The price of the barrels is contained in a clear channel that seems unbreakable for the market. Since the trend is bearish this channel is been respected millimetrically. I can't see other signals that change this trend. Many indicators show us that the market is oversold but the prices continue to run to the bottom. A possible break point for this movement could...
Please check out the full, original post chalk full of information: oilpro.com .... On a market technician's viewpoint, if fundamentals do not shape up quick with support from consumption economies, like the U.S. and China, crude could break 2009's low of $33.20 per barrel. I also expect the dollar to continue to rise, increasing deflationary pressure throughout...
Since our last forecast, WTI Oil has fallen out of its lateral range into a full-fledged downtrend on quarterly basis (in relation to 66-day mean). The downtrend bias is confirmed on the long term picture: oil fell through 20-year moving average (now at 54.54) and also trades firmly below 1st standard deviation from its 10-year moving average (standing at...
Notes on chart. Playing the potential measured move in crude. Target for measured move $71.09 (Green line near top). I have an additional target based on my expectation that we break out of the channel of around $73.60 (red line at top). This move is negated at any point that we break below the Orange upward Channel. We are playing the trade both ways. Buying at...
The trend is up. Crude is rising. Possibly to the heights of $75/$80 per barrel. However, the Day supply zone allows a counter-trend position from ~$63 with a risk of 100 points. The reward on this, to the opposing Week demand zone is 700 points (7:1). This will possibly be where a reversal to the upside begins. EP: ~63.30 SL: ~64.30 TP: ~56.30 R/R: 7:1
After 5 weeks of consolidation, the next leg in oil prices could be starting either this week or next. My bias is for an upward break out of the recent consolidation range of 57-61, If that occurs, i have upside targets of 63.5, 69.5, and 73. The time frame for completion of this next leg higher is approximately late June to mid July. A close of above the...
Why? TA: -RSI Bearish Divergence seen clearly on daily -MACD, Stoch(blue on PTS) Divergence too -CCI going down, bearish -ADX is showing lack of bull trend strength, bear trend rising FA: -EURO WILL GO TO PARITY, very strong dollar coming up in june, see EU related post -Inventory data too negative, will now likely shoot up, Api should show from -5.2 to...
I'll call this "NEUTRAL" because the uptrend is still trading around the MODE, which is now 15 days and is at today's range (See chart). The DOWNTREND from the high is in place, but the price is at that mode also. So, it appears likely that we are forming a triangle here because no trend is "strong" at this point. You can see that the uptrend time expired...
Fundamental thoughts: CAD is still weak and following WTI closely. Poloz has suggested it will take some time before CAD econ will strengthen. This rally on CADJPY is caused by strength of WTI. With WTI looking like it is finally showing signs of the rally slowly losing steam. This could be a chance to get short on CADJPY. BOJ will be speaking today and we are...
WTI seam to drive between his two boundary between 58 and 67. Until that it break out the limit 58, it stay long and it will target to reach 67. Rule number 1, always trust resistance and support because it show you the real, ask and bid situation. Rule number 2, never try to predict trend, just follow it. A commodity is not a stock market, it doesn't have...
Technicals on the chart. Pink dotted line is where the previous rate cut happened. (Old resistance) Looking for it to hold here and test 1.2300s area. Fundamentals on related idea.
Oil is staying in parallel channel until it breaks it and goes into a clear direction. A breakout above 62 or below 58 signals the start of either a bull or a bear market. Since it broke previous channel, market might be biased for short, but at the same time, with some big buyer buying, might be biased for long. Short below 58 Long above 62 Buy/sell...
We have a very bearish shooting star on the previous candle session which is then followed by a large bearish engulfing candle creating an evening star. We also have a close below our shorter term trend line. Our two moving averages are also about to bearishly cross over. We can predict this will be the case on the daily chart as they have already crossed over on...
Using angles of past trend and analysis of all gravestone doji since 2008, expecting oil to go to 57 by end of the week and make it to 50$ next week. I used a 47 degree angle to make possible red channel, it could be a 60 degree channel and more aggresive move on oil, due to perfect doji. Possible targets: tp1: 57 tp2: 54 tp3: 52 tp4: 50 tp1, tp2 expected to hit...
A perfect storm waiting to happen with the stock market of major economies like US, Japan, Europe, and most recently China reaching for new highs. The breakout of China stock market certainly doesn't look healthy at all. Money will find its way where returns are the best, when there's nothing else to invest in the real economy during a slowdown. Its a game of...
Above is the month chart of WTI with log scale price. We can see the fibonacci retrace level from 9.75$ to 147.27$. The 0.764 position is 42$. This is a signal of the bottom of WTI at the moment. Another indication is the Gan fans from 33.2$ at 2009, the 42$ is at 8/1 angle. The next resistance level will be near 62.44$.
wti is close to breaking the triangle, downwards > that would open anoter bottom reach and most likely bears will push it down, to reach a final minimum <$40. there is the buy opportunity, and wait patiently until $60+, as downward possiblity limited to the $30s. RSI also divergent on the 3h chart, and daily also bearish. plus, USD is up, and will go upward some more.