Bowtie in full effect No need to say i'm long but have learned over night to do the TA on the real commodity instead of the derivative 'Safe trading gents @BLawrenceM Music at work: www.youtube.com open.spotify.com Follow me on twitter if you like my charts and my work and need intraday updates.
A follow up (dance)chart to my other bullish ones. Here I see a potential ABCD setting up with a huge reward. Notation on chart...but ..: Entry at 3.56 Riding it to PRZ Stop at 3.33 Safe trading ladies and gents I'm not saying oil stop at the 127.2 or the136.2 extension. It could go as far as the 161.8 - but I make no promises. What I say is...take some chips...
On the 4 hour chart I see the following bullish signs: Red W3 and W5 was made on a positive divergens Orange W1 was 5 waves up Orange W2 is a triangle that needs to make the last E-wave (That could be very brief back to the 50 fib line or less - the 61.8 that makes a 38.2 retrace (very common) EMA 13 has crossed EMA 34 The count above is the very bullish...
There's a strong support for oil at $37.72 and I believe that will be the bottom in the coming months. It is only bouncing given the extreme oversold condition and that does not change the fundamental fact of an over supplied oil market and many more that are stored in offshore tankers. I highly doubt the long term log trend in black will hold. (Temporary bottom...
WTI Crude, and USO by extension, continue to hit and bounce and break through three key sets of Fibonacci projections/extensions. Overall sentiment is bearish. I Included the Fisher Transform, Vortex Indicator, and the Ultimate Oscillator as other relevant predictors of price action. I believe WTI and Brent are headed much lower, even to a 'one-day-only' $15...
I see a bottoming process here for crude. For the first time since the june 2014 decline began the ma's are flattening and even the 50 ma is pointing up now (50ma not shown) The bollinger band is narrowing in and todays price actually stopped at the lower daily bollinger band. I'd say price has set in the low on the 13th of jan and has completed it's first wave...
The C-leg in a Gartley harmonic pattern seems almost done and D-leg ready to go. In the very short term I'm bearish... but will become almost "all in" bullish with a decisive move off the bottom. If you cast a glance at my other chart on $USOIL l've made by using the Elliott Wave technique - you'll see that the 1.618 extension of wave 1 comes in around the ...
Have to surpass the 78,6 and the 88,6 retrace mark for becoming a bearish butterfly. I have taken ½ of my position off here and let the other ½ run for the butterfly top. I have an EW count on the chart as well. It does give guidance directly for the high but could become the case due to the 3rd wave will not be the shortest looking at the price action so far. ...
I'm long from 3.28 Only a small position as a start ...i could still be a falling knife. Stoploss at 3.23 Safe trading ladies and gents! $BLawrenceM
Crude oil wti futures on approach from above to linear trend line from Dec 1998 to Nov Jan 2009 extended to present. Should see a bounce or stabilization at least. Need to re analyze as condtions in this market are NOT normal. Caution on the long side. Likely short covering. Activity slowing down upon approach. Over night likely to have the move.
From my view, we are getting close but are just not yet near what could be a meaningful multi-week or month bottom in crude. With current sentiment and oversold readings we could in the short term see some spectacular multi day or even week long bounces worth playing, however, longer term support for crude could reside at prices about 10-15% lower. The primary...
10-30 Nice little double bottom here that MAY be in the works. Support zone at the least. Notice the standard AFTER the retest of the lows how when it thus far launched it broke the downtrend (green) to the upside? That is exactly what one wants to see. For educational and informational purposes only Trade at your own risk, These are not recommendations.
I think crude has overshot fair value and is now oversold. It is below the linear regression (ie Trading range) and CCI is creeping upwards. I would make this call with more confidence should the MACD crossover occur with more enthusiasm but I'm getting in before the market does. Of course the moving averages are against us, but if we see Europe start to gain...
Oil is taking a beating again today. While many bears are talking about oil going much lower in the next few weeks, it has likely bottomed. Why? Simply put, Russia and the middle east (Iran) will start some trouble to boost the price. Remember, 90% of their economies depend on oil. Just watch, something crazy will happen in the next 48 hours to stabilize and...
Above i have drawn out my thoughts on time symmetry and bearish cycles in the Crude Oil market. Though in a long term bullish structure on the weekly and monthly, at the tops of these weekly bullish cycles, we see extended bearish cycles, or an "Unwinding" of long positions. We are currently in the process of another of these unwinding cycles. The Willy21MA13...
USO has broken it's uptrend a few weeks back, and since has been heading violently lower with no signs of stopping, at least not yet. Not in my eyes. I had a plethora of converging indications, so I've marked them in the chart A - F, and then explained my trade setup. Good luck. A) RSI has broken above the 35 level, but this is likely because it bounced a bit...
This chart shows the relationship VNR has to the price of crude. The recent selloff in crude has been mirrored by the selloff in VNR.
Over the past two months, the United States Gasoline Fund, LP (NYSEARCA:UGA), which tracks gasoline has fallen around 14% from the recent top of $64.27, to a low of $55.16. The drop in the UGA share price occurred after the stock broke a technical major trend line level. Many talking heads in the media are looking at this drop and saying that it will benefit...