Categories: Commodities and Indices updates

Short term correction in Oil creates buy opportunity

Looks like bulls are trying to get on top. We see a clear band to band move in the daily chart. On the H4 chart bullish convergence has formed (see MACD) which is another technical sign that the commodity is getting ready for further up moves. Ideally Oil will push a but higher around the last high near 51.00 – 51.50 and than go for the correction. On the H1 chart we already have more than 20 candles ride on the Bollinger Bands which confirms our trading plan. In summary – wait for another push towards 51.00-51.50 followed by correction to the support zone around 47.80 – 46.80 range and look for buy opportunities. Bullish hidden divergence along with bullish candle pattern would be ideal around the mentioned support.

Technical Overview:
D1 – Band-to-Band move

H4 – Bullish Convergence

Entry:
H1 – Ideally we will see another small push near the last H4 high before a deeper correction
near 47.80 – 46.80 and then look for bullish hidden divergence triggered by bullish candle pattern close to the support range.
Target 1: 51.40
Target 2: 55.00
Stop Loss: below 46.80

Video Explanation

Have a wonderful rest of the week!

Yours,
Vladimir

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.