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Cl!

USO, 10 Jan. Is the Oil price about to crash?Oil has completed a 5-wave move on 25 Oct. Oscillators and geometry suggest a decline. Geometry: Price got rejected at the lower boundary of the channel. The red trend line is a second resistance, connecting the previous low and the gap. Elliott: We can count an ABC (in green), which makes up corrective wave (b), in blue. If correct, we can expect a wave C to the downside. Oscillators: The RSI shows a strong bearish divergence. The MFI points downwards. Stochastic is overbought and due to retrace. Correlation: USO is -.74 inversely correlated with TLT, at support, and .71 with XLE, at resistance. How to trade it: The idea is to build short exposure between 57 and 60. The red and blue trend lines give us two excellent risk-reward ratios. If price continues towards 60 it is likely to form an expanding flat correction. The idea is invalidated if USO establishes support above 56.
AMEX:USOShort
by UnknownUnicorn12250317
CL - Crude Oil persists in Grinding Up SellersOur Price Objectives complete the Gap FIll. This has been a one-way Trade - Higher. Sellers have been rejected on every Pullback only to see Price move slowly, methodically... higher. API / EIA / RIGS / OPEC has backstopped Crude Oil. ____________________________________________ FAding the Trend has been a ticket to larger losses as Sellers on the Tape continues to double down against the Trend on this move higher. Adding Fuel to the fire that is energy at present. It will be interesting to see IF this can run to 104. We are very much in doubt of this, but anything is frankly possible should Price grind to new highs above the 88.21 Level.
N
by HK_L61
CL - Into the Gap Fill81.12 to 83.32 are not open for the Fill and Overthrow. There is plenty of Oil regardless of API / EIA Non0-sense. Hookahs are having a party at Virtual Davos this Year. Bless them, them as the Sultan is worth $2.1 Trillion, makes Gates, Buffet, Besos, and Elon look like Pikers. _____________________________________________________ NQ will be in trade on NPK for Spring Argo-Biz and reformulations. CL usually peaks this time of YEar with Nasty January / February effect now in trade due to December effect push forward. All in all it's broken the Channel we indicated would be important for the toss over, mission accomplished. It's been giving SELLERs Hell on a pitchfork, why then keep coming back is beyond me, but we will gladly pick their pockets,
N
by HK_L61
2
CL - The Gapit appears OPEC is providing the nudge for Crude Oil. Gasoline demand certainly is NOT. _________________________________________________ Macro factors will catch up with it soon enough, overall we remain in wait and see mode for CL. No positions simply Sell on PO's hit - today Sold 78.44 PO and closed at 77.93 It is hanging on to the 50 SMA @ 75.96 for now, the 200SMA is below @ 70.92. MACD is diverging while A/D is sharply Positive. Appears to be another Squeeze, an unrelenting one.
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by HK_L61
1
CL - The Channel TradeCL respects its channel, pure and simple. With 77 acting as the pivot, overthrows are normal as are overshooting past PO's on the lower range. Regardless, the 15 Micro Channel trades like clockwork. It's easy Bank. APT Tomorrow, EIA Wednesday head of FOMC - large Break of the range ahead after the FED with the DX leading. The Hookahs don't know whether to curse or bless Black Gold. _______________________________________ Hopefully, a Solid and substantial break mid-week.
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by HK_L61
OIL Looking For More Upside To Form A ConnectorThe Elliott wave view in OIL suggests that it’s correcting the cycle from October 25, 2021 peak. Looking for more upside towards $76.77- $83.57 area to form a wave ((B)) connector. Then from there, the instrument is expected to fail lower in a bigger ((C)) leg lower to complete the correction. While shorter cycle suggests that a decline in wave (B) unfolded as a flat structure where the first leg ended in wave A at $69.39 low. Up from there, OIL did another 3 swings bounce & ended wave B at $72.99 high. Down from there, it declined in 5 waves lower where lesser degree wave ((i)) ended at $69.89. Wave ((ii)) ended at $71.35 high, wave ((iii)) ended at $66.84, wave ((iv)) ended at $68.73 and wave ((v)) ended at $66.02 thus completed wave C of (B). Then from there, we believe that (C) leg higher has started in an impulse sequence where wave 1 ended at $69.78 high, wave 2 ended at $68.56 low. Near-term, as far as it remains above $66.02 low then expect OIL to extend higher for a few more push higher targetting $76.77- $83.57 area to complete (C) leg higher.
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by Elliottwave-Forecast
CL - Daily / Weakening Structure / EIA 10:30 AM ESTLeave it to OPEC to Delta the recent Phantom 400KBPD Output Increase. Called BS on that farce, and it's knee-deep. Thursday, they will announce a cut or rollback of the most recent snafu. Hachoo Hookah as we refer to it. ________________________________________________________________ Crude remains the Leader along with the NYSE Comp and BitCon. Weakening in Daily Structure and Failing the 3 drives to a Top at the 50% no matter how you draw it. 77 or bust again, 57's re-open. ________________________________________________________________ 10:30- AM EST will be a pivotal Time for everything.
C
by HK_L61
CL +2,000 Ticks, One hour looking for longThe CL one hour time frame is in a short term down trend line. The market is still making lower lows and lower highs. It will be a good idea to wait for the market to break and close above the short term down trend line before looking for buying ideas towards the monthly up Fibonacci price point 95.75 about +2,764 ticks away. Entry: Counter trend line break bullish above the short term down trend line. STOP: In the sell zone LIMIT: 95.75 Once or if the market is able to break and close above the short term down trend line. It will be a good idea to turn to the five minute time frame and to look for tunnel trader long / destination trader long opportunities towards the monthly up Fibonacci price point 95.75
NLong
by JoshuaMartinez
3
CL - SMA ChecklistCL is trading both FIbs ad SMAs. They have a higher price in Trade, but have gaps both Above and Below. 70.16 / 70.11 would be the Pullback, but the BOts won't allow this until after Lunch and the EU Session ends. We took a small sell only to be stopped take a $900 loss. NQ a different story as we took a small long there and enjoyed the run. 16400 is the New NQ Price Objective, we'll see how CL responds as it is tracking with NQ against the OVX. ____________________________________ Crude Oil continues to trade vertically in Extensions. One after another...
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by HK_L61
6
CL +2,700 Ticks BullishThe CL one hour time frame is in a short term down trend line. The market is still making lower lows and lower highs. It will be a good idea to wait for the market to break and close above the short term down trend line before looking for buying ideas towards the monthly up Fibonacci price point 95.75 about +2,764 ticks away. Entry: Counter trend line break bullish above the short term down trend line. STOP: In the sell zone LIMIT: 95.75 Once or if the market is able to break and close above the short term down trend line. It will be a good idea to turn to the five minute time frame and to look for tunnel trader long / destination trader long opportunities towards the monthly up Fibonacci price point 95.75
NLong
by JoshuaMartinez
4