Technician
Short

WTI Crude Oil & Copper Making Sense of Correlations

FX:USOIL   Crude Oil (WTI)
1910 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
WTI Crude Oil : a short idea with an attractive risk/reward


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Technician TOP charttrader
ok ?
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I think price will move up to 3.43 before possible downward leg again. See my analysis at
snapshot
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Technician TOP AshleyWeyers
There is also a major long term resistance at 3.42

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Technician TOP Technician
I wouldn't bet on any longs unless this level is broken
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AshleyWeyers Technician
Agreed. risk reward is not worth it.
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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?
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Technician TOP 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 ?
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AshleyWeyers Technician
snapshot
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AshleyWeyers Technician
How do you paste image into comment?
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AshleyWeyers Technician
I know the trend lines only touch 2 points at the moment, but developing?
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AshleyWeyers Technician
snapshot
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AshleyWeyers Technician
got the chart insert
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Technician TOP AshleyWeyers
mmmm, there should be atleast two swing highs to connect a trend line. This is not a valid trend line
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Technician TOP Technician
if price starts to move lower from here and create a new swing high that would be a valid trend line. But so far its a line in space
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AshleyWeyers Technician
Agreed
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AshleyWeyers Technician
If price can't break through at R3 and prints a lower high, would be valid? Just asking?
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Technician TOP AshleyWeyers
It has to be a major high to count on it, because, connecting to major highs or lows would give the trend line further reliability, always apply the relativity concept
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AshleyWeyers Technician
Got it. Thanks
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Technician TOP AshleyWeyers
This might also help

snapshot
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AshleyWeyers Technician
Thanks
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Technician TOP AshleyWeyers
don't worry
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Monthly oil chart is the mother of all coiling patterns..big move coming
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Happy New Year
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