Two days ago, Oil broke out the triangle it was caught up in, which has propelled it to 49.72. Although the bollinger bands were still spreading up, Oil was traded outside of those bands, suggesting a very bullish trend, and a higher volatility. Nevertheless, Oil should re-enter its bands before it continues its rally towards 50.14. It mostly explains yesterday's...
Oil is starting to break the consolidation it has been caught into for the past week. The EMAs are converging upward, which means an undergoing uptrend. Cutting through 47.10 will make the breakout scenario more secure, after the long consolidation Oil has been going through. If it happens, Oil will rally to 51.54 the Triangle's objective, with 50.14 as a...
WEEKLY VIEW of Crude. We have been hearing a lot of predictions about crude and we have even stated that we like the upside...but if you take a close look at the weekly chart it illustrates how crude tested each side of it's range and then closed in the middle for 5 straight weeks. Lots of indecision. The weekly pattern screams more upside but the indecision...
After week of a compressed consolidation, Oil finally made a considerable movement towards 47.10, only to close in the red, back in the same consolidation area. The main challenge remains breaking out of the consolidation and witnessing the emergence of a trend. Re-visiting 47.10, today, and crossing this level would be promising for a bullish market with 51.54...
Yesterday's upper movement failed to cut through its EMAs, disabling any further movement that would break the consolidation it is going through, it has been a week. Breaching 44.33 will send Oil south to 40.26, with 42.71 as a primary objective. Breaking through 45.85 will send Oil towards be sent towards 46.36, which breaching will induce a rally with 51.54 as...
Oil rejected the pennant, as it has breached 44.85, though the main slope was a bit high. Yesterday's upper failed to cut through its EMAs, which suggest the trend to be bearish. Breaching 44.33 will send Oil south to 40.26, with 42.71 as a primary objective. Only by breaking through its EMAs, Oil would be sent towards 46.21, which breaching will induce a rally...
The dynamics of crude are changing. Crude is getting close to popping and now that this flag has formed we are liking the upside more and more. We are monitoring this around the clock and will drop down to a lower time frame and look for triggers. Watch fake breaks to either side. Also, a hard break to the upside it could spell trouble for the equities.
The price for crude has not only been lower longer than many analysts foreseen, but prices have been volatile. With the Crude VIX (a measure of crude price volatility) well above historical range, four to five percent price swings are almost common place. The crude VIX (blue line) broke through multi-year highs as West Texas Intermediate crude fell through $65...
SHS Will at the same time close a gap....if Trade what U C @WallStScalper
Crude is experiencing some incredible moves which may be a sign a bottom is near. When bottoms form there is wider moves with volatility...we are watching the trigger zone for a possible long entry. We will keep a tight leash on the trade is it triggers. You never know with crude. NO TRIGGER...NO TRADE!
We saw an acceleration of buying above $47.00. It's safe to say a lot of shorts got shaken out of the market. Now we watch. We look for consolidation or a pullback to the $42 area. Will OPEC follow through with it's comments or will a rate hike send crude back down to the lows? It will be a tug of war and we are placing our bets on OPEC. We are seeking to...
Trendline & structural support Was predicted last week if you saw my weekly and monthly Elliott Wave count... see below in comments field (done on my Twitter) Monthly ...see link below We should see some retrace here in DWTI I will be looking for a harmonic pattern to set up for the retrace. Trade what U C @WallStScalper Music at the charts: Gabrielle:...
Well...that was quick. Off the Descending triangle we were able to take advantage of a very quick move and ring the bell on a nice winner. Lessons for all: Define your trade - Wait for it to happen - manage it as defined - control emotions. We are flat and will see how the pullbacks look.
Crude moved fast and furious so we took some off at 42.04 and pulled stops to our entry level. We weren't expecting this quick of a move so we had to adjust. That is trading...noting is static. It's a free trade and we will trail the stop until we see target #2 or get taken out.
After waiting...we are long Crude (WTI). We like the potential of this trade and are looking for a larger than normal first target. We will keep this on a tight leash. In lieu of shorter targets we will move our stops up as we gain more in the trade.
We are still waiting. As Crude continues to drop we have to move our entry down. A descending channel break to the upside should see a nice pop. No Trigger, No Trade! Be patient with this one. Crude can clean out your account quickly.
IKS Still highly speculative but this could be the start of wave 4 up or the bottom of the last wave down See my twitter account for the weekly Elliott wave count twitter.com Trade What U C @WallStScalper
Crude is in a free fall and shouldn't blindly be bought. We are see a descending wedge forming, which is one of our favorite patterns. Will will look at this trade as a "POP" instead of a position. A break of the wedge and we should see a quick move to the 21 day EMA. If we can get some MoMo then possibly higher.