LastBattle

One last tap at 54

FX:USOIL   Crude Oil (WTI)
649 19 11
Reached the peak of the megaphone developed since January 2015.
Expecting 0.5 fib pull back of the leg starting from $41.98 before resuming the uptrend to $77 range.

Given that $54 have been a strong resistance earlier (and now a support), it could be a potential target to start closing short.

Entry: 59.36/60.48
Stop loss: 62.65 (new highs)
Take profit: 52~54

Related Ideas

Price might stay lofty until Friday next week. However, longer it stay in a pullback faster the drop to .50 fib, which is 2-3 days.
+2 Reply
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.50 Fib for oil ETF is around 18.50 and later upside target of 23.10 with possible extension to 25.13
+3 Reply
Yahia.Awes
2 years ago
Very nice call! If it gets back in the channel the scenario will be very bad for crude oil...
snapshot
+3 Reply
Yahia.Awes Yahia.Awes
2 years ago
Also a bearish divergence is there on the daily chart. Looks like the bulls are tired here.
+3 Reply
QuantitativeExhaustion PRO Yahia.Awes
2 years ago
snapshot
+4 Reply
Yahia.Awes QuantitativeExhaustion
2 years ago
Thanks JR, we have to be aware of all scenario's right? Going short here is pretty wise move, because it might go even lower if we break the channel top and get in the channel.. Then it will act like resistance instead of support.
+3 Reply
Yahia.Awes Yahia.Awes
2 years ago
I've seen crude is highly related with eurusd high DXY, is weak oil and weak eurusd. Looks like picture perfect?
+2 Reply
QuantitativeExhaustion PRO Yahia.Awes
2 years ago
Sure anytime this week we could see a drop in oil / Euro.
+2 Reply
Yahia.Awes Yahia.Awes
2 years ago
snapshot
Smaller tf shows the wedge has broken out even bad NFP-data couldn't stop this. Looks like it will head for resistance again.
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+3 Reply
Yahia.Awes Yahia.Awes
2 years ago
Keep in mind the crude oil still has a big bullish div on monthly which isn't played out :D
+3 Reply
jangseohee
2 years ago
2008-2009
snapshot
+2 Reply
jangseohee
2 years ago
http://puu.sh/hJeaT/f2c0b693ce.png
+2 Reply
Yahia.Awes jangseohee
2 years ago
No short for you?
+1 Reply
QuantitativeExhaustion PRO jangseohee
2 years ago
To say this is going to happen exactly as before is not a good plan.
+3 Reply
LastBattle
2 years ago
snapshot


4H M-Top.
+3 Reply
jangseohee
2 years ago
crude oil back to No man's land
snapshot
+3 Reply
Yahia.Awes
2 years ago
Am I seeing what I want? Or is this a valid scenario?
Crude Oil, bullish scenario, what do you think?
Reply
LastBattle
2 years ago
bleh... this is the longest trade ever, with oil coiling around this range for weeks.
Reply
SPYderCrusher PRO LastBattle
2 years ago
longest. two weeks. ever.
Reply
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