Here we have crude oil on a 4HR chart, which could be at a key point if your a technical trader with 3 options that come into play and could gain a few pips once the confirmation of a entry point,
1) we continue the upward trend, retest the dashed line and continue making higher highs, for a Conservative entry would to wait for a retest of the dashed...
Here are the 10,20,30,40,50 & 60 tick projections based on my "Inertia Model" (Subject to being updated as price develops - Historically the further out the prediction is, the less accurate it will tend to be)
NOT ADVICE - JUST SHARING MY NEW STRATEGY FOR CATEGORISING THE MARKET INTO PHASES FOR MY QUANT STRATEGIES
Current Inertia Level of market: -2.404 (Bearish...
OIL / USD Short term signal
As long as the highlighted key area is holding as resistance; My preference is short positions on OIL / USD with a First target @ 38.00 ; Second target 37.50 ; While a break and close above the highlighted key area will expose 40.00 and then 40.50
Crude Oil is Bullish - We look to Buy at 33.65
▪️ Trading within a Bullish Channel formation.
▪️ Choppy price action seen.
▪️ Positive overnight flows lead to an expectation of a firm open this morning.
▪️ We have a 50% Fibonacci pullback level of 33.64 from 31.28 to 36.01.
▪️ Further upside is expected although we prefer to set longs at our bespoke support...