Good Afternoon
OIL has closed on one of the most indecisive places it could have done...for those that watch my video breakdown knew I anticipated this movement. This is where trading becomes somewhat complicated but hang with me...OIL has closed above that magic 60.60 and above our 1hr trendline which in theory should give us a bullish movement but the trendline is not mature enough yet to aid this breakout bias. What we can see is a double top forming but within this there is a lot of doji candles forming on this spike compared to the first one. DOJI'S mean indecision in the market! right now its 50/50 so we need to wait for direction on Monday but looking at this I do not think the lower frame trendline will hold and we will now see a push up to the higher trendline.
OIL has closed on one of the most indecisive places it could have done...for those that watch my video breakdown knew I anticipated this movement. This is where trading becomes somewhat complicated but hang with me...OIL has closed above that magic 60.60 and above our 1hr trendline which in theory should give us a bullish movement but the trendline is not mature enough yet to aid this breakout bias. What we can see is a double top forming but within this there is a lot of doji candles forming on this spike compared to the first one. DOJI'S mean indecision in the market! right now its 50/50 so we need to wait for direction on Monday but looking at this I do not think the lower frame trendline will hold and we will now see a push up to the higher trendline.
