A Quick Article With Charting for my Oil Trading Strategies for the Week.
Continued sell-off last week seen oil trade below the multi – week uptrend and trade dropped below support on the weekly wedge chart that I have been sharing.
I wouldn’t be surprised at this point to see a bounce in price, however, the weekly wedge support now becomes resistance. If price breaches the previous support (now resistance) then trades should be ready for a retest of previous support before possible higher.
On the monthly oil chart, price ended the week near the 200 MA support within range of recent monthly candles. Watch the support area.
On the one minute crude oil chart in late trade Friday there were wild price swings (some reporting sweepers, specifically in $XOP). This could be an attempt to a floor in price by a hedge fund or other large money pool.
On the daily chart price ended the week right above the 200 MA and above the primary pivot marked on the chart. The MACD is nearing a bottom to FYI.
On the 4 hour crude oil chart we are using as a test model for trimming and adding to positions trade ended near resistance. This is an untested non back tested chart.
On the weekly pivot charting trade was working near support as with other charts.
Bottom line, the EPIC Crude Oil Algorithm continues to reward those that take long positions at support (channel support and quad support) and short at resistance areas of the algorithmic trading model. This will be my focus and I know the machine trading tech(s) will be focused primarily to those areas of trade also.
Until there is a bounce, retrace and confirmed reversal the bias is short at resistance. The opposite will be true when a reversal is confirmed.
“Bottom line, the EPIC Crude Oil Algorithm continues to reward…”
The machine trade crude oil alert from last week was perfect to the penny at an intra-day top – I would expect the machine trading alerts to increase in intensity this week.
I’ll be in the oil trading room most of the week as I expect a big week in oil trade with the test areas in play.
Follow this link for a detailed description of my longer term crude oil trading strategy review at this post.
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Article Topics: Crude, Oil, Trading, Strategy, Technical, Analysis, Alerts, Trading Room, USOIL, WTI, CL_F, USO