very weak afterward as it didn't have meaningful retracement, basically drop and consolidate & continue sliding lower
-Last week price develop a fresh Supply zone
-Price has now reach long time S&R level @ $50.78 and started to bounce
Summary:
-Short setup is prefer as major sentiment still bearish, price has not yet to reach HTF demand zone
Comment:
-Last night price enter supply zone and promptly reverse
-A fresh LTF demand zone was formed prior to price reach supply zone but was then completely engulf due to HTF bearish sentiment (On M5 price did bounce a bit)
-So in this case, with HTF bearish view it is much more wisely to take LTF supply zone after all the price of $53.9-$54.8 is a Daily supply zone as well which are well coincide
-Last night price enter supply zone and promptly reverse
-A fresh LTF demand zone was formed prior to price reach supply zone but was then completely engulf due to HTF bearish sentiment (On M5 price did bounce a bit)
-So in this case, with HTF bearish view it is much more wisely to take LTF supply zone after all the price of $53.9-$54.8 is a Daily supply zone as well which are well coincide
Comment:
-Oil made 2nd retest deeper into demand zone and slowly trending upward
-M15 supply zone was engulf along the way & upper supply zone tested before so higher probability for price to rise higher
-Oil made 2nd retest deeper into demand zone and slowly trending upward
-M15 supply zone was engulf along the way & upper supply zone tested before so higher probability for price to rise higher
Comment:
Daily
-Seems likely support level $50.70 is holding, after 5 days of price consolidation the market close last 2 trading day of the week with bullish candle.
-Price didn't made new low, D1 supply zone was tested & engulf.
-All of the above point to overall change of oil bearish sentiment, will probably look for buy setup rather than short.
-Still, will require more price confirmation for the bullish view.
P.S. "When bearish sentiment change to bullish sentiment or vice versa price often consolidated or ranging in 3-5 days period. In some cases it might took up to weeks, months or years.
Daily
-Seems likely support level $50.70 is holding, after 5 days of price consolidation the market close last 2 trading day of the week with bullish candle.
-Price didn't made new low, D1 supply zone was tested & engulf.
-All of the above point to overall change of oil bearish sentiment, will probably look for buy setup rather than short.
-Still, will require more price confirmation for the bullish view.
P.S. "When bearish sentiment change to bullish sentiment or vice versa price often consolidated or ranging in 3-5 days period. In some cases it might took up to weeks, months or years.
Comment:
-After last week D1 supply zone engulf it seems like oil about to turn bullish but last two Daily close for current week is bearish.
-Price retrace more than 61.8% of the gain.
-Now price is in the range of M30 demand & supply zone.
-After last week D1 supply zone engulf it seems like oil about to turn bullish but last two Daily close for current week is bearish.
-Price retrace more than 61.8% of the gain.
-Now price is in the range of M30 demand & supply zone.
Comment:
-Price broke through M30 supply zone and form a new H1 supply zone.
-Then price continue downward and now retest S&R level (current price level).
-Bullish bias didn't established, will consider short setup. Need to watch how price return to H1 supply zone before pull the trigger.
-Overall, bearish bias still maintain on oil.
-Price broke through M30 supply zone and form a new H1 supply zone.
-Then price continue downward and now retest S&R level (current price level).
-Bullish bias didn't established, will consider short setup. Need to watch how price return to H1 supply zone before pull the trigger.
-Overall, bearish bias still maintain on oil.
Comment:
-Price has been reluctant to drop and yet manage to clear supply zone again.
-However can't really found a decent demand zone to long.
-Would still look to short oil.
-Price has been reluctant to drop and yet manage to clear supply zone again.
-However can't really found a decent demand zone to long.
-Would still look to short oil.
Comment:
-Price break above another supply zone, shall wait & see if price made a gradual pull back to form fresh demand zone at LTF.
-Price break above another supply zone, shall wait & see if price made a gradual pull back to form fresh demand zone at LTF.
Comment:
Hourly chart, LTF demand zone is been tested and headed for supply zone above