Technician

WTI Oil Short Term Forecast: Breakout...But Not Yet!

FX:USOIL   Crude Oil (WTI)
2277 18 25
WTI Oil             Short Term Forecast

We have seen a good recovery within the past week in crude prices, the price has managed to take the main descending trend line for the overall major bearish wave shown on chart, and that is constructive so far. However, watch carefully 54.25 horizontal resistance level which acts as a main barrier towards a deeper bullish rebound in crude prices. A break above that resistance at 54.25 will probably clear the way for further shift in the short term technical outlook towards a target of 58.70 areas.

Note that so long as price is trading within this triangle i outlined on chart, it will probably remains sideways biased.

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LastBattle
2 years ago
snapshot


how about a wave 4? I've pretty much sold everything at 53 range on Friday, looking to reenter on anything below 49 :)
Reply
Technician TOP LastBattle
2 years ago
for me the best scenario is a clear rejection at 54.25 resistance, that would provide the best risk reward for a short. Alternatively, if i see a clear break above 54.25 i would love to long on a retest
Reply
LastBattle Technician
2 years ago
Cool, thanks :)
Have a great profit.
+1 Reply
Technician TOP LastBattle
2 years ago
You too ;)
Reply
blackdog
2 years ago
I believe it will come back and bounce of the trend line before we see higher prices.....
Reply
blackdog blackdog
2 years ago
Hit the trend line and sliding on down on it..... :)
Reply
GumerShafigulin blackdog
2 years ago
It seems that it will be a hard time for oil during next months April may June. Becouse oil processing stations usually have capitalized repairS during that time.
Reply
HexVex
2 years ago
Any thoughts on Brent buddy
Brent breakout!

If valid it should lift WTI too.
Reply
GumerShafigulin HexVex
2 years ago
Will you be so kind and give us a sign when a clear rejection or break out happens.
Reply
GumerShafigulin GumerShafigulin
2 years ago
the qHeston is addressed to Tecnician sorry
Reply
Technician TOP GumerShafigulin
2 years ago
Will do my best , good luck
-1 Reply
GumerShafigulin Technician
2 years ago
In my point of view we see a kind of clear rejection. But I realized it too late (:
Reply
Technician TOP GumerShafigulin
2 years ago
do not rush it mate, there is always an opportunity
-1 Reply
GumerShafigulin Technician
2 years ago
I will Be looking forward to your further instructions Becouse your analysis is so true.
Reply
Technician TOP GumerShafigulin
2 years ago
Thanks
-1 Reply
HexVex Technician
2 years ago
Your taking away all 0.3 of my UKOIL long people away with this neutral zone idea ;) You've seen Star Trek. The point of having a neutral zone is to know if the Klingon's respect Federation space. And the neutral zone is where seminal battles take place. (-100) ;)
Reply
Technician TOP HexVex
2 years ago
Unfortunately, i haven't seen it :) .. today was a positive price action though , is that better ;)
-1 Reply
HexVex Technician
2 years ago
You taught me a lot a man and I don't expect you to hold my hand (although it would be nice :) My underwear had to be changed at support and I threw up at the top.
Brent breakout!
Inevitably there will be more action tomorrow. Feel free to use my chart/model to make your people puke too :P
Reply
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