Crude Oil break out support line of the uptrend channel. We touch support zone.
After oil drop price start to recover.
I see 3 resistance level for oil.
1. 55.8$ - 38.2% level fibonacci
2. 59.94$ - 50% level fibonacci
3 64 - 61.8$ level fibonacci also resistance line
But global It look like impulse-correction-impulse
Purely a guesstimate as predicting long term is impossible but oil could be in a long term correction (ABC).
Now nearing the end of (b) (shown in bright blue) to the red trendline around the $47 level, before an impulsive move for (c) (of a larger degree B wave) to $95 (point D of the Gartley and between the 0.5 and 0.618 retracement of the larger degree A wave),...
Open Sell order 69,77
TP1 - 68.79
TP2 - 66.59
TP3 - 66.20
RRR - 1:6.33
Last idea - was closed to protect profit. Now i make reversal order and waiting to go to south. Good profit for all us :)
Update on this idea >
Oil hit 1:1 extension (measured move) and strong resistance, possibly completing a correction to the fall from $76,88 to $42,40. Could now start the post correction impulse waves.
Weekly candle looks like a bearish pin bar and possible bearish divergence on...
wti is testing a significant level of resistance,
on 4H chart we see a clear rejection of this level and formation of a double top pattern.
market is now breaking a local support level.
I will be waiting for a candle close below this support to open short.
targets will be based on structure.
Here we are dissecting the Daily chart for Oil. From a technical perspective we are completing an ABC correction after an impulsive 5 wave sequence to the downside.
The first level of interest for shorts comes in at 61.14 with the possibility we can extend as high as 64.59. As long as we remain below here the moves will be considered corrective. In other words,...
Oil has been trading within a 1D Channel Up (RSI @ 56.792, MACD @ 1.060, Highs/Lows @ 0.0000). It is currently on the inner support zone and may rebound although the technical Higher Low extension is seen lower. As seen on the chart it has been repeating a very specific pattern where a 4H Channel Up is followed by a longer but less aggressive pull back. The price...
After clearing the 200DMA, oil has spiked into the 61.8% retrace of the 2018 decline. Coinciding with this fib level are the lows set in July and August 2018.
Similarly in October 2018 the highs were set when prices ran into the 61.8% retrace of the 2014-2016 decline & also the lows made in 2011 & 2012.