A pretty interesting technical opportunity has unfolded on one of our favorite instruments: light sweet crude oil futures. From a fundamental point of view, after a historically tight range-bound market, price action broke down violently as US crude inventories surprise came in early march. Price continued to fall to $47.00 throughout March. In late march, the...
Breakout the rising channel+Fibbo 0.786 lvl = fall
In 2013-2014 market touched rising support 3 times and rising resistance 2 times before 6 month down move. In 2016-2017 market touched rising support 3 times and rising resistance 2 times. If it is going to repeat the 6 month down move it is going to do so now.
Here we have it. Price came way down from the centerline up to the resistance. In my earlier post I gave you the short from above, and the long from below. I was holding my Future long and the Strangle until price had problem in the middle of the fork (orange & whiate dotted line). Price reached this area on a Friday and I was not willing to risk a hard selloff...
Multiple technical indicators say buy oil here after OPEC reaffirm cuts. 4.4:1 trade shown.
This was the former post. Read it and learn how this did unfold. And now I will wait for a retetst of the centerline. In my brain there is the Weekly chart...it's L-MLH is breached! This means, that price will test/retest it on the weekly bevor falling off the cliff if it really does. If this is the case, then the gas station has to pay us... Here's the...
Crude has taken a bit longer to "wobble" as per our previous crude call than expected, however, the time has come and crude is testing its lowside demand zone. The recent drop has put the market back near its .236 retracement of the previous clecline which started in Sept. 2013. We expect crude to revisit the .50 retracement level near $69-$70. There will likely...
Oil is in a range between resistance Camarilla S2 48,67 and support Woodie pivot and Demark 47,24. Until either is broken no long or short can be taken unless trading the range .
As we can see crude oil is looking for support at trend-line and the 200MA plus 50% fib retracement level. Saudi arabia's increased output by 10M barrels was the cause for this decrease in price. Today United states Crude oil Invetories were down 237M barrels vs the forecast and that plus F.E.D decision gave some fuel to the price. Technically we can see the...
Centerline is reached the second time. Chances are, price will shoot up to the U-MLH. How fast, no one can say, but since Action/Reaction is my philosophy, I count on momo. P!
Oil's been a real cliff-diver recently coming down from almost 55 to 47.50 without much of a pullback. Having said that, as predicted in last week's oil outlook (linked below), it wasn't a great week for oil traders...the range mentioned was just as crappy as expected. Overall bias is still short with a bearish regression. BUT, not by much. A clear break of...
We see no progress in buying on daily graph, now we see the weakness on hourly so buyer is weak. SL 49,36 TP 47,20