Clearly still lots of bets that this multi-day short squeeze (if that is what it is) has pretty much run out of juice.
Those yellow dots at the overnight high are an indicator called the D3 divergence spotter. I run it looking for price divergence to a little used indicator called the Divergence Oscillator developed by Candice Brown a decade or so ago as part of an effort to get to an automatic Elliot Wave system. Her oscillator manipulates and smooths a couple of EMA's. I am running it in the same panel as the DI as it gives pretty similar results. My only issue is when the +and - DI's snake dance above 15 (chop) the DO doesn't show the chop.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
This is the 2000 tick chart I am using to learn price action. The indicators are training wheels. Maybe someday I will be in the peloton on price action like Cobra but not yet
Looking like the usual pattern of drifting higher after the euro zone close. Will see what happens in the power hour.
Wondering if the market is being helped by the Administration's panic over what their Iran oil sanctions are doing to gas prices ? Sec State clearly walking it back today.
Oil pro's now predicting that success (Iran exports at zero) will raise prices by $50.00 barrel with Saudi pumping full out. Sounds like a win win for Saudi and a pheric victory for the US.
Trades with cats wrote:Oil pro's now predicting that success (Iran exports at zero) will raise prices by $50.00 barrel with Saudi pumping full out. Sounds like a win win for Saudi and a pheric victory for the US.
mind the diamond top.. weekly bearish rising wedge.. stalls in this zone takes out May highs.. then got some downside potential
Oil- it is summer drive season. Up next gulf hurricanes causing the platforms to shut down, tankers to shelter out at sea and refinery managers to get nervous. Worse yet we will soon see how the vacation season is going in all those new four door pickup trucks. Hedge funds (according to twitter) are all ready going short the December contract. As I posted earlier Sec State is walking back sanctions on Iran. This could get interesting as Ferho's charts show.
double top text book target. not sure as it's testing the day low, if it's a range day then should be a rebound here.
Attachments
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.