Sliding down the fork. Hit 50% retrace of the Low to low Fib. extension. Target now might be 47.50
Looks like the consolidation above ; except now CL is at a low instead of a high. A 50% retrace takes us to $50
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CL did break support and then fell to the lower ray of the fork. Perhaps falling off the fork with a target of 50 - 61% retrace
CL still running up in the upper quartile. Sqz is showing divergence. But CCI holding above 100. A pullback of 61 to 75% of the fib extension would still be in the up channel
ON (over night) range is 93 ticks which is above recent average. Rallied into resistance
In this chart I illustrate how drastic the outperformance of oil is against cad. Whenever this happens, we have a trade opportunity at hand. See related ideas for a chart by Tim West on this same subject. We can anticipate inverse oil's performance to improve relative to USDCAD, and thus, expect either USDCAD to stall or retrace, or, USOIL to fall rapidly and...
Has broken up from the last fork Found resistance Perhaps we see a retrace now
First the non-news from OPEC resulted in a drop to the median and then the Inventory draw-down resulted in a raly to the top rail. This fork is still showing the structure of the move with price wandering just outside the fork. There was a higher low and now a lower high. So sideways recent action. The target is going to have to be moved over in time.
Interesting how the CL rallied up to this median and fell to it later. Perhaps it will guide us to the 61 to 75% retracement target and support at 47.50
5 and 10 DMA's lost in a rug pull fashion today as oil had a bull trap this morning to the $50 integer, followed by a rapid $1 dump in around 1-1.5 hours. MACD bear cross on daily, inverse hammer on daily, etc.
Given the slow pre holiday trade , best to let the market show its hand this morning. Note the hesitation at the 61 to 75% retracement zone. Possible down if trades below 49.30
Don't fight the trend. For now the trend is up. However note the divergence in CCI and Sqz. Fundamentals are that production is still higher than normal and there is lots of inventory. Target is 50% fib at 44 where there is also support.
If you're into oil, my guess is that you're hot to short the stuffing out of this instrument in the vicinity of this $50 level. Me, I'm waiting for a couple of different things to happen. Here's why: First, oil's been an somewhat of a tear (albeit, sputtering in places) off of the April low of 35.22. Shorting here would be against the trend, which has been...
I've shorted at the price on chart, as announced at Tim West's KHL chatroom today. Seems like the top is in for a few months, probably for the year. We can enter short at market if not in, but keep a wide stop, or add (or wait to enter) if we hit 46.66 today. www.tradingview.com www.tradingview.com If interested in my trading signals, or in personal tuition,...
What a run... Not much to say...everybody should see it. But observe the major areas and be patient. P! mytradingcoach.teachable.com