While it may be a little late to jump on this Long trade, the Dragon is officially In Flight. My stop is set at a break and confirmation of the Dragons Head (yellow dotted line). Until then let the buyers show their resolve all the way to $52.60 where I will take profits and let a runner run. Drop a line to info@marketintell.net if you like these trade setups...
Price 50.45 = 1.618 Fib at this level is the end of the wave C,
As well as the price is close to the old sales area. Price is rising, volumes are falling on H4 and D1.
As much as I was hoping this would be an abc back up, it can no longer be counted that way where the c wave would equal a, so we must look higher for now. I expect this 4th to be tricky so most likely will stand aside on this till a clearer picture develops.
24 July - OPEC meeting
SCENARIO 1
no production cuts on Libya, Iraq and Nigeria
The price should go up until top of channel 49.60 (max) and then fall down to low 40 - 39.
PS there should be a strong resistance at 47.30
SCENARIO 2
granted cuts on Libya, Iraq and Nigeria oil production.
The price should go up to test the resistance at 47,30.
There could be a...
Crude seems to have reached a solid resistance here. Will wait for a couple of more hours to settle the inventories numbers and will update whether I got into a short position. For the time being I am only watching the price action.
