Light Crude Oil #CL long term long bias, weekly demand level in control, similar scenario is also available on Brent. Weekly chart is uptrending, weekly demand imbalance at 64.94 is in control and printing higher lows. Daily demand at 65.82 in control attacking a used-up daily supply zone at 70.39, expecting daily supply level to be eliminated. If that happens a ...
This is the Blitz setup as the current consolidation structure hints at the following breakout to the upside.
It looks like we have finished the 4th wave.
The next is the last 5th wave to hit the Fibonacci area highlighted with the orange box.
The target is set between the 79.64 and 84.06.
OPEC+ will meet this Friday and the last wave up coincides with the market ...
Brent Crude reached the triple resistance area around 80 level.
I spotted Ending Diagonal EW pattern for you to highlight the possible finish of the current upmove.
Watch the support of the pattern.
Once the price breaks below it then it could be a nice selling opportunity.
The bigger picture for this idea > https://www.tradingview.com/chart/USOIL/pKydYpky-Crude-Oil-Elliott-Wave-Idea/
And follow up from this idea > https://www.tradingview.com/chart/USOIL/9YEiA8LB-Crude-Oil-Elliott-Wave-Idea/
If the base channel (blue) holds and we get a 5th wave up towards $70 next week then that could be a bigger wave 1 of 5 towards $78. ...
Several weekly reversal candlesticks at the 80 level are bearish
Scenario A) 77.85 acts as resistance and price falls to 77, with break of 77 leading to larger fall
Scenario B) 77.85 gives way for another run at 80
I don't have experience in arbitrage trading because I personally prefer high risk trades. However, this setup looks to be very interesting. A triangle seems to be broken and a difference probably rising. If I open Oil LONG position I prefer to keep Brent instead of WTI.
There is a TOP at BRENT OIL price - 79.33
Last couple of times at same levels we got one of best entry poinst that gave us more of 8$ drop down of price!
Looks good to get in to SHORT positions and make some more money before christmess
https://www.tradingview.com/x/a9sPl5qx/
The correction cycle for the recruitment of forces began, and most likely the price continues to rise. At the moment I'm looking at sales.
Sell - $79.15
Take Profit - $77.50
Stop Loss - $80.65
------------------------
Risk= -$1.50
Target= +$1.65
BRENT / WTI (is not that dissimilar) is within the reach of ATH since 2014, technically we have made a double top and R/R ratio favours a Short, however fundamentally there are serious concerns over the supply and Iran sanctions/worries are in full swing. $80 is out immediate target with significant resistance above that. Our crude inventories today should give us ...
Home Depot reached an all time high last night after months and months of climbing.
This was a beautiful sign for traders to take short positions and bring the stock back to correction.
Today at its opening, it dropped 2%.
Entry: $212.3
Exit: $209
Return: 1.5%
A follow on from the is idea and possible count for sub waves of wave 4 > https://www.tradingview.com/chart/USOIL/pKydYpky-Crude-Oil-Elliott-Wave-Idea/
An alternate to his idea > https://www.tradingview.com/chart/CLV2018/cJXd2wfx-Crude-Oil-Elliott-Wave-Idea/
And part of this idea > https://www.tradingview.com/chart/USOIL/9YEiA8LB-Crude-Oil-Elliott-Wave-Idea/
This is now my primary count as it's the most obvious wave scenario and looks like 3 of C was completed at Fridays high.
If the base channel (blue) holds ...
The price bounces from 71.00 resistance level and it gives an interesting sell opportunity. RSI confirms price reversal. MACD histogram supports the downward movement. DMI is bullish but ADX line falls and it tells us that the bulls are not so strong now. Weekly chart also gives bearish signals. Pending orders for sell can be placed at 68.00 level with stop orders ...
didnt expect this with Long support all year but hurricanse dont help CL prices jump, the spreads are thin and well thats life
technically $64 is possible but lets be realistic and just keep it @ $66 for now
gltu!
The quotes hopefully began to decline, but i'm not waiting for big correction.
The trend has huge strength that's why I'm not sure price is going under 38-50% fibo levels. If price goes under 75$ you should take long there.
Main targets are about 85 (i will give you it later).
BRENT crude has been in over-bought territory since 22 August. It looks like it could roll-over here for a move towards $73.00...It's a brace short but what a nice move if you catch it!
Here we are- I'm short.
As stated a few weeks ago, watch the mid 70's for a short! I'll personally be aiming for the light blue line
Hope some listened....chart that called the short is linked
