Trade Background: Oil has consolidated at new support level at $49.30. Where price traded at support level for over a week. Now price has rebounded not too far from the next resistance level. Look for a potential swing to top side of the trend. This scenario has three key fundamentals to keep in mind being trade war, corona virus, market risk appetite and supply...
The CL daily time frame seems to be holdings at support and pushing bullish towards resistance.
Today we test the top side of the big range mentioned yesterday, so we are at a very important level, a level that will help show the going forward path. A solid rejections probably takes us down to range bottom, not saying in one day. And now a break above with buying will have a move to 53 and then we see if consolidates or keeps going.
we are in a big range and will widen the red zone to the outside of this consolidation and until we move out of this range will look for small trends inside the big range, and no clear direction until this clears this zone. That said the down side looks the most likely in the big picture.
not financial advice.. just my idea.
oil is off to a bullish start heading for the top of the big range I have mentioned a few times. The first targets are close to the current action to see if oil can push past where some selling is likely to happen. This is either a look for buyers and in that cause we find them or we do not. If they are found a good sized up move could be coming and top of...
Oil is in the same positions as yesterday so will link that post, however oil staying below 51 I say keeps us only trading the bottom part of the range. And a move above 51 takes us tot eh top of the range close to 51.50. I will not get to bullish on oil anytime soon.
today the early session is setting up my boundaries very well, I do however have a light red zone for short at 49.8, and this could take s right past red low to the prior range bottom. In the event we break that low I then will look for targets, until then i have no values lower. Oil is and has been trading in a larger range from 49.5 to 51.90 and until this is...
so a bit of a slide over night but balanced in a declining flag so watch the red top for the break to the up side. action that is not impulsive to eh down side could be hared to trade if it remains inside the flagging set up. the red zone range is big enough to just trade the action inside if that is all it wants to give to us today.
as of typing oil is testing support of the red zone bottom and this would be the break of yesterdays range bottom, non rth session has traded inside the range of yesterday so a decent move could happen on break. I will watch the reaction on this break and probably short a retrace if the move is outside the red bottom.
today oil does not have a real red zone, so placing it at support and resistance area of a 5 day consolidation. I will be trading red top to balance (dashed line) and red bottom to balance in a small trend back and forth method until oil gets out of this range or provides more information. So i say big range chop for the time being.
Take this information from me Closing this week below $ 50 will be negative and we will confirm this negativity in time #CL If negativity is confirmed, then the next target will be approximately $ 33
from last session close oil has been moving up to the top of yesterdays early session and is finding a happy place there. If not break above red top then will not even think long, and last nights low is the area I will look to see if oil is finding buyers. So that said will be looking to trade this range from 49.25 to 51.50 and looking for impulsive trends...
Oil is already breaking out of the red zone and looking nice for the upside. I will look for a retest or a break back inside.
Hi Traders, All detaisl like entry, stop and target recorded Enjoy and Good Luck
Hi friends, today I want to analyze one news that excited and scared people - this is news about the coronavirus that appeared in China. If you like my analyzes, click like. In the first place of this week is the news about the coronavirus epidemic in China, which took the whole world by surprise. There is no such person who spoke about this news. But all this...
From last close oil has been balanced long and in a decently tight consolidation looking for it next move. As always watch the red zone for the first directional clue. A move lower could come fast and expect a move higher will be more grindy, but what do I know, this is only my thoughts. The trick is let the market prove me wrong and take advantage of what it is...
After the huge sharp decline in the price of oil from recent highs of 64 due to supply and Corona Virus concerns. We are currently sitting on yearly support level for oil. Volume has still been extreemly strong to the downside, so price may even break through from here, but if the street feels that prices have been a bit too oversold, we can expect a nice...