It is possible for oil to move this way that is not popular these days as most of people waits for huge drop.
Large correction implies the strength of oil price above 100+.
It will be the second leg of the last move to finish large wave B.
Then it should drop to complete the whole structure within wave C.
What do you think? Please share your comments below
Not financial advice. I’m not a financial advisor. I’m learning to trade. Learn to trade.
CL1 Daily. Maybe dealing with a false breakout at the moment here but this is what it looks like to me. Target @47 area which matches up with the target of weekly bear flag/correction. These two targets also align with the dec 18 lows. If we do breakdown, and reach that...
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...
Oil prices rose around 1% to move further away from five-
month lows hit earlier in the week, buoyed by a report
that Washington could postpone trade tariffs on Mexico and
signs OPEC and other producers may extend crude supply
We like the odds of a bounce from 53.00 towards the short-term
resistance in the 54.20s.
CL1! has completed the stretch price objective for a channel breakdown at 1.382x. This price objective also ties in with an ABCD completion from the Apr peak.
You can see CL1! has formed a double bottom on high volumes and price action has broken a new SSR level on the upside.
Normally on a breakdown or break-up, we would expect to see a retest of the previous...
today see oil still inside a balance zone and below 63.8 and above 62.8 will look for back and forth. however a move below 63.2 will look to short to the 62.8 and hold a runner to see if it can go lower. Above the 63.80 area will stalk long trades. These are trade ideas not long term position trades
Price is in a current triangle pattern
Price tried a bullish breakout and failed
Price closed below triangle trendline
Price could retrace back to bottom triangle trendline
Or Price could drop where it currently is
TP is @ 59.14
Find appropriate SL