Here we are looking into a potenital triple bottom on USOIL with RSI indicating an oversold market strong supportive level being met at around the $46 mark, i would like to see this level hold and a reversal up over the trend line drawn with the first target at $49.6 and second target around the $51 resistance level
There appears to be a potential double top forming on oil with stock RSI indicating over bought also, the 50 EMA is struggling to break through 100 which leaves more potential for a reversal,
This is all dependant on the next few days and how the daily candles form, if a close lower, it may indicate that levels are dropping and my first target would be low 38...
There is a basis for a short play on Gold given a close below the .236 level with a target indicated by a strong support line, this will all be supported given the results of the up and coming rate decisions/hints at rate hikes out of US and also UK.
Following strong supportive trend like on the hourly chart if price holds above this level and if ECB deliver bullish readings then am looking to enter and get out at 1.1000 level creating a solid 25pips will sell half of position move stop loss to break even and hold until around 1.1015 level where there is strong resistantce which is draw from the daily chart
we like entry on down days,
moving averages still in upward trend,
convergence with stoch and price,
slightly choppy at current level but will still play with a small position
would like to see a retest of the 1.0900 area after the slight pull back has been seen
with convergence on the stoch and still in upward trend indcated by moving averages, and with price holidng the upward trend after a slight pull back
would like to see price retest the 1.0900 level
