Upside very limited. /CL to test what May low gained first. If ur long ur wrong.
H&S patterns that look so elegant usually break to upside in bull markets. Technically and fundamentally Oil is in a bull market. Look for price increases off of this $48/barrel level with price targets nearer $60/barrel into June & July 2017.
Suggests back down again now, after boost from mid-week EIA
well just what im expecting.. lets see how it goes.
Looking for the $USDCAD to drop here with this ETP-4 pattern. If pattern fails will wait until 1.46.
Long /cl 48.66.. adds at 48.4x. Stop just below that.
Buying crude again. 48.9x's. will add around 48.6 with a stop just below 48.4.
First touch of what was gained in March 2017. Will get a BIG pop before below 48.50. BIG LONG RIGHT HERE 49.04. (needs to gain 49.11 and it will POP HARD) Adding at 48.8x. Risking more than usual but it will work. 49.8x the first long target.
Just bought /CL 49.52. Stop below Fridays low. New highs the target. Will add to the long at .38/.41.
In 2013-2014 market touched rising support 3 times and rising resistance 2 times before 6 month down move. In 2016-2017 market touched rising support 3 times and rising resistance 2 times. If it is going to repeat the 6 month down move it is going to do so now.
Multiple technical indicators say buy oil here after OPEC reaffirm cuts. 4.4:1 trade shown.
Please refer to image. Crude oil will breakout, just a matter of on the first try or not.
Pivot. If bearish momo continues and 47.5 breaks, testing 45 for support is not far off. May even chop near 46 beforehand. Patience if looking for a better price. Obey your rules.
If bullish momo comes in, S2 Pivot may be tested for resistance. Additionally, EMA200 may provide resistance as well.
False Breakout To Get The Last Longs On Board.
NYMEX:CL1! Crude has been balancing on a tight range since mid April of 2016. From a volume profile standpoint it has left the composite point of control at 53 behind and it has tagged the naked point of controls at 53.43 and 53.77. I'm expecting the resistance at 54 to fail and then become support. With target at 55.00 At this point it will be on a strong...