Cincinnatuus
Short

USOIL Look Ahead for week starting 1/26/20

FX:USOIL   CFDs on Crude Oil (WTI)
The future USOIL , symbol CL , is in a Bear Market with price trading below the 50 ema , which is below the 200 ema , which is below the 800 week ema . The long term emas are mostly flat, indicative of an accumulation / distribution zone. Price has closed below the 13 ema at 54.24 on the weekly, with Last week a long red bodied candle confirming the sell-off. Price action dropped below a long term trend line , with authority, confirming the trend direction was down. The larger cycle period length Elliott Wave implies a rally above 66.58 to complete this primary b-wave, but we need to finish up an intermediate wave c down below 50.51 first.

The Market is in a Bear Market on the daily, with price below the 13 ema and the 50 ema which are still above both the 200 and 800 emas, but the 200 ema , at 57.75 still below the 800 ema , at 58.34. Price broke below a long-term trend line last week, confirming the trend change. A likely down side target for this c-wave sell-off is below the prior a-wave low at 50.51. We’re still in an downtrend as long as each day closes below the 9 &13 emas at 57.08.

The Market is in a Bear Market on the 4 hour, with price below the 30 and 50 emas, which are above the 200 ema , at 58.83, which is above the 800 ema at 57.77. Price would have to close back above the 9 & 13 ema , at 55.49 to consider the market to be back in a Bear Market rally. Last week, the market put in five waves down, so there needs to be a corrective bounce here, probably back up to the down trend line , before continuing back down.

This is my USOIL look ahead for my own trading purposes. FUTURES trading involves risk. Feel free to comment, but trade off of this post at your own peril.

Trade active: They dropped this market right out of the gate Sunday and ran it down to major support levels. The oil sell off is majorly over done and this week put in what looks like a double bottom. In fact, the price action this week eliminates the possibility of a double zig-zag down below the b-wave lows, for now. Expect higher prices.

Comments

You think this sell off has something to do with the burn outs in Iran ?
+1 Reply
Cincinnatuus OliverDiaz
@OliverDiaz, Not seeing anything on with an internet search. On the assumption that a burn out means less supply, that would have the opposite effect of driving up prices... Maybe you could post a link.
+1 Reply
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