Here we can see an awful two bar reversal pattern on the daily with strong divergence on the MACDH. It seems that no sooner did oil fill the long term gap to 41.5 that it immediately sold off. I've been day trading it short since 41, here we can see the full horrible daily picture now.
Looks like a lot more bearishness to come, even more so perhaps once the 4 and 1 hr moving averages have turned properly negative.
Looks like a lot more bearishness to come, even more so perhaps once the 4 and 1 hr moving averages have turned properly negative.
Note
I closed all my shorts on Monday just gone some at a slight loss as I felt nasdaq longs would possibly cause oil to reverse. Still potentially for this to drop but seems like the market may be changing underneath. Either way a very profitable week the one before shorting oil.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.