Crude Oil
Crude oil
On hourly charts it is trading below the cloud, Tenken and Kijun. Tenken is flat while kinjun is dipping steeply downwards. Cloud is will be offering resistance between 99.45 to 100.14 for any move on the upside. Tenken and kinjun may start moving Down soon along with price and as such will also act as reistence for the upmove.
On 4 hourly charts it is trading below the cloud and Kijun level with Tenken level still above Kinjun and any cross that may happen will be below the cloud in another 24 hours. So structure is bearish on 4 hourly chart.
On Daily Charts we are Above the cloud but tenken has just crossed Kijun. However tenken is flat while kijun is still moving upwards. Cloud will provide support at 97.63 level for any move Downside.
On weekly Charts It is Above the Cloud, above tenken and above Kijun. Kijun is however flat and the cloud has turnrd bearish in the recent past. Cloud boundry in the current week is at 97.89 and otherside is at 92.78
From the above we can assume that anymove downwards breaking the level of 97.63 will pave way for atleast move till 92.78 (other side of the cloud) on weekly chart.
Considering these facts shall we take the trade on the downside immediately after the cross of tenken/Kijun on four hourly chart with stoploss of kijun level on Daily chart which may be arroud 100+
Reasons for the trade
1. Hourly chart totally bearish all the levels nicely aligned Chikou is also below the price
2. 4 Hourly chart totally bearish all the levels nicely aligned Chikou is also below the price
3. Daily Chart - Kijun cross Tenken and any move down can hit the top of cloud soon, Cloud is also getting thinner
4. On weekly Chart Price is just above the cloud and cloud has already turned bearish into th future. Chikou is also interacting with the price. Kijun is far below at 89 and is flat cloud supporting is also flat bottomed
What other things we must see in this trade
Regards