Oil Futures Market View
When analyzing any market, the global context is vitally important.
In the case of #oil, we have:
- HUGE TRAP for bulls and Exploding totally sellers from market by killing their SLs. This is the starting point that produces impact over the #oil market.
- As a consequence after Trap we got a development of S-Wave, …
- ..which culminated (Panic Selling moment) on 03/Oct. Since that day, market entered consolidation zone A-B (balancing wedge).
- Here is a clue. Fake breakout (with an increase in volume) of line A.
- The recent up-bar is looking like #SLKT manipulation.
The inability of bulls to overcome resistance line A – weak indication. From the arguments mentioned above, I have more bearish expectations in the nearest hours or even days.
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