Oil Projections Week of 08022020
We now have a pretty clear RSI daily divergence in US oil (futures chart shown here). With the daily daily 200MA and resistance above and the rising wedge reversal pattern this looks like a good sell. Take profits at break of rising wedge pattern.
Hello, my dear subscribers. Who has read my articles before you should know that the price of oil should cost up to $20 per barrel. The goal is achieved. Now oil is growing on Trump's verbiage, but this is wrong, this is a big mistake, the market does not work like this. The market will punish Trump, the coronavirus has reduced energy consumption and spending, for...
Fundamental reasons for not going Long : 1. Saudia Arabia is flooding the market with Oil - excess supply 2 Travel, tourism business actual damage still unknown - many airlines have retrenched staff 3. Is work from home going to be the new norm ? 4. Storage space insufficient 5. No strong economic catalyst to cause a rebound From the chart, you can see it is...
The future USOIL, symbol CL, is in a Bear Market with price trading above the 50 ema, which is below the 200 ema, which is below the 800 week ema. The long term emas are mostly flat, indicative of an accumulation / distribution zone. Price has closed below the 13 ema at 58.85 on the weekly, so therefore, the Bear Market Rally can be considered over. Last week...
The USOIL, symbol CL, is in a Bear Market Rally with price trading above the 50 ema, which is below the 200 ema, which is below the 800 week ema. The 50 week ema is currently slightly up trending, but by and large the long term emas are mostly flat. This implies an accumulation/distribution zone. The intermediate term Elliott Wave implies a rally above 66.58 to...
The future USOIL, symbol CL, is in a Bear Market Rally with price trading above the 50 ema, which is below the 200 ema, which is below the 800 week ema. The 50 week ema is currently slightly up trending, but by and large the long term emas are mostly flat. This implies an accumulation/distribution zone. Price would have to close below the 13 ema at 58.86 on the...
We have a long opportunity in crude oil now. Crude oil has been sitting at the 61.8% retrace around 45.40ish for the last couple of days. A study of the longer term cycles shows that we have just completed a corrective red zone which actually started in March 2018, this cycle reached a low in December 2018 and will reach its next high in June 2019. We...
Thought I would move away from Oil for a bit ... but not too far away ... ... (expecting $68 top then reverse. May CL1! rolls this Friday, volume has already moved down 216K last week to Friday on CL2! while OI has increased by about half that. I expect down this week, then up into the new month. So short til Friday on new month. Then open new long on new month...
USOIL /CL1! /WTIUSD/ 1. Down Trend 2. Lower Low & Lower High 3. Area Support 42.00~42.10 CL1! FOREXCOM:WTIUSD usoil cl2!
1. Small Elliott2 =Entry 2. Higher High => Up Trend 3. Alt Bat Bullish Prz 113% CL1! cl2! FOREXCOM:WTIUSD usoil