Crude is running into trendline resistance and has reached its upside corrective target. It is a low risk short here at 99.20 looking for 96 initially
The daily down trend signal that triggered today indicates we might get a retracement in the existing monthly uptrend in $WTICOUSD. Oil futures would be a great buy once the current fall slows down and reverses, so I'll keep my eyes wide open waiting for cues to go long into monthly support (see the green arc area). Upside over the long term is huge, so, it is of...
I scooped some long term OTM calls here, gives me 10.5% notional exposure to oil via $OXY, risking 1% of my portfolio if the trade fails. Seems like a good way to be exposed to the big and steady trend in oil, I have already banked my other energy positions and oil futures options, this is a good way to stay exposed with minimal risk (since the weekly oil target...
I love this setup. It's pretty rare. It shows hidden massive bull power. And if we can sell oil higher it's great news isn't it? So Here is the setup: if Oil goes > 78.873 I will be buying oil with a stop loss 25c bellow the low of the previous day (SL at 77.45). Target is $6-$10 up or 3 daily green candles whichever comes first. Let's rock n roll if this is...
The recent move in the dollar has put a lot of pressure on oil recently...as it has been skidding around $80 the past few days. Yesterday's API report showed a small increase in oil inventories and the market is waiting for confirmation from EIA later today. It looks as though a confirmation has already been priced in and only an unexpected increase well above...
Short-term Elliott wave view in Oil (CL_F) suggests cycle from September 9, 2021 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from September 9 low, wave ((i)) ended at 73.14 and pullback in wave ((ii)) ended at 69.67. It then resumed higher in wave ((iii)) towards 76.67 and pullback in wave ((iv)) ended at 73.14. The 45 minutes chart below...
Idea for Crude: - Oil at 40 year resistance. - Developed a Distributive UTAD pattern, which I shorted early. - The nature of this move suggests a reversal of the bullish trend. GLHF - DPT
Buckle up because oil is ready to rock. No decent open interests for oil and all major bullish targets were already reached. It's time to buy oil cheaper, shall we? OANDA:WTICOUSD
Idea for XOP: - The reflation trade is dead - just a reminder: - We saw big tech earnings in a (growth) deflationary environment: - Now it's Big Oil earnings time. GLHF - DPT
Crude oil pulled back sharply from 75.30 resistance level. Now bouncing from trend line drawn from March to May lows. Until it reclaims 69.75 and stays above, downward pressure continues. If 65.30 fails to hold, next support at 64 and at last 61.50. Close below 61.50 more downside possible. Other levels as marked.
Idea for Oil/Macro: - The bottom line is that the inflation narrative is driven by one commodity - Oil. - Price is at a 40 year resistance. - The only thing actually holding up the price of oil is OPEC+ agreeing to cut production (Artificial inflation). - QE is actually deflationary, all it does is put a floor on markets and suppresses volatility and creates...
WTI has a surprisingly large pullback this am. Structurally...nothing changes with the trend. Last Friday's low of $63.89 is still holding, as today stopped just short of that at $63.95. With the rest of the energy complex printing higher highs...WTI price structure, and overall trend...I'm still looking for prices to head north of $67 shortly.
Crude tanked today in what I’m viewing as the beginning of wave C within an A-B-C decline from the March high. Weakness from the March high would consist of 2 equal waves near the January high at 53.93. Low 59.00s is a possible bounce level. For more analysis and ideas, visit scandinavianmarkets.com .
#oil has been a tough one to chart. The narrative certainly backs printing higher...though it looks like a descending (bearish) triangle. Wave count right now shows bullish...but we really need to clear 61 soon.
US oil bulls are taking this higher everyday, but this wont last for long. Possible trade with excellent Reward/Risk ratio ahead.
Short term Elliott wave view in OIL ( $CL_F) suggests that the main cycle from April 2020 low remain bullish to the upside favoring more upside. Near-term, the rally from 01 November 2020 low unfolded as an impulse sequence where wave 3 of (1) ended at $47.88 high. While wave 4 ended at $45.88 low, wave 5 ended at $49.42 high. Thus completed wave (1) at $49.42...
I believe the oil on the last wave of flat correction and close to complete it. One more last rise and you can sell oil with SL at the horizontal red line.
Oil about to rise as wave 5. For short-term traders, it is a good opportunity.