Getting this chart up for a long entry at $45.41, based on the 50% retracement holding at $44.68. Based on the prior scorching downtrend, really wanted to make sure that this held first. *My fib retracement tool is reversed to show extension levels* Take profit: $49.33 Stop loss: $43.75 Floor trader pivot gave support on S1 at around $42.50-$43. Someone pointed...
Hi Guys, today we're looking at WTI crude oil or CL1 on the monthly chart and right off the bat it is looking like a reversal is very close. We can see many technical indicators that point to this. As you can see firstly illustrated by the yellow circles on our chart that the $40 area has long term support going as far back as 1990 even. Price action is...
Inverse H&S neckline retest. Pink line is the inv. h&s neckline. Here is a zoom in on 12 hour. Zoom in on 4 hour.
ESV extending its decline beyond the Brent move, opening a divergence. Gap should fill. It's also close to previous major bottoms. Sentiment on extreme low. Demark indicators pointing for reversal. Target 6.12 Stop 4
Day - Down Vol - Down Vol range - Up Trading plan - SELL after breakout
CL 2 MONTH REVERSAL SYMMETRICAL TRIANGLE IS FORMED. BUY: 64 TAKE PROFIT: 58 STOP LOSS:63
I think we have decent odds for a bottom in oil here, after some talks about big players indulging in naked put selling surfaced, banks that -violating regulations- sold put options without any kind of coverage. It could have been that the market was being pushed down to margin call the traders behind these leveraged long positions in oil. Natural gas has surged...
Price is at the Warning Line (WL) and stretched out. If price really can manage to turn from here, the target would be at least the L-MLH (Lower-Medianline-Parallel). P!
The bottom of the Daily channel has been tested with the touch into 66 and whilst this is likely just a wave i of 1 of 5 of C....the overall count is holding up well. Only a monthly close over 80 WTI would change the count. The next challenge after this bounce in wave ii of 1, is to break the 66 and more importantly the 63 level. A break of 63 can open a...
We may bounce to 70.14 (61.8 of the last drop) or just drop from here, then back down to 61 (if we break 65.5) where we have some good fibs support, bounce and retest of 65.5 and then down breaking 61 and hitting 57.44 (50% retrace of a c leg up)... final bounce to 61.07 before a final drop to around 54 where we have a huge confluence of fibs: 61.8 of the c leg...
Support bounce - to be played with a tight stop.
CL did not break 0.38 long term fib today and failed. Expecting $52 or $49 for real bounce to $58-60 then down to final bottom.
Grind = continuation For a long you'll need 1) Violent Flush or 2) 24-48hrs of angle smoothening and base formation. No trade on any other option.
Deeper look @ breakout setups. Blindly selling Lows or buying Highs is a recipe for disaster in the long run. But the right kind of buildup can legitimize a breakout (BO) entry. When a breakout failure (BOF) does NOT immediately make a strong move in the other direction, you've got to ask yourself -- has the power balance really shifted? If not, it could just...
Short term fields for WTI. Look for a bottom near $59.80 - $58.90
Ok, president Trup was looking for lower prices and there you go right in time ;) Bears are under control no doubt about it but todays price action ( I would like to see daily close ) suggest we may see consolidation phase between 61,50/62,00 a 64,30/64,80 We are within 'no mans land" here imho and only breakout/down might give Us further direction. I do expect...
1.There is no buyers. 2.Strong day down trend. 3. Volum on report hour is hige but price can't move hige. Enter 66.05 SL 66.70 TP 63.00
Personal thoughts on the possible direction of the Dec 18 CL contract.