The future USOIL, symbol CL, is in a Bear Market with price trading above the 50 ema, which is below the 200 ema, which is below the 800 week ema. The long term emas are mostly flat, indicative of an accumulation / distribution zone. Price has closed below the 13 ema at 58.85 on the weekly, so therefore, the Bear Market Rally can be considered over. Last week...
According to the OPEC Secretariat, World oil production saw a huge increase during the last three months of 2019.
The current action is bullish and to me looks like it wants higher, however what i think is not important. What is important is what happens. The best thing for me or plan A would be move down that I can gt long and move to the 59.5 target. Plan B would be a move down back into the prior distribution into the 58 area. Plan c is shorting tops and long bottoms of...
Last Week made a huge bearish engulfing candle on big volume, so looking for continued weakness in oil. Currently in a descending channel after mid-east tensions have subsided. Market still seems to be slowly zig zaging down in this channel, perhaps waiting for a catalyst to continue further down. Aiming to enter at top of channel with confirmation of weakness...
Further consolidation range action, will play the buy and sell zone until this market breaks and finds a new trend
NYMEX:CLG2020 IA Inventory week ending 011020 Crude -2.50 expected +1.10 Distillates +8.20 expected +6.78 Gasoline +6.7… Refineries back to maintenance
Everything about today in oil was said yesterday. so linking below. Oil has been very good as of late putting in a few days of balance and one day of break out, so keep an eye for red zone break or rejection!
Oil yesterday made a clear break of the red support and ran hard as mentioned could happen. It is now in a new lower distribution and is saying further down as long as we do not go back above red zone top. This said does not mean a balance zone in this area does not form so will be watching for shorts around red zone top and then looking to see if oil is going to...
Inverse look at the latest impulsive move in CL with fibs of the move... Expected target 1.414
Use this as a guide to develop your setup: Main items we can see on the 4hs chart: a)The Price was rejected from a major resistance zone b)Currently, we can see the price on the lower trendline of the ascending channel c)If you are thinking about trading short scenarios, we will wait for a corrective structure in the current area. d)The corrective structure...
Oil is still in this tight range and looking for a break out, play safe until this break occurs. Today will be looking at a 2 step red zone the inside red zone is only for inside scalp trades as I wait for the bigger red zone to break, and after the big one breaks will be when I form a directional leaning.
Oil failed to break prior resistance so technically I expect a return to prior support. Fundamentally it fits, with a market awash in supply and weakening demand. Short now target the 50s. The closer the target the more likely you win!
The USOIL, symbol CL, is in a Bear Market Rally with price trading above the 50 ema, which is below the 200 ema, which is below the 800 week ema. The 50 week ema is currently slightly up trending, but by and large the long term emas are mostly flat. This implies an accumulation/distribution zone. The intermediate term Elliott Wave implies a rally above 66.58 to...
Today oil is in a small range balancing after a large down move. Interesting spot. also all the support and resistance seems to be lining up with the round number option strikes.So will be trading inside the red zone until a solid break out and will go directional to the side of the Red zone break.
Today looks like a rip to the down side, just watch the levels and expect oil to look for a spot to balance
Oil had a strong pop and now is moved back into a prior range and I feel will need to work this area to find the buyers and seller and who is more determined. watch Red zone for this answer and small trades as long as inside the red balancing zone.
Oil has had a very big up move and looks like it could be attempting to find a big balance range, this is why such a big Red zone today. This give lots of inside red zone trades and without any news could be the area we trade in for some time. Now a break of this Red zone could be providing lots on information towards oils next moves so will be watching with...
Crude oil (CL) is in a 15 year old declining wedge / pennant approaching top trend. Will it break out above this time or make another trip down to bottom trend first?