Oil H4 Analysis - Neutral, but favoring shorts
As per my daily analysis, it's pretty much a coin flip right now as long as we're stuck in this 54.0 to 57.5 range.
ADX has consistently dropped off since the last low, so I don't really trust this last up trend. I'd really want price above 57.5 to consider any sustained long trades towards 70-80.
ADX, D+ and D- are all hovering pretty close to the 20 level. Generally, that's a good entry point for new trend trades. Having said that, if it goes much below 20, we'll get some ranging crap.
A break of 54.0 would indicate price will try to reach the round 50.0 level. I'll keep an eye on the 56 region. If we get a good short signal there on the H1 as momentum picks up, that might be a pretty decent entry for a longer short trade.
I'm going to hate price between 56 and 57.5 so will likely stay out unless I can be bothered to take a short term trade to 57.5.
ADX has consistently dropped off since the last low, so I don't really trust this last up trend. I'd really want price above 57.5 to consider any sustained long trades towards 70-80.
ADX, D+ and D- are all hovering pretty close to the 20 level. Generally, that's a good entry point for new trend trades. Having said that, if it goes much below 20, we'll get some ranging crap.
A break of 54.0 would indicate price will try to reach the round 50.0 level. I'll keep an eye on the 56 region. If we get a good short signal there on the H1 as momentum picks up, that might be a pretty decent entry for a longer short trade.
I'm going to hate price between 56 and 57.5 so will likely stay out unless I can be bothered to take a short term trade to 57.5.
