If the resistance breaks were are headed to 42.
Watch the Next 50 cents very carefully. Oil needs to make lower lows and stay in the band. Right now all forces are pointing South Oil continues to go down on high volume. MA 50 (Red line) is below MA 200 (Grey line) China is just starting to end it's massive strategic reserve buying Iran is doubling it's production US production has gone up ...
Oil may retest 50 week moving avg. (bottom of Kumo) or test the Ichimoku base line. Markets may respond to oil in low 40's. Many oil experts have been claiming oil should turn around in late '16/early '17. The weekly Ichimoku seems to agree. But it also suggest more downside before end of the year.
Its a long shot but not impossible!!! Looking to jump in soon..
Leading diagonal pattern support for wave 5 at 45.81. Wait for strong break through at 49.68 to CONFIRM the inverse head and shoulders. TP of 54.04 TIGHT SL.
Quick dip play then exit positions till after BREXIT
Time is early right now....At the "Area Of Interest" .... Any failure below 43.67 on a closing basis triggers a possible attack at the 41-39 area.
Oil will retrace to bottom of previous bear flag. It should hit around the time as Rig Report. Rig build will push it lower.
Oil consolidating for another move lower. BREXIT will lead a higher Dollar and Possible Hawkish Yellen
Early May we discussed that bulls were attempting to absorb supply and that prices should breakout and test the next level of resistance near $13.00. It has been a great 14% trade; however, cumulative demand is contracting. It does appears to be worth the risk of giving profits back. Anticipate we will start to see some liquidation to protect profits and reduce risk.
5 and 10 DMA's lost in a rug pull fashion today as oil had a bull trap this morning to the $50 integer, followed by a rapid $1 dump in around 1-1.5 hours. MACD bear cross on daily, inverse hammer on daily, etc.
Top of wedge has hit, get short. Diverging RSI. Low volume. This baby is about to come back to Earth.