Oil beginning a new rally?

24 sept. 2016

Oil seems to be entering a new bull moment; technical reasons to claim that are:

- Green trendline (bound to feb 2016 low, not shown) being respected;
-Divergence on RSI and Stoch RSI, shown by white trendlines;
-Divergence on MACDH, shown by white curve line;
- 61.8% of retracement from the most recent rally being respected twice;

As the last friday (09/24) was bearish, i would like to see some green candles before a long entry. A break of the green trendline would be a bearish sign, indicating the rally wont happen anytime soon;

26 sept. 2016

Note

Would be buying already; Im not trading oil directly though

28 sept. 2016

Note

Still respecting the green TL

29 sept. 2016

Note

opec news started the rally

4 oct. 2016

Trade fermée: cible de profit atteinte

Well, as i said, not trading this idea, but if i were, would close position here. This doesnt mean the rally wont keep going, in fact i believe it will, but would be safer close it here. I may add a continuation idea of this later.

4 oct. 2016

Note

closed here