Bearish consolidation, time for pull back
Daily:
- As I wrote on Twitter yesterday, bearish price action slowed doen at spot Kumo bottom. The forward looking Ichimoku picture is rather bearish, but spot setup is still neutral
- Yesterday we had an inside HA candle + haDelta, DMO cross up -> bearish momentum loss, start of consolidation. Today we'll have a doji candle.
- The previous bullish trend is broken, but from this level we can see some pull back to 46,50-47,50 zone, before we get next leg down.
4H:
- Ichimoku setup slowly loses its strong bearish bias. Tenkan and Kijun got close to each other, Chikou will soon hit past candles.
- Bears attempted a push lower twice today. Both attempts failed: two doji candles (second with longer wicks) reflect some short covering interest on Oil market. Please note that both haDelta and DM-Oscillator are located above their zero lines.
- EWO is still bearish.
With some noise in its price action WTI is likely bottoming, and possibly starts a retracement towards 47 +/-.
- As I wrote on Twitter yesterday, bearish price action slowed doen at spot Kumo bottom. The forward looking Ichimoku picture is rather bearish, but spot setup is still neutral
- Yesterday we had an inside HA candle + haDelta, DMO cross up -> bearish momentum loss, start of consolidation. Today we'll have a doji candle.
- The previous bullish trend is broken, but from this level we can see some pull back to 46,50-47,50 zone, before we get next leg down.
4H:
- Ichimoku setup slowly loses its strong bearish bias. Tenkan and Kijun got close to each other, Chikou will soon hit past candles.
- Bears attempted a push lower twice today. Both attempts failed: two doji candles (second with longer wicks) reflect some short covering interest on Oil market. Please note that both haDelta and DM-Oscillator are located above their zero lines.
- EWO is still bearish.
With some noise in its price action WTI is likely bottoming, and possibly starts a retracement towards 47 +/-.
