USOIL - Exhaustion Climax ?

26 ก.ค.

USOIL

Slumped with PCE inflation data today.

Now down below 2018 support again.

Notice the highlighted bullish RSI divergence.

And now the RSI is currently quite raised.

This can mean 1 of 2 things:

1) The slump is an Exhaustion Climax with momentum shifting to the upside.

2) The bullish divergence was exhausted in the bounce and now this is a new wave down.

Considering this is a high volatility area.

And considering that this area below support is og higher liquidity.

I think more chance that this is 1).

If i'm wrong I will consider this invalidated if it can continue with significant impulse below the low.

But if i'm right, this could be a major bullish pivot here 👍.

30 ก.ค.

ปิดการเทรด ด้วยตนเอง

Looking bearish. I think negative news has impacted oil and it appears to be into another wave down.

31 ก.ค.

บันทึกช่วยจำ

USOIL

In the end it was actually a bear trap shakeout.

Big bounce and looking bullish.

Good chance it will re-test support and if it does I will make a small re-entry.

Worth noting that bullish oil may lesson the possibility of an interest rate cut.

But that's quite speculative, so we'll see what the decision is later 👍.

1 ส.ค.

บันทึกช่วยจำ

Had a very strong bounce but has now dumped back to 2018 support.

After such a bounce, the possibility of this turning bullish is much higher.

I will be buying from support @ $76.88 down to the 0.618 retracement @ $76.17 👍.

1 ส.ค.

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