Have we just completed Elliott wave 1 of a crude oil bull market which I would argue started in November 2021 with Pfizer vaccine news?? Others may say it started from June 2020 after the May 2020 crash low touching zero or below briefly. I have a question for viewers if Elliott waves up to 5 does indeed play out again for oil (and commodities in general) how...
Oil top might be in for this year. Reasons: 1. Market adjustment mechanisms are underway on the commodity markets, ensuring that Russian oil, which is spurned by the West, once again finds its buyers (india, china). This in turn causes these countries to demand less Brent or WTI oil, which again depresses prices. India and China are buying significantly more...
As I predicted, WTI Oil dropped nicely yesterday. The price formed a head and shoulders pattern. To catch a bearish continuation, watch 100.3 - 102.0 horizontal neckline. We need a 4H candle close below that to confirm the breakout. Then, shorting on a retest, a bearish continuation will be expected to 97.2 level. If the price sets a new high, the setup will...
After a major 7%+ drop yesterday WTI is starting to show signs of a possible reversal. To be a successful day trader, or any kind of trader/investor for that matter, you need to have an arsenal of patters which have worked for you in the past and have a high probability rate of success. To us this is one of those patterns, and below is the criteria: - Price at...
WTI - Intraday - We look to Sell at 96.74 (stop at 100.41) The medium term bias remains bearish. A sequence of daily lower lows and highs has been posted. We can see no technical reason for a change of trend. There is scope for mild buying at the open but gains should be limited. Further downside is expected although we prefer to sell into rallies close to the...
WTI Crude Oil retraced to a peculiar zone of confluence on 4H: we see a perfect match between a horizontal structure and 618 retracement of the last bearish impulse. Reaching that structure, the price broke a support line of a rising wedge pattern on 1H. I expect a bearish continuation now. Goals: 101.93 / 100.0 ❤️If you have any questions, please, ask me...
CAD – The Canadian dollar weakened on Tuesday as oil prices tumbled. Still, losses for the currency were limited by growing expectations for an oversized interest rate hike this week by the Bank of Canada. Commenting on CAD, Adam Button – chief currency analyst at ForexLive, stated: “There’s a reluctance to sell the loonie ahead of a Bank of Canada decision. A...
HEY traders, what's going on today?! Oil is down ahead of Biden's trip to Middle East , and it seems that want to be decreased more Prices of crude oil futures decreased by over 2% on Tuesday as market participants assessed United States President Joe Biden's chances of negotiating an increase in oil production from OPEC countries during his trip to the...
Following the OPEC+ decision to increase production levels, expectation was for energy prices to trade in a horizontal range, with downside limited by the 100 price level. However the new wave of covid infections in China has triggered fears of intensified lockdowns and further economic slowdowns. With lower demand expected, this has led to Brent trading lower...
In the past three months, we warned investors about the imminent trend reversal in the oil market. Accordingly, we set price targets for USOIL at 100 USD, 95 USD, and 90 USD. Yesterday, our short-term price target of 100 USD was taken out. Due to that, we would like to update our thoughts on USOIL. We continue to be bearish on the asset and expect the volatility...
Considering that oil left its long-term correction process on April 20, 2022; It started an increasing and powerful process and increasing tensions and war made this process more powerful. By carefully examining this trend, it can be said that this trend ended in 5 waves; And now, with the situation balancing a little, the stagnation, the increase in oil...
Brent Crude Oil Trend. In the range, shud break 97 for more correction.
My best count on USOIL . I am also working on the bearish alternative to make sure I covered all scenarios, but I must admit I struggle with it. I hold RIG and therefore biased on oil .
according to new HH since last week , it’s possibly to get more higher prices with lots of pullback. i think 106, 108 and 110 will happen for WTI ( (USOIL) in the new week.
As previously expected, Crude bounced off 95 (95.10 to be exact) and it bounced off with gusto, to reclaim 100 support. The bounce was a fast intraday check-in at 95, and the following day clocked a bullish engulfing of sorts. This was then followed by another bullish day to end the week with a long lower tail, indicative that between 95 to 100, likes a lot of...
Brent Oil Possible Harmonic Pattern Current Price : 102.41 Target : 47.57