Posts Tagged oil trade

Crude Oil could break support and fall hard!

Crude Oil could break support and fall hard!

I was long Crude Oil earlier this week after it had formed a pinbar on a support line as you can see in the above chart. The price action unfortunately has not managed a sustain move upwards. In fact, everytime it has, it has been pushed down. On Friday, the price made another go at heading north but again, got pushed down. I'm still in my trade and anything could still happen but I'm starting to feel that it's more bearish than bullish particularly after a strong push down when the marke

September 28, 2013 1 Comment Full Story

Pinbar and a Higher High on Crude Oil – A Long Play?

Pinbar and a Higher High on Crude Oil - A Long Play?

I'd thought I'd bring the above chart to your attention. It is the Crude Oil in the Daily timeframe. I'm wondering if it's poised to move upwards. My thinking is that there is a pinbar..  a fairly strong one too where the close of the bar is right at the highs of it showing strength. Also, the low is a higher low than previously which is the possible start of an uptrend. The market has been in a long decline and is severely oversold. However, saying all this, we must also bear caution as

June 8, 2012 No Comments Full Story