UPDATE
If the price falls out of the channel it is really bearish, from here I prefer staying out.
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I believe Crude Oil is ready for a long because of the arguments below. Personally I don't have a strict TP, but if price drops out of the flag this scenario might get invalidated.
1. I believe this is the right channel we are trading in, every time the channel border was hit price went lower. Looks more logic to me, instead of the other channel that is drawn in most of the analysis.
2 I can see there is a bullish divergence on both rsi and macd.
3. RSI made a bullish pattern.
4. We made a higher low in May.
5. Last time RSI was this low the bullish cycle begun.
6. There still is a bullish divergence monthly and the bearish divergence on daily looks like it worked out.
7. The API report was bullish, likely the EAI report and RIG-count will be the same. I don't trade fundamentals but it is good to see that my thesis gets confirmed.
Thumbs up if you like and please let me know why you think of a different scenario. I might be wrong so I would love to hear other opinions.
If the price falls out of the channel it is really bearish, from here I prefer staying out.
------
I believe Crude Oil is ready for a long because of the arguments below. Personally I don't have a strict TP, but if price drops out of the flag this scenario might get invalidated.
1. I believe this is the right channel we are trading in, every time the channel border was hit price went lower. Looks more logic to me, instead of the other channel that is drawn in most of the analysis.
2 I can see there is a bullish divergence on both rsi and macd.
3. RSI made a bullish pattern.
4. We made a higher low in May.
5. Last time RSI was this low the bullish cycle begun.
6. There still is a bullish divergence monthly and the bearish divergence on daily looks like it worked out.
7. The API report was bullish, likely the EAI report and RIG-count will be the same. I don't trade fundamentals but it is good to see that my thesis gets confirmed.
Thumbs up if you like and please let me know why you think of a different scenario. I might be wrong so I would love to hear other opinions.