The Beast - Here Again 1 week later - can we break?
Now this is definitely junction zone!
IF WE FAIL TO BREAK THE CURRENT RESISTANCE THEN WE WILL COULD BE SHORT FOR A BIT
Please try not to go long from here if you are not already in and if you do, expect lots of stop outs so may be best to scalp.
We have Crude oil Inventories today,this is due to be used for some manipulation today.
If like us, anyone is still holding anything from 24th ($82) and 25th Jan ($83) then good on you!
We will let ours run and move Stop losses to 85.5 for any shock drops.
Although there is a big chance of a retracement,we may still be on course for what the target was on 190122. That is 88.03 as the top of the next box suggests.
When we get there it will be interesting to see what happens. If we do get a strong retracement from these levels or indeed the beginning of "the short,"
We will be looking at 83.7-9 for a bounce or the resumption of the Bullish movement. We have a 4 hour close in the box above so if we see some more Blue,it will be extra Bullish confirmation for us.
We can expect a reaction from there 88.3 (if it can get there) which will either see a sharp rejection or an over extension to get some more of the Red Vector candles from October 2014.
Remember this Beast could actually get to $92/$93 in the next few weeks if whats going on with Russia affects as well as other factors cause it to blasts past certain resistances above. 88.3 is a very important level if it can get there so be careful.
Goodluck guys!
This is not financial advice and should be taken with a pinch of salt!
IF WE FAIL TO BREAK THE CURRENT RESISTANCE THEN WE WILL COULD BE SHORT FOR A BIT
Please try not to go long from here if you are not already in and if you do, expect lots of stop outs so may be best to scalp.
We have Crude oil Inventories today,this is due to be used for some manipulation today.
If like us, anyone is still holding anything from 24th ($82) and 25th Jan ($83) then good on you!
We will let ours run and move Stop losses to 85.5 for any shock drops.
Although there is a big chance of a retracement,we may still be on course for what the target was on 190122. That is 88.03 as the top of the next box suggests.
When we get there it will be interesting to see what happens. If we do get a strong retracement from these levels or indeed the beginning of "the short,"
We will be looking at 83.7-9 for a bounce or the resumption of the Bullish movement. We have a 4 hour close in the box above so if we see some more Blue,it will be extra Bullish confirmation for us.
We can expect a reaction from there 88.3 (if it can get there) which will either see a sharp rejection or an over extension to get some more of the Red Vector candles from October 2014.
Remember this Beast could actually get to $92/$93 in the next few weeks if whats going on with Russia affects as well as other factors cause it to blasts past certain resistances above. 88.3 is a very important level if it can get there so be careful.
Goodluck guys!
This is not financial advice and should be taken with a pinch of salt!
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