Oil has now entered the corrective phase We expect it to bounce back from the $83 level To complete the upward trend to $100
As for now, our idea for crude oil is wave 3 has already topped and we are in a early stage of wave 4 development -- Pengiran.
Expecting price to move higher for last top to end wave 3 - Pengiran
Exxon let's watch for a short with a LIS at 81. This one has lots of resistance around 80.
CL broke the oblique resistance and made the retest of trend and PP, we see the accumulation on the volume profile in the area of 89.43 and 89.67. The 90.89-91.01 area is the resistance area (rather polarity area) for CL to continue the bullish wave it needs to break it to go long with intraday and swing targets. The retest again of the support area or oblique is...
The short-term Elliott wave view in WTI (CL) shows that we are looking for more upside to complete a 5 waves impulse structure, before a 3 swings pullback at least. The impulse move started from 81.90 low to end wave 1 at 89.72 and pullback in wave 2 ended at 86.75. Oil then resumes higher in wave 3 with internal subdivision as another impulse in lesser degree. Up...
Crude Oil has been an RT Sell on every contact with the Upper Trend Line within a large grind up from the 62s. 200+ BPS in the DX has provided further cover for the Energy Complex to extend beyond the Inflation / Safety Trade. ___________________________________________________________________________ Build after build has had little to no impact upon...
Consensus is $100 WTI - everyone is talking about it, maybe it happens. From a technical standpoint - its overdone. Note the green arrows. This week comments Nancy Pelosi sent crude screaming higher. Obviously geopolitical issues will supersede technicals when it comes to oil prices. That said I expect these comments to fizzle away - now that all shorts...
This is the monthly chart of CL futures. Will history repeat itself? Back in April of 2000 CL set off a monthly bearish spike alert and around that same timeperiod NQ & ES made there last ATH's until Sept 2016 & April 2013 respectively. The long term non-horizontal monthly trend lines (blue lines) also look eerily similar. The blue lines run along the monthly...
Regular Unleaded is up $0.30 in a week here. Prem now over $4. A large jump in short order as RBOB continues to Price in Inflation. ______________________________________________ I'm sure this won't have any impact on the Indicies...
Ladies and gentlemen, as you can see in the graph Crude oil targets the level of 89
If you are selling Crude Oil... Look out above. It has relentlessly wrecked sellers each and every day for Weeks. _______________________________________________________ 77 FWHB caught sellers off guard when it exceeded and it's been off the races ever since. It did exceed our PO @ 88.23, hopefully, a Pullback.
OIL just broke an important level , it is very likely to continue up towards the 99$-102$ area .
The operators whipsawed the Back Gold and managed to create another Fake Break @ Highs. CL always pulls this stunt. Now it's up to the Specs to pony up. _________________________________________________________ API & EIA have not been supportive of the Price. OPEC is now Silent. __________________________________________________________ China has a 5-year...
We warned yesterday - do not Trust the Operators. They Dinked the Chasers again. Time and again, Crude Oil dips into Highs prior to a large reversal. Oil touts were out in force all week with $100, $125, $150 and $300 Oil Targets. Never is this a Goo Sign. ______________________________________________ Oil Touts are the "Tom Lees" of Equities. 86.42 was...
The Divergences are quite large within the Overall Structure. API was weak yesterday for all the $100 - $200 Price Targets issued from Media Bullhorns. Squeeze after squeeze has been the Modality for Operators. _____________________________________________________ A very large Bull Flag at present seems to be encouraging the Chasers as Specs remain extremely...
API and EIA Ahead the next 2 Days. Both will be suspect, as they should be. The CL Curve is interesting and deserves a review. __________________________________________ Overconfidence Hindsight Regret Avoidance All part of the Crude Oil Trade at present. How it shakes out will be extremely telling for...
EIA Thursday - last week's report was negative for CL. No matter, with JPM calling for first $125 Crude then $100 Crude revied later... Its clear the Operators are having their way with Black Gold. it is approaching an Overbought condition, but that is becoming meaningless quickly as it can continue to expand for some time. The prior HIghs near this level tool...