one more day of range bound oil trading it looks like so not a lot of new things to say. The major range is 53.80 down to 52.35 so action inside that range is going to be back and forth two sided trading,
Oil inventory report is not till tomorrow this week!
Use this as a guide to develop your own setup:
Main items we can see on the Daily Chart:
a)The price made a fake on the Beairhs trendline and then re-enter the zone again
b)Currently, we can see a Corrective Structure
c)The Corrective Structure is on a major Support zone, the last level the price has before going to the next support zone at 43.00
d)We will be...
trading near settlement price of the day prior and looking decently balanced so will be looking for either a test of the red zone or a break out or the same zone. how i trade will depend on the response around the red zone top and bottom.
Both higher and lower are possible so will have to be observant to pick off good trades today.
Fundamental Analysis: It’s been nearly three years since the world’s top oil exporter and OPEC’s de facto leader Saudi Arabia forged an alliance with Russia to start managing oil supply with the hope of rebalancing the market and ensuring, in their words, market stability, in other words—higher oil prices.
While they have managed to put a floor under oil prices,...
dear traders ,
in this chart i try to explain the possible trading plan for the next months , this is only a theory of mine , but its the only way i see it
i have valuated this chart myself and i give it around 65% chance that it would work.
the red arrows and the blue arrows shows the resemblance that im expecting to happened to complete the pattern and the...
After a strong up move we have returned back into the 6 day consolidation zone, this is either a market finding support to move back to Fridays range or a market wanting to be complacent and move back to it's comfort zone of the prior weeks common range. I will be watching close to see if we get a upward reaction or further complacency.
Use this as a guide to develop your own setup
Main items we see on the Daily chart:
a)The price is on a key level, we need to wait for Bearish or Bullish Reaction
b)Why this level is important? Because we will have solid clues to think on Bullish or Bearish Setups depending if the price consolidates above or below this zone
c)If the Bearish Scenario happens, we...
CL has been downtrending in OBV, RSI.
Today CL broke its 200SMA. Which is a technical tool large institutions use to short positions.
On a weekly chart, we are now resting on top the 50SMA. If we can't get a some support there, I expect CL to drop to $64.
current look could be a flag and this is likely to resolve upwards. the current move is long and balanced so this both leads to a action resolution. As always will be watching my red zone for direction and the blue solid targets to manage gains.
the last 6 settlements on oil have been inside a 60 cent range so oil has been going no place, so very balanced. Balance leads to unbalance and could have a large move coming so will be watching close for that.
There is good back and forth action inside this balance zone so will trading that sloshing until we find clear direction
The trend remains bearish for now but it`s possible to see a retrace towards the Resistance Level of 53.25 with the condition that the price will cross the Pivot Level.
But if the price will bounce back from the Pivot Level, the main scenario remains the one according to which the target price is the Support Level of 52$/barrel.
today is inventory report day so I will be very selective until post report.
Oil is in a big balancing zone between 53.30 and 52 and has no clear directional bias until we move outside this range. however inside this range can provide some very good trading spots so i will be focusing on the top and bottom of this range, and look at the middle of the range as a...