Technician
Short

WTI Crude Oil & Copper Making Sense of Correlations

FX:USOIL   Crude Oil (WTI)
2019 24 5
Interesting correlation between copper             and WTI Crude oil             illustrated on chart, as copper             has been a good leading indicator or crude in most of cases(at least within the past few years).

A nice setup was seen August-September, when crude was breaking higher due to geopolitical risk(tension of war on Syria) while Copper             was trading sideways and under pressure, that warned that any ease in tensions would signal a major drop in crude prices. At that point i suggested shorting crude in this setup

MEGA 70% DISCOUNT ON 3 AND 6 MONTHS PACKAGES . Get it before offer expires : https://thefxchannel.com
Happy New Year
Reply
Monthly oil chart is the mother of all coiling patterns..big move coming
snapshot
Reply
I think price will move up to 3.43 before possible downward leg again. See my analysis at
snapshot
Reply
Technician PRO AshleyWeyers
There is also a major long term resistance at 3.42

snapshot


Reply
Technician PRO Technician
I wouldn't bet on any longs unless this level is broken
Reply
AshleyWeyers Technician
Agreed. risk reward is not worth it.
Reply
AshleyWeyers Technician
Yep, think we are seeing the same zone. Price has also broken the neckline of an inverted head and shoulders pattern, so bullish short term until it cant get through resistance. Also looks like a bearish channel forming?
Reply
Technician PRO AshleyWeyers
Yeah IHS, but for me this pattern is not ideal, it lacks the appropriate proportion, left shoulder took far less time to form compared to the right shoulder
what channel, cant see it ?
Reply
AshleyWeyers Technician
snapshot
Reply
AshleyWeyers Technician
How do you paste image into comment?
Reply
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out