Technical Analysis: WEEKLY BEAISH Daily Bearish 4H Bearish In the chart above I have highlightened the trend, the Bear and Bulltraps. We have falling Highs/falling Lows. A bullish pullback signs eveytime low volume and low volatility that is the evidence of bulltraps caused by oil companies(and big speculators) The oil companies have also their own trades who...
We just observed a barrier triangle, which signals further leg up. Although I find it difficult to break down wave [ 3] into a distinct five-wave impulse, it does appear impulsive. Based on the constant pace of advance in waves 1 and 3, I have a suspicion that wave 5 could potentially be a thrust, or on the contrary a relatively insignificant high. Either way,...
Preferred direction: BUY Comment: The medium-term and long-term picture of oil looks most likely in favor of the seller. To be completely sure of sales, it is necessary to wait for the price to close below the level of 77.39. The short-term picture is quite unusual, and most likely today-tomorrow will be in favor of the buyer. The level of 80.59 suggests...
Here is my latest structure analysis for WTI Crude Oil. Resistance 1: 77.1 - 77.3 area Resistance 2: 78.6 - 79.9 area Support 1: 72.3 - 73.1 area Support 2: 66.8 - 67.3 area Consider these structures for pullback/breakout trading this week. ❤️Please, support my work with like, thank you!❤️
Preferred direction: BUY Comment: Metals remain a medium-term and long-term BUY priority, but a false down move is more likely in the short term before more global impulse continue. Rollback is not considered below the support of 1938.915. Growth target (medium term) level 1981.680. Thank you for like and share your views!
Preferred direction: BUY Comment: Almost only one currency pair fell under Friday's profit-taking, and that is the Canadian dollar. In addition, the pressure on the currency continues to have a fall in oil prices, which is likely to continue. Against this background, it is expected to break through the level 1.32399 soon, and further growth on the impulse to...
Despite the fact that the price moved almost exactly as outlined in the prior report, the short term subdivisions are difficult to read at this stage. There is no cause to close long positions at this point. I'll just have to be patient. Gasoil appears to offer a more clear picture.
This time, Gasoil has a more defined structure, signalling that the advance will continue. The final shape is yet unknown. The terminating diagonal is solely included for illustration purposes.
Natural gas appears to be nearing the end of its correction before continuing its ascent into the end of the summer/earluy autumn. Since wave 3 is shorter than wave 1, wave 5 must be shorter than wave 3 because the third wave cannot be the shortest. Wave 4 can be done as an expanded flat (notice the rule with variation with wave 2). Also, we can expect a...
Preferred direction: SELL Comment: When approaching the support level of 1.31385, the currency pair immediately received a signal from buyers and rebounded. However, most likely this is a partial fixation of sellers whose ambitions locate below this support. By the end of this week, it is expected that the instrument will drop below this level. Before the...
It is possible that we are still working on the corrective structure [ x]. Wave b of (y) may also be incomplete, making the whole structure to take longer (perhaps the end of July).
Since the end of February, and more accurately mid-March, the volatility on Natural Gas has all but disappeared. This is a good thing if you're bullish, because it's both consolidation and indicates accumulation. It's also a good thing from a sentiment/narrative perspective because everyone has all but forgotten trying to gamble on BOIL. Moreover, it's strange...
WTI Crude Oil is retesting a broken horizontal key level. The price formed a cup and handle pattern, approaching that. The neckline of the pattern was broken. I believe that the market will resume the growth soon Goals: 73.8 / 74.4 ❤️Please, support my work with like, thank you!❤️
WTI Crude Oil is very bullish since the end of June. The market even managed to break and close above a key horizontal resistance on a daily. The broken structure turned into support now. That constitutes a safe zone to buy from. I believe that probabilities will be high that the market will keep growing. Next resistance is 74.7 ❤️Please, support my work...
The price appears to bounce back as expected, with OPEC+ output curbs finally biting. Russia announced a voluntary decrease of 500 kbd that will remain through the end of August. The technical context entails an acceleration in wave [ 3] of iii. Most ElliottWave traders aim for a third of the third when the price moves a considerable distance with no...
I've had a number of successful calls on crude oil, which you can find in my post history. In those calls, I had always been bearish on oil, anticipating a run to a 4-handle. However, I reassessed my prior assumptions when the MMs took out the Low Of The Year in quick order to start May. I haven't been particularly sure in the time that has passed, but between...
The OPEC+ meeting was held this week. CNBC reports the words of its head, Haitham al-Ghais, here’s a brief summary: → the organization (which currently consists of 13 countries) is looking for new members; → the macroeconomic situation is unclear due to the banking crisis, high inflation, the possibility of a recession and new outbreaks of COVID; → nevertheless,...
Looking at what the price did in (A)(B) section I think there will be another minor decline before the take off.