I posted a lot about Crude Oil on my Website and also on YT. The first short was nice success.
Now we get the chance to do it again "Sam" §8-)
This current test of the L-MLH of the white Fork was brutal.
The squeeze is similar to the one of the 23rd of September. Just a little smaller, but more vicious.
As for a Stop, I think it needs top be at least above...
The trend continues for Crude Oil. Will it hit $94? Price is above the 50 and 200 daily EMAs. There are Oil Company stocks that may be impacted also. What out for news but the technical are leaning bullish.
In late July I made a call that oil's actual target in the imminent term is not $100+, but actually a 3 or a 4-handle.
Oil - A New Long Leg Down Soon Begins
I believe that this long term analysis is still correct. However, price action has shown that the target was finally the daily gap at $85 and was achieved last week.
Thus far in some 7 weeks of...
Crude continues performing as anticipated. It reached today our target zone while showing ST overbought condition, be prepared for a profit taking wave in the coming sessions.
I've been often asked, how I choose the A/B/C Points when I apply a Pitchfork.
Just use context and learn the Swing rules.
Then you cannot go wrong, and you will get the correct information from the market when you throw a Pitchfork on the Chart.
Be open minded, but don't force your meaning to the market. The market is doing what he wants.
So, we look for a...
Is WTI going to suffer the same fate as Natural Gas ? Endearingly referred to as Natty ? Well the good ship Natty got REKT last week. The long side which was overcrowded, overleveraged caught the "to da moon" bagholders off guard . Stunned whilst spitting out the kool aid they were seen gasping for air when the dead cat bounce rocked the boat ., Natty...
Technical Analysis:
- Crude Oil(CL) is still doing a ((W)) ((X)) ((Y)) correction structure in Daily Chart
- We present two possible Paths
- For Path 1 in Black with 65% probability. We expect that the correction will be completed at around HKEX:53 -56 where the smart buyers can appear
- For Path 2 in Blue with 35% probability, We expect that the correction...
If I'm right (a big IF) USOIL may rally significantly in the coming weeks. Between 77-76 is the buy area. Under 76 and things could get ugly quickly, but the mid time frame rsi is telling me that is probably not going to happen. I'm looking for support in this area and a move up to 90 in the coming weeks.
Good luck!
Technical Analysis:
- Crude Oil(CL) is doing a ((W)) ((X)) ((Y)) correction structure in Daily Chart
- We expect that the correction will be completed at around HKEX:50 -55 where the smart buyers will appear
- In short term, It's doing wave ((X)) in black once it's done we can forecast the entry area more precisely
- H1 & H4 right side are turning up
...
INTRADAY ELLIOTT WAVE ANALYSIS
CRUDE OIL
HOURLY CHART
double three pattern for wave 4.
Expecting wave 4 to terminate near trendline support.
Invalidation must hold for this idea.
CRUDE OIL
HOURLY CHART
Current structure showing that wave 4 is in play. Based on guideline of alternation within impulse wave, we are expecting a shallow/sideway movement for wave 4 and the reasonable target for wave 4 to end is at 38% golden ratio. Invalidation level must hold for this idea.
TRADING IDEA:
Stay away for now and wait for wave 5 trading setup to...
The Biden administration said the surprise oil output cuts announced on Sunday by Saudi Arabia and other OPEC+ countries were not advisable. The west is not excited by the price development and we can expect an answer to keep the black gold in a reasonable range. Mid-70s is working well to reduce inflation and keep the economy running, that's why a logical move is...
As you see in the chart, we expect more downsize in Crud Oil(CL) and we like to buy medium term wave II in red to around $50 where we expect that the smart buyers will arrive. Please be patient for more some days in order to do a good long term buy. Next week we'll update this forecast.
Now the situation that fundamentally pressures the price of oil , it is the sale prices of oil from Russia, and this is a trigger for the market, for a further decline.
Now we are moving in a range of 83-69, breaking through the upper level will mean for me, reaching the liquidity zone, collecting stop losses and continuing the move down
Best regards EXCAVO
