levels marked on chart are to be used for trading, as it is in downtrend it wont be good idea to tread long for big targets. Curves support to be used like channel entry and exit, once price crosses the curve exit the position. Trade only if Momentum change indication is on charts.
Something to think about...
Normally, ratio between nearest months should be stretched around the bottom of the strong down trend. You can use this indicator to support your decision to oil at the lower price. I don't suggest to use CL1!/CL2! as leading data because the spread between this two contacts are very close and quite stable. I suggest you to use CL3!/CL4! and CL2!/CL3! instead....
If 34.35 is breached I will give an update on my thoughts. Last analysis on oil:
MACD bullish divergence? Near double bottom
Outlook still bearish, but technical bounce possible
Later on the cloud will reject it, but we'll have a strong fomo rally prior.
If it's a flag, we should see at least 0.382 @ 40.61$ or even 0.500 @ 42.58$
It will be a very crucial period for Oil, as the U.S.A. will be able to export its own production of Oil as the U.S. Congress lifted the ban on Oil exports, about two weeks ago. Iran will be returning to the international Oil market, as an exporter of Oil, since the liftoff of the embargo on Iranian Oil will take effect starting January 2016. Moreover, The Saudi...
Hello everyone, I forgot to post this trade last week due to holidays. But currently we are presented with two patterns (I already in play). Another one way further down. Good Luck For info: kevinsdhaliwal@hotmail.com Twitter: kevindhaliwal1 IG: AllTradingIdeas
I view this cross as the best way to express a short position on oil and Canada, while remaining neutral or short on the US equity market, and bearish on Japanese equities for the intermediate term. Canada and oil have a .78 correlation coefficient since the early 2000's. I believe oil will remain weak and will continue to put pressure on Canada's economy....
Entry: 36.90 Stop Loss: 37.02 Target: 36.74
#SPY #QQQ #IWM #DIA avg. vs.#NG_F #CL_F avg. Note divergence and trend flow. Cycle 'revergence' initiating.
The gold-oil gap appears to be passing through a tipping point. A surge in the long-gold short-oil position could be due to either a gold rally, an oil dump, or both. Chart shows position using one gold future and one oil future but there exists a parallel position using ETF's.
Oil is short in every timeframe. However, i am trying a long here after 3 leg to the downside into the 50/76% retracement level.
Well its been no surprise that CL has been in a bear trend for quite some time. We will continue to keep selling the rallies. I just missed my fill on this trade. Maybe it will come back up for me.. We will see. The TCT was based on the 78.6% fib retracement and Fib Inversion Trade which completes at the 1.618% ext. The pullback also put in a harmonic move (not...