I have been chasing a down movement, most of my charts on WTI are bearish although I put a good LONG some weeks ago. (See my twitter feed taking about a triple divergence) Next week I am seeing a high chance of WTI going down hard, next jump may reach 80's but it has to go down and get some impulse before we get there. The question is how far will it go? I am ...
We were calling an up and down move since last week for WTI (Crude Oil) so we entered a LONG position targeting at 62.30 for a first. We expect oil to move around 64 and then go back to 55-56 levels. As you can see in the chart, a downtrend channel is probable. Let's wait for confirmation before doing anything.
I am looking that GBPUSD is on a strong downtrend but it is trying to re-test the highs of the channel. It is making a nice rebound from the lower part of the Bollinger band so if it breaks the channel, we may see a long uptrend. Let's see, I am adding a SHORT if it fails to break the channel but most likely scenario will be it will go up.
GOLD has reached a major resistance point on the daily chart. Plus I have identified a triangle is starting to form maybe because GOLD will consolidate before taking another big move. We are entering a SHORT position aiming to the bottom line of that triangle with the SL set just above the prior high.
WTI looks like is rejecting a new high, it seems like it is going down to 56.20; We are identifying that it is still inside a bearish channel but we have also a wedge so it may be breaking this channel soon to make a huge move (it can be either up or down) We are entering a Short position but with a close follow-up since it can go up anytime.