This intermediate cycle was a mess. The good news that we are close to the end of it and maybe printed the bottom today...
We printed a nice reversal candle today : a hammer . After yesterday's capitulation volume we had higher volume , and this volume was huge. Also the volume in XLE and ERX was very high on Friday , yesterday we had a capitulation volume.
I'm quite sure big players were positioning yesterday and today in oil.
Our main indicators also signaling the bottom: TSI is turning up from extreme levels - even lower than the bear market bottom -and RSI also leaving oversold territory. The RSI is turning up from the levels we saw in 2016 January.
LONG FOLLOW THROUGH - our entry is higher so it's still a good point to enter.
We printed a nice reversal candle today : a hammer . After yesterday's capitulation volume we had higher volume , and this volume was huge. Also the volume in XLE and ERX was very high on Friday , yesterday we had a capitulation volume.
I'm quite sure big players were positioning yesterday and today in oil.
Our main indicators also signaling the bottom: TSI is turning up from extreme levels - even lower than the bear market bottom -and RSI also leaving oversold territory. The RSI is turning up from the levels we saw in 2016 January.
LONG FOLLOW THROUGH - our entry is higher so it's still a good point to enter.
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Here is the follow through.
