Oil is making a semi-volatile formation, expect a big swing and maybe a fake out or shake out. This pennant could play out to create a swing in either direction, watch for a break of the trend line and RSI for continuation and entry. This is not trading advice.
Crude Oil/US Oil shows buying zone whenever there is a break out to the bottom so anywhere in 40.XX or less than 41.3 price can be a good buy as per chart... upperside is slowly breaching to 43 and 44 levels...
This is a continuation to my earlier post so you can get full chart from my previous idea...
Crude Oil seems to have very less volume when compared with june and pre covid. Until then it will be range bound and if you are in loss anywhere within the region I have drawn then please wait it will come for you... If you see volume spike just like in June then then just buy it...
will post another idea which can be followed for short term...
As per my analysis crude oil is on Range bound in between 3085 - 3193
So Sell at 3136 stop loss at 3166 Target expected 3085 and
Buy at 3085 Stop loss 3058 Target 3166 / 3193
Always stick to Exact stop loss and Target or +/- 2 points considered as Target
Fibonacci and GANN always rocks follow us support us and Research with us
If the price will break the Key Level I will open Buy.
The GAP is almost closed. I told you about it for a long time before.
The main reason for buy is the bullish trend and slowly approaching the level with small ATR candles.
Push like if you think this is a useful idea!
Before to trade my ideas make your own analysis.
Thanks for your support!
Ever since the reverse stock split back in April of this year, this chart has become problematic in future price discovery. I have no skin in this, but I want to take on the oil markets as a challenge to myself to focus in on the global markets, and how political shenanigans play a factor in the price of oil. Just keep in mind what drove the prices...
As posted by a fellow EW technician Aibek a little while ago on Brent, WTI looks to be forming an ending diagonal.
The lower trendline has been hit and there is bullish divergence on 4H timeframe (the same divergence that kick started the move from $39 to mid $42) so the 5th and final wave could have already started.
The 0.618 extension of wave 2/3 is at $43,07...
After a five-wave recovery within a higher degree wave (A), up from April lows, we can see that energy started declining from the highs; we see a break below the lower Elliott wave channel line, which suggests a temporary top in place, and a minimum three-wave retracement into a higher degree wave (B). Support for (B) is at the 32.5/26.0 zone.