Crude may trade to as low as $62.5/bbl, then
a possible higher to $80/bbl.
The major down trend may resume at this level
for eventual target of $20 area. Only sustain trading above
$80/bbl negate this scenario and may allow crude
to trade much higher.
However, below $62.5/bbl WTI crude oil may trade much lower.
After the hard fall down, price is now coming back to balance.
The yellow Centerline will be tested. From here a natural turn is highly possible.
Additionally there is also a Pivot-Support that helps the CL holding up price.
P!
On Monday CL sold off hard and we landed perfectly at our high volume area at $68. The next such target is $65 and now that we have turned bearish I'm looking at a sell-off into that level.
TP * 72.86, 71.88 and finally 70.60 all hit as USOIL followed the projected bearish reversal (blue curve) after being rejected on the Higher High of the 1W Channel Up (RSI = 59.281). Yesterday's collapse was initiated by a 1H Engulfing bearish candle (RSI = 27.521) despite the positive Crude Oil Inventories, indicating that those were priced in and that WTI ...
Looks like a buy to me at these levels:
- 1&2D Clouds have crossed bullish, 3D looking like its on the verge.
- Momentum is winding down, but I don't expect the price to react to much. Likely looking at a 2-3 week sideway/slight downward action.
- High to mid 11s would be my entry, if I don't just bite the bullet and scoop some this week.
- Upside looks good, ...
This is the Blitz setup as the current consolidation structure hints at the following breakout to the upside.
It looks like we have finished the 4th wave.
The next is the last 5th wave to hit the Fibonacci area highlighted with the orange box.
The target is set between the 79.64 and 84.06.
OPEC+ will meet this Friday and the last wave up coincides with the market ...
Based on potential issues with Iran involving the Hormuz Strait I just published and quickly cancelled a chart looking for a run up to 76.5-77.5 and then a pullback to 74. But then thought - if this issue continues to unfold then prices may just continue to grind up over the next month without much in the way of prices pulling back. I am highly advising taking ...
Crude Oil looking for the trend line and go thru $80 a barrel, a good way to drill the US economy.
It would nice to see the oil WTI coming to our trend line around $62-$61 per barrel, the opportunity to buy and hold would be massive expecting $80 the next year but hang on a minute... another risk factor to add in the basket, so a very good way to drill the ...
Potential 470 ticks: I am looking for a potential Long and Short play in Oil short term. I was recently bearish minded at 74.12 but following the price action this past week I believe we may have another run up coming potentially due to geopolitics involving the Hormuz straight. Trade on the chart is self explanatory based on 2014 Supply/Demand levels.
Note: ...
Crude oil has the potential to trade higher with a correction set back. The upside target could be as high as $79 area before a major
reversal for long term drop to target as low as $18 for multi years to come.
Crude Price Cycle not necessarily quantifiable, but overlays pretty well across the board. A very nice Shiff Pitchfork certainly may showcase more merit for holding long term support and a forecast for the largest year-over-year production change in history (see Oil Prices Charging Lower As Oversupply Concerns Plague Traders) entertains the notion that WTI Crude ...
Technical show USO is moving lower. My plan is to short at current value with a Target 1 at 13.65.
I am using puts as follows. USO 17 Aug Put. My strike was at .15 per put.
Price is already up 20% on the day.
Crude oil broke below long term support (white) and we see the healthy pullback in the making.
This move shaped the favorite Bear Flag pattern with a Low Risk / High Return potential.
Wait to sell on the breakdown.
Target area is set within the orange box per Fibbo levels.
I guess it's 5 of (1) in terms of EW.
Take care!
I currently have 2 counts that I'm following in regards to Crude, the first one above (Red only the Red labels) is taking the current Wave iv progression as a Triangle and the other one down below is taking W.iv as a Complex Correction.
https://www.tradingview.com/x/7YGgnZNN/
As per both of these counts the Invalidation Level is coming around 58.56, which means ...
WTI Crude Oil – Trade Plan
The trade idea is to stay bearish below 71.61 with a stop above 71.95 and take profit at 76.40. Good luck!
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I went long on Oil not respecting bearish divergence on the weekly & lost.
I did not go short on Bitcoin because I respected bullish divergence & missed out on big profits.
I hate every one :) How does this troll thing work? 50/50?
I always always always lose if something is 50/50 :)
Best not touch oil for a while, until a new trend develops or there are signs ...
Big move down in Crude, on reports Libya is reopening some ports,
trade war fears, and possibility of the US allowing some country exemptions to Iran’s
oil sanction driving price drop.
Look for 71.00 to hold as resistance for a push towards 70.00 intially.
