7.13.22 Oil Part 1 This is part one on oil. I want to emphasize the importance of looking at higher time frames in more difficult markets and that this can simplify your analysis using less detail while allowing you to see important patterns more easily because you are looking at a higher time frame.
As I predicted, WTI Oil dropped nicely yesterday. The price formed a head and shoulders pattern. To catch a bearish continuation, watch 100.3 - 102.0 horizontal neckline. We need a 4H candle close below that to confirm the breakout. Then, shorting on a retest, a bearish continuation will be expected to 97.2 level. If the price sets a new high, the setup will...
Oil caved through support at the base of the $100's, making its way down to $95.24. We expected this value to hold as a floor price, as discussed yesterday, and we just barely broke through, with a low just above our level at $92.03. We immediately equilibrated back to $95.24, and are currently testing the next level above at $96.88. A red triangle on the KRI...
WTI Crude Oil retraced to a peculiar zone of confluence on 4H: we see a perfect match between a horizontal structure and 618 retracement of the last bearish impulse. Reaching that structure, the price broke a support line of a rising wedge pattern on 1H. I expect a bearish continuation now. Goals: 101.93 / 100.0 ❤️If you have any questions, please, ask me...
All in the video, my guess is CPI is a bounce and then fail.
Looking at CL1! now, a break of Friday's low is a daily-down rotation. Below $100 opens the door back down to the $96.50 area, followed by ~$93 and the 200-day. Oil bulls have not been used to seeing /CL in a downtrend this year. However, that's the case at the moment with the 10-day acting as active resistance, while it's below all of its major short- and...
Crude Oil futures tested the 200 day SMA and happened to find some very identifiable support. Price ground higher to settle above the structure which it had failed causing the sell off. Overcoming the descending GRAY structure above, likely puts this market back on pace to retest the 2008 high @ $147. Support and Resistance structures have been adjusted for...
As previously expected, Crude bounced off 95 (95.10 to be exact) and it bounced off with gusto, to reclaim 100 support. The bounce was a fast intraday check-in at 95, and the following day clocked a bullish engulfing of sorts. This was then followed by another bullish day to end the week with a long lower tail, indicative that between 95 to 100, likes a lot of...
7.8.22 CL1! It wasn't pretty but I think I was able to focus on the significant support and resistance areas. I showed a two-bar reversal near the top. It did move lower, however there were support lines where the market had gapped hire and we had to deal with this. In fact, we ran into a two-bar reversal add support not so far away from the two-bar reversal the...
7.7.22 CL1! went up about 8 points in the last day. In this video, I gave a general review that I believe accurately reflects the market dynamics for what happened here. It will be much more useful if you listen to the video. You will see where the buyers and sellers are, and you will see reversal patterns. It is important to review the graphics if you want to...
Most probably the trend seems to be bearish as the weekly channel has broken but a slight retrace can help a little bit high. So plan your trades wisely. Thank You.
WTI has made the next important step in the course of our primary scenario and has jumped below the support line at $101.53. We expect it to drop further still, namely below the next support at $92.93, where it should finish wave 3 in blue. After a short countermovement as part of wave 4 in blue, WTI should then fall into the white zone between $78.56 and $70.17....
CL reached the extremes short term. From here I expect a bounce up, with a potential to the yellow CL (Center Line). The idea is supported by the Stochastic, where the faster is overbought and the longterm is sloping up. Risking small, aiming big, that's what I do in CL. In contrarian I take profits quickly if it's not playing out like I want.
USOIL fell below USD 100 as recession fears grew, fueling concerns that the economic slowdown would cut demand for petroleum products. In the macro trend, oil tends to be bearish. By the end of this year if the economy is heading into a recession. In a recession scenario with rising unemployment, bankruptcy of households and firms, commodities will chase a...
Crude oil futures CL1! Is making an ABC zigzag correction & may reach 92 where A=C. 88 is the 0.618 Fib retracement while 85 is the Nov2021 Top. This strong support zone will enable crude oil to retest the blue upchannel base before resuming rally thru 2022. Crude oil is falling due to recesion fears & demand destruction. This should be temporary due to the supply...
The CL daily is in an uptrend channel. The market respect the bottom of the channel. The next target is the hight of the channel It will be a good idea to turn to the one-hour time frame and to look for low prices in the buy zone.
I recommend selling us bond 30 next weeks, ZB treasury bond 30 years signal