Over the past few weeks, oil was making some gains slowly to push up from the lower $50.00 level and nearly into $60.00. There was some technical stagnation just under $59.00. A triple top had formed and we were waiting to see if support would hold for a push through resistance into $60.00, then the news came out from OPEC and OPEC+ that brought a strong 5% drop...
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...
waiting for trend break and macd break to confirm the last wave of divergence showing loss of momentum in uptrend, i will enter by retesting the broken trend line
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.
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...
Weekly chart showing a break of the trendline to the down side, MACD is down and a Daily consolidation box forming. Looking like a good set up short. Take the breakout of the Daily box for entry placing the stop at the top of the candle that gets you into the trade and your T1 will be the previous swing low on the weekly chart.
A downtrend channel and a HS pattern is forming. What do you think?
Price this broke a 13 month Trend line support level, and is showing signs of a retest before what I expect to be a further push lower, beginning a downtrend. First off we see price may have found a short term bottom where price almost exactly hit a tight Fibonacci cluster zone (fib. ext. 150, fib. proj. 127.2, fib. retrac. 88.6). On the same day (5/5/17, NFP...
From a technical perspective, the oil price has turned quite interesting since the start of a new trading month. The chart below shows the monthly rolling oil contract chart where June’s price action closed in a doji. It gains significance following three straight months of gains. The monthly Stochastics also shows the hidden bearish divergence currently playing...
the most intriguing is the formation of the right wing Write, ask questions, happy to answer