What a bull trap in action this week! Traders are so fearful of the hurricane that many cover shorts or too greedy and kept buying up. Finally we all know hurricane Irma not going to do much damage to the oil production except reduce the demand, bull traders closed their long with fear while bears traders kept piling on shorts! In the daily TF, price is back to test the upper descending channel. But the ichimoku cloud resistance is holding any further rally. If the resistance turned support give way, price could go dwon to test the lower channel at 2.7-2.75. The stochastic is also sloping down hinting over-bought and cooling down on the way.
From the 4hr TF, there is a doji forming and price is outside of the BB. A relief bounce could be coming.
Monthly support/resistance for Aug: 2.948, 2.856 (NGU7: 2.854, 2.941)
2017 Yearly support/resistance: 3.415, 2.757
From the weekly TF, a double inside bar can be seen. The price keeps being suck into the vacuum which is highlighted in yellow. Price has to break below decisively for new lows to come. It is not clear if the ichimoku cloud is acting as a support or resistance here. With the vacuum and the ichimoku cloud , price is trading at a range for now until a catalyst comes.
From the 4hr TF, there is a doji forming and price is outside of the BB. A relief bounce could be coming.
Daily support/resistance on 11th Sept: 2.93, 2.91
Weekly support/resistance from 11th Sept - 15th Sept: 2.972, 2.924
Monthly support/resistance for Sept: 2.986, 2.91 (NGV7: 2.994, 2.922 )Monthly support/resistance for Aug: 2.948, 2.856 (NGU7: 2.854, 2.941)
2017 Yearly support/resistance: 3.415, 2.757
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