If MPP (S1) functions as a support line, think long. The first limit is 70.00 The second limit is under MPP (P) 70.77 The third limit is under YPP (R2) 72.62 I would be grateful if you like it idea,give me follow or agrees! ------------------------- -------------------------- Brown thick line: Yearly Pivot Points (YPP in the text) Light blue thick line:...
If MPP (S1) functions as a support line, think long. The first limit is 70.00 The second limit is under MPP (P) 70.77 The third limit is under YPP (R2) 72.62 I would be grateful if you like it idea,give me follow or agrees! ------------------------- -------------------------- Brown thick line: Yearly Pivot Points (YPP in the text) Light blue thick line:...
After the hard fall down, price is now coming back to balance. The yellow Centerline will be tested. From here a natural turn is highly possible. Additionally there is also a Pivot-Support that helps the CL holding up price. P!
On Monday CL sold off hard and we landed perfectly at our high volume area at $68. The next such target is $65 and now that we have turned bearish I'm looking at a sell-off into that level.
Big move down in Crude, on reports Libya is reopening some ports, trade war fears, and possibility of the US allowing some country exemptions to Iran’s oil sanction driving price drop. Look for 71.00 to hold as resistance for a push towards 70.00 intially.
If there has been such a large one week draw on supply, then why are WTI prices heading south? The big reason is news out of Saudi Arabia. Production for June spiked significantly, upwards of 500,000 barrels per day. Traders have latched on to this piece of news, predicting a glut of oil to hit the market in coming months. As a result, we may get a shot to take a...
Ew only dont forget to like + share = thank you
Crude Oil up on story from Economic Times: Libya declared force majeure on significant amounts of its supply – disruptions to Libyan supplies caused the move up. We are approaching the first targets for the week, and support should come in around 74.00.
We await the summit statement. Expected a return of the WTI to 68.50
CL had some nice price action this week to complete required fib level for leg C of an AB=CD pattern. See the chart for details but its pretty straight forward. We have room to test the 67.70 price point but that just pushed the target price further down. GLTU!
We continue to hold our long Crude view, as we are pressuring 67.00 this morning again and look poised to break through it. THe rise has been volatile so also trail stop/scale out here as a precautionary measure.
There is pretty strong bull trend in CL. after short selloff there are perfect opportunity to jump in. But there are strong resistance 70.50 on Monthly chart
Iraq's Oil Minister gave Crude a boost yesterday. With a close above 66.00, Crude looks poised for further gains.
Gold has formed a bearish pennant pattern just below the resistance level of 1300-1305. I expect a price break out sometime in the next day or two. There are two ways to enter this pattern, once is on a break down of the pattern by entering short, the other is waiting for a false break up and then entering short on a pull back. A false break is a much better...
Crude Oil (CL) futures look well positioned to start a new 4/5 month rally to ~80$.
Our bearish call on Crude Oil is being proven correct as prices push through yesterday's lows and head towards 64.00. Immediate resistance is 65.00/20 zone.
If another wave down occurs, I am eyeing this red box for a high probability reversal. Will look to see volume spiking up near the blue support line on intraday hourly charts. Might take a week or two to play out, just observing for now.
1. Seller culmination. 2. Sellers become weak. 3. Strong buy support. Enter 66.98 SL 66.41 TP 68.01