OIL - Stealth crawler (Hourly chart)

FX:USOIL   Crude Oil (WTI)
1803 25 28
Hard time for shorts again. Every dip is bought. We haven't tagged the 50 EMA for days.

I want to prepare you that on this 4 hrs chart we will test back the 100 EMA and maybe break marginally below it.
So most probably on Monday or Tuesday we will stop a little bit and come back to the 100 EMA before we enter the 48-52 area to print the daily cycle high.

Comment: So we are tagging the 50 EMA on the hourly.
I'm looking for a reversal candlestick now.
Someone asked me I don't think we are in an ascending wedge. It's a channel (green)
Comment: We might had finished the correction at the 100 EMA.
USA futures are the key now (S&P; NAsdaq, Dow) they are in positive territory .
If stocks are heading to the all time highs nothing will stop oil to go to 48-50$.
Comment: 4hrs chart 50 EMA (green) is the main support now.
If we close below this we will be heading to the daily 200 EMA.
Comment: On the hourly chart the 200 EMA is the support (blue)
I don't think we break down here from the descending channel...
We will be heading up in the next hours. Hopefully break out of the channel at the next tag.If not we will break later.
Comment: Sorry for the typos. I'm trying to post fast...
Comment: Every instrument is waiting for the USD to bottom in the panic selling phase.
Once it's done stock will move up, gold down, oil up etc.
Oil had 11 out of the last 12 weeks uptrend plus facing a major resistance here to 47.59 this trend line was built since 1999 and broken back last year sept) .i doubt it will reach 50$ (max 47--47.5) this also completes 4 th wave ,,now the 5 th wave will not only take the price below 20$ but close to 10$ (most likely this year) remember wave A(ran from 147---33 dollar) always equal wave C(from 116$ to now)no matter what time frame u look t it
Agree looks like we are green or sideways the rest of the afternoon, see what happens at 2:00 with the rig count.
66 minutes from now?
MMadryga chartwatchers
Yes I'll post results if you would like them or you can get from
Could you post it please?
I will be on the road. It's 7:00 PM in Europe.
I'm waiting for a low number. We will see...
MMadryga chartwatchers
Will do! Have fun. I am expecting a small increase in the US, but overall a decrease globally.
I think we will need a lot of time when they will be willing to drill again...
The rig count shouls support the longs
Was on conference call yesterday with Whiting Petroleum (WLL) CEO they just did a joint venture to begin drilling again and LPI just completed an extraordinary well.
North American RIG count down by 14 to 457 from 471 waiting on International numbers....
keefer0 MMadryga
Looks like Rig count turned out to be bearish.. but it was bought right back up for a close in mid channel. Will look for the retracement mon/tues... could be wednesday if EIA is higher than expected.
interesting chart ... could you give me advice of some cost-effective brokers via which I can trade USOIL and UKOIL ? I prefer european brokers. Which do you use ? Thank you.
chartwatchers PRO andrej123456
I'm trading at SAXOBANK. They are good .
+1 Reply
andrej123456 chartwatchers
Something with lower required deposit ? I am not going to put in more than 5500 GBP (EUR, USD equivalent). I am asking for an advice as I know there is a lot of unhonest brokers on the market. thank you.
kizly andrej123456
interactive brokers - min 10.000 USD; US company but dealing EU from UK. Approximately 1USD cost per transations / 5-6 USD for European stocks. I'm very satisfied. Saxo also very good I have also account but very expensive in our country - >15 USD / transaction
+1 Reply
+1 for IB
+1 Reply
chartwatchers PRO RaimondasKarth
Interactive is good I've tried them before.
But SAXO gave me a special leverage so I'm with them now.
(For 100 XAUUSD 1200 USD deposit needed.)
+1 Reply
kizly chartwatchers
Saxo is definitly good, obviously different pricing strategy for different countries. I still have account and use it for different analysys, they don't charge any inactivity. I'm mostly in stocks and here IB is much faster when I play with uwti/dwti on trigger. Saxo was too slow.
+1 Reply
Do you think that it could be retracing now before continuing further up?
Daily chart 10 EMA, 4hrs chart 50EMA is the support now. Even if we break below it we should be closing above
+2 Reply
chartwatchers PRO chartwatchers
these 2 moving average by closing the day. This is what I'M watching now.
+2 Reply
chartwatchers PRO chartwatchers
Every instrument is waiting for the USD to bottom in the panic selling phase.
Once it's done stock will move up, gold down etc, oil up etc.
+2 Reply
Symone chartwatchers
Thank you :) Your help is much appreciated.
We will probably know within the next hour, when US guys come in strongly. If they want to post 42 today, should be now
+1 Reply
at least its looking like the worst is over now. lets see what happens at US start in a couple of minutes
why usd down, oil and etc up?
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