Despite all the geopolitical noise and the big build in oil inventory in this week report, WTI has failed to print a new low. It's true that WTI has broken the upward channel on the weekly time frame which started from sub 42$ back on Jun 2017 as in the picture below. ideally a retest of the channel should happen to confirm the long-term reversal but I believe...
I'd reccomend to stand aside, or, look to trade the extremes of the range if you are adept at chop trading. In my case, I'm more of a trend trader, but could look to trade $PBR on dips to support and exit when valuation is stretched again, after an overbought rally...Or stocks like $OXY, or refineries, like $MPC, $PBF, etc. If you expect oil to make a big move,...
For a long time I didn't look at oil, but I see that we are approaching a strong resistance line that begins in 2008. I also saw an rising wedge - a reversal patterns. We will see this fall until April 2019. I do not know with what it will be fundamentally connected, I do not much look at the fundamental factors. But the fact that we will fall I'm sure. We are...
Short term period began. Strong day resistence 75,49 We have potential mirror level 72,89 Enter 71,37 Stop 72,37 TP 69,20
Crude long on throwback to resistance as highlighted.
Strong sells still on chart USOIL Back test of 68,30, from this point we will see strong sell again Entry 68,33 SL 69,33 TP 66,14
usa economie is may be at the top . If oil go down it is a signe
Working with channels to look at things, you can see that sharp movement on friday afternoon backtested the mini bear channel we were in, still have a second bear channel to pass thru.
Nasdaq strong channel support, needs to hold here. Oil on strong support as well. Note how both candle bodies are large and far outside lower bollinger band on the 4 hour. This implies by consequence that DXY or USD is about to tank.
Update to a previous post I made about the CL level breakdown. Bias remains short until proven otherwise. Flat, no clear entries for me until tomorrow morning when we look at premarket price action and range. Yesterday's trade posted to twitter. 11.25R despite mismanaging the hell out of it. It's imperative you learn to take wholesale entries, understand...
In January of this year, a clear and well-respected swing zone began to form. The bottom of this zone held very strong support yesterday and today, and broke clean through the top of the zone today. I see a good entry in a potentially very high upside trade. There is a resistance zone from ~$70.80-71.80, so my soft target is right below that zone. However, I am...
as you can see previously what happened in bear flag fractal for oil
Looks like ocmpleted elliot wave with bear divergence 68.92 66 first target 50
Crude might be on wave 4 ready to dump down to the fib extension that matches with a prior naked point of control region. However, it's not clear that wave 5 has started yet. It really could do anything, however it if does dump down then I will not be looking for shorts below the target region until after a correction up.
Clues (1) ascending wedge in downtrend is bearish (but agreeably the next major trend is bullish) (2) price where a large resistance line exists and a former support line is now acting as resistance I think it would be wiser to wait and buy when price goes back down to the stronger trend support line (in black). That said, any short position here should have a...
Assalamualaikum & Hi Traders! Key level = 75.27 We are tracking a recognizable setup of wave 3 on crude oil. Bounce in price for wave (2) is already at 50% fibonacci level compare to wave (1) (declining impulsive movement from 75.27). Breaking 67.80 will give us indication that wave (2) is already in place. As for now, my personal view is bias to the downside...