It’s nice to read an article about crude that’s purely from a TA perspective. You can really see the narrowing of the price range recently without even the Bollinger bands to help. This last week’s price action has almost been like a snake coiling around a vine. I wish he knew which way it’s going to go, but that 2014 downward trendline collision puts and even bigger question mark behind the whole thing. Crude has yet to breakout of that milder, downward trend that the Nov Opec meeting accelerated. Anyone who says it’s still a bear market really isn’t wrong from a TA perspective until that trend is broken which is what Loukas points out. Good perspective.
I wish crude (and NG) would settle back into a nice 3x leveraged 15% trading range. That, to me, is the ideal trading situation. But since I’ve only been around for about 6 months doing this, I’ve never seen the kind of trending markets that Matrix was referring to.
It’s nice to read an article about crude that’s purely from a TA perspective. You can really see the narrowing of the price range recently without even the Bollinger bands to help. This last week’s price action has almost been like a snake coiling around a vine. I wish he knew which way it’s going to go, but that 2014 downward trendline collision puts and even bigger question mark behind the whole thing. Crude has yet to breakout of that milder, downward trend that the Nov Opec meeting accelerated. Anyone who says it’s still a bear market really isn’t wrong from a TA perspective until that trend is broken which is what Loukas points out. Good perspective.
Market, Chart, Pattern has a good, TA centered view, too. They seem to be bullish since they point out crude isn’t dropping below key price levels.
http://marketchartpattern.com/commodities/crude-oil-wti-contract-trading-at-a-key-level-weekend-premiere-27-28-june-2015/
I wish crude (and NG) would settle back into a nice 3x leveraged 15% trading range. That, to me, is the ideal trading situation. But since I’ve only been around for about 6 months doing this, I’ve never seen the kind of trending markets that Matrix was referring to.