agree was an easy bear flag. The daily USO chart does now
have nice MACD divergence, but for that to play out crude
needs to stabilize soon or the divergence could be lost. Again
divergence is not a buy signal and you need a trigger. The
best thing would be for crude to form some sort of doji on the
daily as that could setup a reversal pattern. Also taking back more
than 50% of today's solid down candle on USO would be a positive if
that happened tomorrow.
yes the market needs crude to stabilize here, but otherwise all
eyes on the Fed tomorrow, if they didn't something nuts like not
raise rates market will go up regardless of crude.
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agree was an easy bear
USO 2hrs : Bearish consolidation ... oil is probably ...
Posted by matt on 18th of Dec 2018 at 02:55 pm
agree was an easy bear flag. The daily USO chart does now have nice MACD divergence, but for that to play out crude needs to stabilize soon or the divergence could be lost. Again divergence is not a buy signal and you need a trigger. The best thing would be for crude to form some sort of doji on the daily as that could setup a reversal pattern. Also taking back more than 50% of today's solid down candle on USO would be a positive if that happened tomorrow.
yes the market needs crude to stabilize here, but otherwise all eyes on the Fed tomorrow, if they didn't something nuts like not raise rates market will go up regardless of crude.