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Testing June 22 high (blue line), 40% chances of double top, wait and see.
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/CL OIL
Not sure if I posted on this forum, but I said last week /CL was high probability inside week. Since it had consolidated inside week and price stayed low.
CL has a high probability outside week now for bear continuation down. Next weekly major = 49.5, then 48. Waiting for price to break below 50.50 still
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fehro, they ran /GC gold stops overnight so we might get a try of hourly deadcat bounce first before bear continuation. I wonder if we can get to weekly major support at 1045 this week that would be way earlier than expected
Unique wrote:/CL OIL
Not sure if I posted on this forum, but I said last week /CL was high probability inside week. Since it had consolidated inside week and price stayed low.
CL has a high probability outside week now for bear continuation down. Next weekly major = 49.5, then 48. Waiting for price to break below 50.50 still
---
fehro, they ran /GC gold stops overnight so we might get a try of hourly deadcat bounce first before bear continuation. I wonder if we can get to weekly major support at 1045 this week that would be way earlier than expected
Unique, if we get a deadcat bounce, how high can do u think it can go? thanks
Unique wrote:/CL OIL
Not sure if I posted on this forum, but I said last week /CL was high probability inside week. Since it had consolidated inside week and price stayed low.
CL has a high probability outside week now for bear continuation down. Next weekly major = 49.5, then 48. Waiting for price to break below 50.50 still
---
fehro, they ran /GC gold stops overnight so we might get a try of hourly deadcat bounce first before bear continuation. I wonder if we can get to weekly major support at 1045 this week that would be way earlier than expected
Unique, if we get a deadcat bounce, how high can do u think it can go? thanks
If somehow, there's an hourly 2 legged deadcat bounce on CL, then anything below 54.00 is still a re-short for bears.
But a one legged deadcat bounce = current daily 8ema = 52.12~ target
We just broke 50.50, but let's see if hourly candle can close below 50.50 to confirm (this could be the start of the deadcat bounce if large bull hammer)
Unique wrote:/CL OIL
Not sure if I posted on this forum, but I said last week /CL was high probability inside week. Since it had consolidated inside week and price stayed low.
CL has a high probability outside week now for bear continuation down. Next weekly major = 49.5, then 48. Waiting for price to break below 50.50 still
---
fehro, they ran /GC gold stops overnight so we might get a try of hourly deadcat bounce first before bear continuation. I wonder if we can get to weekly major support at 1045 this week that would be way earlier than expected
Unique, if we get a deadcat bounce, how high can do u think it can go? thanks
If somehow, there's an hourly 2 legged deadcat bounce on CL, then anything below 54.00 is still a re-short for bears.
But a one legged deadcat bounce = current daily 8ema = 52.12~ target
We just broke 50.50, but let's see if hourly candle can close below 50.50 to confirm (this could be the start of the deadcat bounce if large bull hammer)
thanks for the quick reply, what do u think of gold, it seems it is still tanking.
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Regarding CL, I tend to see large moves in the leveraged ETFs when stock is unavailable to be borrowed. DWTI and SCO I could not find to short for instance. In the past this precedes a move up in CL. We'll see if the dead cat bounce happens this week and whether the hedge funds have captured all shares for this bounce, whether there is a good tell.
daxer,
I'm in small size swing short /GC, I don't play gold on an hourly or day trade basis anymore. /GC daily RSI <20 at Extreme Oversold Signal <(this is even more extreme than Hourly Oversold Signal)
Obviously, it needs a price confirmation for deadcat bounce or else this is a sinking ship. If you weren't already short gold since last week or before, look away don't waste time on hard money continuation
TSLA Update:
Looks like starting earnings run up early, this week very pivotal to get above 283. Currently, don't have an edge trading this current price = 279.4x vs major res 282.45.
I'm waiting to see if I can short this hourly double top/lower high since Hourly Extreme Overbought signal in place. Need price to confirm