Brent oil price: week 11
Seems last week we broke down the triangle on the downside.
Reality, from what I take of it, has kicked in; US oil industry will swallow up whatever the rest is not producing, aka the big swinger.
Having said that the opportunity now opens up for a possible long. A few arguments in favor:
-TD' count is already at 8
-we are close to the blue trend line (drawn from the very low)
-The money flow indicator is in oversold area
If we now look at the agenda, I bet we all have the 15th of March encircled. Now this could possible push the oil price even lower. We have to wait and see how the oil price holds up.
If one looks at the TD' count we can observe that although the count is already at 8, if one starts counting from the moment the triangle was broken then we'd be at count 3.
It means what? If before or at the 15th of march the price goes below the blue trend line then it is a good moment to buy around the orange trend line, say at the end of the week (we would reach TD' set up count of 9 by then). If before and after the 15the the blue trend line is holding up,..well then all I can say is that I will buy.
In short, here is my play: wait till the 15th, and see the oil price reacts. Probably go long but if before or on the 15th the price break below I will wait until I have a TD' count of 9 and then buy.
Hope this helps
TD' count stand for Tom demark count (please google it if you don't know what i mean)
Reality, from what I take of it, has kicked in; US oil industry will swallow up whatever the rest is not producing, aka the big swinger.
Having said that the opportunity now opens up for a possible long. A few arguments in favor:
-TD' count is already at 8
-we are close to the blue trend line (drawn from the very low)
-The money flow indicator is in oversold area
If we now look at the agenda, I bet we all have the 15th of March encircled. Now this could possible push the oil price even lower. We have to wait and see how the oil price holds up.
If one looks at the TD' count we can observe that although the count is already at 8, if one starts counting from the moment the triangle was broken then we'd be at count 3.
It means what? If before or at the 15th of march the price goes below the blue trend line then it is a good moment to buy around the orange trend line, say at the end of the week (we would reach TD' set up count of 9 by then). If before and after the 15the the blue trend line is holding up,..well then all I can say is that I will buy.
In short, here is my play: wait till the 15th, and see the oil price reacts. Probably go long but if before or on the 15th the price break below I will wait until I have a TD' count of 9 and then buy.
Hope this helps
TD' count stand for Tom demark count (please google it if you don't know what i mean)
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