Oil price action trading

Daily,

We are at R at 8.70 if we cant break this level, it will mean we are back in the chop and the push to 112 was just a FO. If buyers keep pushing prices higher then we will be back in the trend and possible looking for higher prices as part of the BO process.

Hourly

After finding R around Previous Week MP sellers managed to push for a new RET but they were stopped around S at 7.60. The DL still holds so the bias is up.

5 min

The premarket S coincided with yest MP, from there buyers launched a strong upmove that finaly broke the TL from yest night. The bias is as well bullish.

Plan

As we are already on a trend looking for RETs is the way to go, will watch prices as they approach the 8.60- 8.80 area as R is awaiting at that level.
 

Attachments

10:53 Premarket low at 60 is providing R.
10:54 REV failing.
11:07 Buyers pushed prices back inside the DL, but are finding R at 65.
 
Daily

After hitting R at the top of the TR and Previous Week MP sellers stop the intent of making a new upleg in the rally.

60 min

Sellers found S at 6.76 where buyers came in and marked a new HL, breaking the SL from 2 days ago.

5 min

We were in a TR during premarket and sellers are trying to break out of it. The first barrier they have to deal with is PDMP at 7.58.
A RET here could be an opp to a short at the open as sellers reject a reentry into the TR.
 

Attachments

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