From my view, we are getting close but are just not yet near what could be a meaningful multi-week or month bottom in crude. With current sentiment and oversold readings we could in the short term see some spectacular multi day or even week long bounces worth playing, however, longer term support for crude could reside at prices about 10-15% lower. The primary...
Crude is taking a much needed trade as pikers come in looking for a big bounce. While we would expect a bounce we feel that crude may have one more test of the lows before buyers step to take profits. For now we are on the side lines being patient.
The purpose of this chart is to amuse you :-) Who can see that far into the future anyway. Past instances show that dollar breakout can last 4 to 5 years, bullish for stock, bearish for gold and interest rate, neutral for oil.
Copper looks like dis-inflation (dare I say "deflation") is a real possibility. Global growth is often reflected in this industrial metal used in electronics to building construction. Multiple consolidation price patterns are forming and massive distribution has obviously taken place. This all happening while crude oil has fallen out of bed, global equities have...
US Dollar showing signs of distribution as evidenced by accumulation in E6 Euro, J6 Yen and A6 Australian Dollar. #1 Short term excess supply signal has been flashing on/off today signalling a high probability of more selling. Note: no new cyclical support or resistance levels have calculated and printed at this time. This distribution will most likely take a...
CL 12-14: Light Sweet Crude Oil CL is forming strong bullish move during November 2014 off the weekly bottom being formed this week. Aggressive traders can go long on any pullback move to the critical black lines. If weekly bar closes above 81.16-20 zone, this will be great confirmation of starting uptrend at least during first two weeks of November before the...
10-29 Contra Corner! For those who don't like to buy extended stocks AFTER they have already made a run (Think Late to The Party). Here is a sector one doesn't have to chase. Do yourself a favor and KEEP CHECKING MY PAGE TODAY as I'll be posting charts in the energy theme that have some sort of bottoming pattern either built or still building. As for this...
Question is which way. Daily price action this week has found itself extended past a Fib level of 2.618, yet bouncing off the 3.14 (Pi) level AND past a very strong point of magnetic force, both pitchforks 2.618 deviations have already crossed and it appears price is trying to respond by changing its trend. So it is trapped and basically waiting for direction. ...
Crude seems to be forming a bottom so our thoughts of getting long is valid. We will drop down to a smaller time frame to and watch for a break to get long.
Crude is now in a bounce area and we will be looking for any dips to buy on the 60 minute chart. We will look for shorter targets expecting a retest of the recent lows over the next two weeks.
If there is anything that many years of trading has taught us, it's to STUDY charts (1,000's of them) and understand when and why to trade. Look at the post of CL prior to this. . The larger time frames show you where the big boys play and the smaller time frames will help you enter the trade. Then study this chart. Ask yourself...where has price come from...
If close below 90, look for 85&80 areas
We are now watching CRUDE (Weekly Chart). If we see the break 90.50 are we could see another nice leg down to the 88.00 area. We tried to test the long side and were stopped out so we will avoid the long side for now.
Above i have drawn out my thoughts on time symmetry and bearish cycles in the Crude Oil market. Though in a long term bullish structure on the weekly and monthly, at the tops of these weekly bullish cycles, we see extended bearish cycles, or an "Unwinding" of long positions. We are currently in the process of another of these unwinding cycles. The Willy21MA13...
I thought i would chart out this study and show how previous highs and lows in the crude oil market can act as liquidity pockets for reactions and possible reversals. Highlighted in blue are previous levels where you could expect traders to place their stops. From these stops we have seen numerous reactions in the past. Crude oil has shown on the weekly and...
We are short...and taking heat. Our targets are posted. 92.50 (continuous contract) is acting as the line in the sand.
Right now there are 2 possibilities...1) oil continues to sell off to complete the 5th leg, or (2) then price must retrace to the marked areas if it does hold at b, then price should retrace up to the red resistance lines which also happen to be fibonacci levels.... My personal bias is on the 38.2 fib level for c at $97. However since we are moving into the...