Oil (WTI) Short Term Outlook
Getting close to the significant supply zone at 52-54...one that has held since February! We're also getting really close to breaking through the daily Kumo cloud on the daily and basically have a week left to drop before automatically breaking through it.
Above my LITS at 51, I'm really only after longs. Having said that, the closer to 52 we get, the more unhappy I am about it. Right now we're too close for my liking and I'd need a bit of a pullback to enter long. Also, once we hit 52, I'll be on the lookout for shorts and quite selective with any potential long trades.
For now, ADX suggests long's the way to go (still). If we get a pullback, I might give a long a go. If not, I'll soon be looking for shorts.
Above my LITS at 51, I'm really only after longs. Having said that, the closer to 52 we get, the more unhappy I am about it. Right now we're too close for my liking and I'd need a bit of a pullback to enter long. Also, once we hit 52, I'll be on the lookout for shorts and quite selective with any potential long trades.
For now, ADX suggests long's the way to go (still). If we get a pullback, I might give a long a go. If not, I'll soon be looking for shorts.
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