What's important to note in my view are : 1)The declining volume 2)The RSI Divergence 3)The fractal with Jan-Feb (The bars are much longer which ties well with the increased volatility - VIX on top)... the small double bottom are like copy pasting.
I really want to see what happens in the next days but from my point of view we need a big pump to stay bullish.
Believe may do a final push to the upside on 1 H TF today and then SELL all the way....let's monitor!
TheMarketDog2
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@tiaan_olivier, could make sense, fake outs are very frequents
TheMarketDog2
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@tiaan_olivier, I also have a big doubt on oil. I leave here in HK in front of the bay and there is a dozen of oil tankers stationed in the bay since a week or so...
Ties well with the reports that China as no place to store their crude/refined products and are looking at increasing storage capacity by 6% in the short term...
tiaan_olivier
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@guibl, wow.....how are things there, HK in news all the time here in the UK.
Oil been trading in a narrow channel, may go up to 44.46, if it retraces from there, then yes, maybe targets of 39....but too early to say at the moment.
TheMarketDog2
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@tiaan_olivier, they try to contain the outbreak smartly, pretty fine, I think Europe will need to follow the same path. but you need to remember that people are super scared here, so they would contain themselves... themselves. :D
I don't see WTI trading above 40 in the long term... there might be spikes here and there but I guess we've reached some consumption peak for fuel and OPEC countries will have their cash drained out if they don't start producing more.
LotusTrading20
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what's the divergence signal below?
TheMarketDog2
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@chocotraders, Hi, it's a simple RSI actually. TD made a "Divergence Indicator". It's useful as you don't need to plot them all, and easier to spot the hidden one. However, don't rely too much on this as it will over look some of them and will not especially include the ones in formation... (Like in the chart, the long red line I drew). cheers