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...
My take on crude oil monthly wave structure. Working on the idea of classic motive pattern to the upside to complete wave I of (V). What do you think?
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.
Potential to see $50 if price continues to the downside channel support zone
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
With the confirmation of the price above this level of 77.67, we will go up to the level of 80.55, and if this level is broken, we can reach our monthly level again, which is the range of 82.60. The next prediction is that if we reach the range of 80.55, we will have the possibility of returning the price to the level of 77.67
Shorted OIL alongside trend continuation. Keep R&MM if trading. Good luck.
Cycle from 12.9.2022 low is in progress as a 5 waves impulse Elliott Wave structure. Up from 12.9.2022 low, wave 1 ended at 82.64 and pullback in wave 2 ended at 72.31. Internal subdivision of wave 2 unfolded as a zigzag Elliott Wave structure. Down from wave 1, wave (i) ended at 79.45 and rally in wave (ii) ended at 82.48. Oil then extends lower in wave (iii)...
WTI is gathering stops above the range Looking for CPI volatility (Dollar higher ?) to provide excuse to hit stops and drop lower Daily imbalance in the current range as (first ?) downside target (75.00)
When trading crude oil using technical analysis, it is important to consider the following key factors: Chart patterns: Understanding common chart patterns, such as head and shoulders, triangles, and trend lines, can help traders identify potential buying or selling opportunities in the market. Technical indicators: Technical indicators, such as moving...
an opportunity to sell oil a head and shoulders and a breakout
Crude Oil Weekly Forecast 30 Jan - 3 Feb 2023 Based on the data from OVX we can see that currently the IV for this week is at 40.5%, equal to last week. This can be translated in +/- 5.62% weekly movement from the open of the candle, which makes the next top/bot channel TOP: 84.54 BOT: 75.54 If we were to make a more accurate statement, based on the current...
Oil shows a bullish sequence from 12.10.2022 low favoring further upside. Rally from there is unfolding as a 5 waves impulse Elliott Wave structure. Up from 12.10.2022 low, wave 1 ended at 81.50 and pullback in wave 2 ended at 72.46. Internal subdivision of wave 2 took the form of a zigzag structure as the chart below shows. Down from wave 1, wave ((a)) ended at...
Sentiment seems to be bullish on WTI with a H&S Inverted pattern but we could have a different view on the price movement actually. We are now testing multiweek trendline and we could see another downfall as beginning of New Year
Oil news was bearish in particular (11.01.2023) with a very large supply increase at the EIA. However market rallied and took out many short positioned traders. We anticipated this and remained neutral. For now, we see a possible rise into the impending CPI news to take out more liquidity before the continuation of downtrend for USOIL.