Bearish consolidation has dominated the last few weeks. The daily levels are 56.07-59.41 The weekly levels are 50.63-60.26 Expecting trade range for the coming week to be between: 54.14 - 59.51 with continued consolidation.
Friday the price chart generated an engulfing bearish bar. Monday the prices closed between Fridays prices suggesting either consolidation/turning. Tuesday it broke through the floor of Fridays price, crossed the 21 MA and 55 MA and closed under the 34 HMA in "cover the long" territory. Also, with the prices below the two trend lines - it suggests that the...
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Bull run continues, as price broke to the upside of the consolidation range after bullish oil news yesterday. Will watch for a slight pullback to retest broken resistance as new support for price to make its way higher.
I'm looking for some kind of flag before selling BUT this can repeat an ABC correction pattern (like that one but smaller) in this area for one more push up, then I'll sell from there Check the 2 links below, I'm still selling this to catch the big move down
A possible count for Elliott Waves!
Sun 10.Feb.2019 Crude oil LAST= 52.60 Crude movement during the last few days showed a Bullish move, with a recent high price seen on Mon 04.Feb.2019 at 55.59. During the next few days the price is expected to go down to 51.50 The general view is expected to continue to be in consolidation between 53.65 - 51.50. On the other hand, a change in the direction...
It's likely the target low is the 200 MA on the 2 month chart. It reversed from the 200 MA on the one month chart. So we're looking for a reversal around the 44 dollar mark but we would expect a shadow candle to go through so maybe 40 dollars tomorrow before the rate announcement. After that we are expecting a reversal regardless of the decision. We think this US...
In the latest monthly oil reports the demand growth forecasts didn't change and slowing production growth in H1 2019 due to production cuts could bring some stability around the 50% fibonacci level and could also give some short term support for bulls. This could lead to retesting the broken trendline while the first resiStance at around 60-61 which could a...
I posted a chart on 10th MAY, WTI can potentially reach 76/78$ before it drops .. The long term target has been hit, More downside is really temporary for me right now. Worst case scenario is $48 but 51.5/52$ should hold strongly. I expect a massive upside upto $100/104 from here. Not maybe would agree to that but I would be loading up from 53/51/48. everytime it...
Howdy folks! I have erroneously assumed the WTI is doing an accumulation - whilst it has one on M15, it has failed the BU/LPS stage and the rejection at the trendline enforces the belief that we are actually witnessing a re-distribution, currently making its way to SOW stage. Whilst bias is bearish (with sights set on 58,8 - 58,6) there will be a handful of long...
Hi Folks, We have attained our low 59 tgt. It appears (although its very early to say) that an accumulation has begun - I believe we've just witnessed AR. Sorry for the simple chart but in the interest of time I am publishing it now. Will properly elaborate it and publish a.s.a.p. I will position shorts 59,9 for low 59 - 58,9 (as spring) and then will load on buys. GL!
Oil continues to push up further bounce from the 0.618 level on the fib looking for more gains towards $78 crude oil inventories news at 4pm GMT, will be some fireworks there good trades
USOIL showing Gartley pattern is completed and this is maybe the last chance to rebound before breaking the trend line support..