Crude bulls challenge 2020 downtrend?
Crude bulls decided to challenge 2020 downtrend.
2020 downtrend that started January 8, 2020 remains valid (hence our stance is bearish) as long as we do not have a valid breakout with 3 DeMark breakout qualifiers.
This is a turning point. Good news for bears - missed May pivot at 16.3 (in 90 percent of cases price always goes to test missed pivot).
Look for a clear bearish setup from here.
Observe how price respects monthly pivot levels. This applies to all markets. Monthly pivot levels are like magnets.
2020 downtrend that started January 8, 2020 remains valid (hence our stance is bearish) as long as we do not have a valid breakout with 3 DeMark breakout qualifiers.
This is a turning point. Good news for bears - missed May pivot at 16.3 (in 90 percent of cases price always goes to test missed pivot).
Look for a clear bearish setup from here.
Observe how price respects monthly pivot levels. This applies to all markets. Monthly pivot levels are like magnets.
Current bullish trend started with a Morning Star on daily