OIL - Testback : Mission Completed
Today oil successfully finished its testback. We couldn't break below the 100 EMA.
We rallied for the neutral oil data. ( Just saying I'm 100% sure that Saudis are cutting)
As I'm writing this we just broke to new highs. This is the moment when trapped bears
are getting really nervous. I think we don't need too much time to test the 200 EMA at 42.50. Before that we might have a little rest at the last year December 's breakdown around 40 $ .(highlighted in blue)
I just want to prepare you for a curveball tomorrow. We might not continue the breakout but making one more red marubozu candlestick- for the 10 EMA to catch up the price - and on Friday another green one which breaks significantly above 38.40.
I tried to draw into the chart these scenarios.
1. 60% chance
2. 20% chance
3. 10% chance
We rallied for the neutral oil data. ( Just saying I'm 100% sure that Saudis are cutting)
As I'm writing this we just broke to new highs. This is the moment when trapped bears
are getting really nervous. I think we don't need too much time to test the 200 EMA at 42.50. Before that we might have a little rest at the last year December 's breakdown around 40 $ .(highlighted in blue)
I just want to prepare you for a curveball tomorrow. We might not continue the breakout but making one more red marubozu candlestick- for the 10 EMA to catch up the price - and on Friday another green one which breaks significantly above 38.40.
I tried to draw into the chart these scenarios.
1. 60% chance
2. 20% chance
3. 10% chance