Bounce-a-thon
You can wait for the 50.13 resistance to break to go long
or go long now and have a stop at 47.52.
However, there seems to be a better risk/reward if you go
long after 50.13.
Be patient with this kind of setup since it's a daily chart.
Also, I'm new so please trade accordingly.
Crude Oil prices have begun their anticipated corrective pullback.
Prices have broken below the USD50.71 congestion base and reached the USD48.35, (23.6%) Fibonacci retracement of the 2016-2017 rally. Falling momentum studies and the bearish Tension Indicator (not shown) anticipate still deeper reactions towards the USD47.18, (61.8%) Fibonacci retracement of the...
Clearly OPEC's plan is totally working out for them :D
Long story short, oil fell off a cliff last week and bullish momentum seems nonexistent. I will be short below 48.60.
Potential long entry if price breaks through 49.75 (and 50 for confirmation ofc) to the upside and STAYS THERE. I might also attempt a long entry if price somehow ends up bouncing off 48.60...
From a technical perspective, the oil price has turned quite interesting since the start of a new trading month. The chart below shows the monthly rolling oil contract chart where June’s price action closed in a doji. It gains significance following three straight months of gains. The monthly Stochastics also shows the hidden bearish divergence currently playing...
Technically Speaking
The $52 level was important to hold, in my view.
We will have to wait and see where buyers come in, but I will be watching the $40 level.
There were a near record amount of spec long positions. So the potential for more downside is likely.
What to do?
As long as 52 holds the upside, I will be looking to sell rallies.
I will be...
Risk reward favourable for short idea.
Flag erosion in the first week of the month (red circle) hinting at a sell off.
Short crude risking new high 55.20+
Price in crude oil -0.60% is moving in a downtrend in the 60min chart, into a descending channel . What we may see here is that after being rejected from the upper sliding parallel of the set, the price dropped sharply into an impulsive move and since then it's been into a correction. Once again price was rejected at the upper sliding parallel, and it's now moving...
