As you can see on the 15M chart, the CL is bouncing back from the resistance area at 40 .41 but if it breaks it and moves up you must buy the market. Otherwise, when the price breaks the trend line at 40 .25 you should sell the market which i truly recommend. Good luck.
Couple of major points to unpack relating to oil which points a major inflection point downwards to a material low:-
#1 Oil is on a downward trend since peaking in Oct'18. In fact, the Oct'18 peak is a lower high vs. the 2014 peak which was a lower high from the 2008 peak. In short, there is a massive decade long downtrend line which suits the thesis that oil...
There's really no bullish case that we can make for oil at this time. We are already into the summer driving season and supplies continue to increase. Last night, the API reported crude oil supplies rose by 4.9 million barrels. The market was expecting a decrease of 481,000 barrels. All eyes are now focused on the 10:30 am DOE report.
With crude oil back under...
Crude Oil bounced more than 7% today, but we find couple strong resistances ahead.
I would like to short this market once it failed to break the resistances.
Set the stop loss and let's see what will happen in the next few weeks.
Momentum these two weeks had been bearish amid market foresee more supply.
Price breakthrough the first micro trend line (Blue) and continue with momentum.
Looking at the price, it may reach the weekly base trend line before another range / consolidation.
Thanks for viewing. I put CL1! Crude in a wave (4) correction.
I was quite happy with my prediction of the last drop from 75 to 64.50 (although I picked the start of the price decline accurately, I was expecting a drop a bit lower on that occasion) but then stopped following crude closely. It would be a little surprising if we were done after that first drop to...