Pivot: 47.75
Most Likely Scenario: long positions above 47.75 with targets @ 49.30 & 50.20 in extension.
Alternative scenario: below 47.75 look for further downside with 47.30 & 46.80 as targets.
Comment: the RSI advocates for further advance.
The market has made a new higher highs these days. There is a major resistance at the 51.75 level. But we can wait for a retracement level and then go for a buy. So lets wait and see what the market does in the coming hours. Hoping it can break the major resistance and make a new uptrend again.
May take 2 weeks to resolve.
Range held this morning.
RSI divergence should have sent price higher out of range. The fact it didn't and an inverted hammer was the top on the 1hr chart shows underlying weakness.
We expect CRUDE to rise.
STOCH RSI is rising.
RSI is rising.
CCI is rising.
We expect crude to stay long above: 34.77 SL: 34.48 TGT 01: 35.59 TGT 02: 35.91 TGT 03:36.91
Caution: The above is our personal view. Neither a recommendation nor a tip nor an advice for trade. Please consult your personal financial advisor before investing.
