Crude is in a free fall and shouldn't blindly be bought. We are see a descending wedge forming, which is one of our favorite patterns. Will will look at this trade as a "POP" instead of a position. A break of the wedge and we should see a quick move to the 21 day EMA. If we can get some MoMo then possibly higher.
Support is actually around 37.88 not 39.60 How do we know that's the support? well-going back to 1990 until now it has acted as support and resistance line. Also known as axis line has to be tested. Wait to go long- if planning for short have a good SL around 43 For longs- if cannot wait to go long at least have enough funds to go via multiple entries...
Please check out the full article here: oilpro.com The Energy Select Sector SPDR® Fund (XLE) has been battered, and it is starting to bruise. With the price of crude now just hovering $43 per barrel, this exchange-traded fund (ETF) is likely to get a whole lot cheaper. This fund has support near-term because Wall Street is discounting recent events in the oil...
With the drop in oil prices, $JETS, the new ETF that holds airline companies like Delta ($DAL), American Airlines ($AAL) and southwest airlines company ($LUV) had a very nice rally during the month of July. The $ETF rallied all the way up to the 88.6 Fib level to complete a bearish Bat pattern and declined from there. The pattern's targets are 23.5$ and 23$...
Last time I mentioned Crude was when it bounced from the Monthly pattern I've posted here about more than half a year ago. Now Crude is about to reach 40$ again and maybe create a monthly double bottom inside the pattern's PRZ. The longer term target levels are shown in the chart. If 40$ won't hold as support, the price could try and re-test the X point level...
Please check out the full, original post chalk full of information: oilpro.com .... On a market technician's viewpoint, if fundamentals do not shape up quick with support from consumption economies, like the U.S. and China, crude could break 2009's low of $33.20 per barrel. I also expect the dollar to continue to rise, increasing deflationary pressure throughout...
Analysis on chart. I'll update it once I see a clear short signal in the weekly chart. Daily remains turbulent and unclear, it's possible to see a small rally, so shorting is a bit dangerous unless using wide stops and going long is even worse. I'll analyze price action and look into selling short once we see confirmation here. Crude oil seems to have resumed the...
Talk about rejection! Today we saw some crazy dollar strength. As of 3pm, the dollar had made a 100% retracement or 214 bps round-trip from this morning's ECI drop. The market gave a clear signal that it believes - or rather, more likely, wants , a Fed rate hike. That's all that matters, folks. Oil is heading lower. What's more, the technicals strongly support...
Analysis on chart. There is slight probability that this is the top for this pair, and a strong decline might start from here. I'll be looking to enter short on a retracement if possible, or after a consolidation forms. The invalidation level will be a new high, naturally. Will update with my entry, for now, it's impossible to enter safely, unless you're already...
The dollar-yen has been able to recover a sizable portion of yesterday’s ensanguine price action, following the dollar’s rejection from key technical resistance. Support for USDJPY remains clear with the Federal Reserve’s promise to hike rates, supposedly, sometime this year. With the Fed keeping traders guessing, the dollar remains in an upward trend as the...
One is hard pressed to find a macro bull case for crude. Supply is poised to rise, demand is looking to slow, and the dollar looks ready for another leg higher. Longer term, I still believe we'll see new lows in oil and the technicals make an easy case for a full retracement of this Spring's ascent. Currently, crude is sitting at important support, which...
EW count and analysis for CL1! crude oil. Notes embedded I will be buying at around $48/bbl and looking to take profit around $66 with a possible extension toward low $70's. Place stops at the (b) wave low around $42.
Analysis on chart. We've reached the time at mode uptrend targets, but there's still time left in the 16 bar uptrend. The news events this week are potentially devastating for the USD longs, so I'll be looking to go short asap depending on the price action around said events. I'll update once I pull the trigger. Good luck, Ivan.
Well currently the price has formed a double top, we also have a shooting star candle at point 3 around 62.48$. Currently 2 places to short: Short Entry 1: Short @ 0.764 Ratio==57.75$ Stop loss @ 63$ Take Profit @53$ Short Entry 2: Short @ 0.618Ratio==54.85 Stop loss @ 63$ Take Profit @ 50.16
The trend is up. Crude is rising. Possibly to the heights of $75/$80 per barrel. However, the Day supply zone allows a counter-trend position from ~$63 with a risk of 100 points. The reward on this, to the opposing Week demand zone is 700 points (7:1). This will possibly be where a reversal to the upside begins. EP: ~63.30 SL: ~64.30 TP: ~56.30 R/R: 7:1
Well i'm expecting price to break above 62$ (which is 200day moving average area)....If price closes above it should rise upto 70$ by August-September. If price fails to close above it, than we can expect consolidation in the daily chart back to 55$ a barrel. So, you'll need to either wait to buy it at 55$ or you can buy it with a pending around 62$. You'll have...
Fundamentals, OPEC maintaining volume capacity, coupled with technical analysis suggest that the recent rally in Oil is running out of energy. I expect a reversion to the lows expecting a retest of the recent lows throiugh the summer. Risk to reward ratio looks favourable
THE OPEP MEETING EARLIER TODAY GAVE THE WTI THE BEARISH KICK WE NEEDED FOR THIS TRADE. THEY DECIDED TO KEEP PRODUCTION UNCHANGED, THAT IS A BEARISH FUNDAMENTAL FOR USOIL. THE TECHNICALS SHOW US THAT THE OIL HAS A VERY STRONG AREA ARROUND THE 58-60S. LAST MONTH WE HAD AN EVENING STAR CANDLESTICK PATTERN, CONFIRMED WITH TODAYS FUNDAMENTALS AND TECHNICALS. JP MORGAN...