This chart is no longer due. Pattern has panned out !!! Possible IHS is setting up on UWTI with a possible target at the 3.78-80 ish handle. Remember neckline has to be taken out in a convincingly manner for the IHS to be valid. Safe trading ladies and gents! @BLawrenceM N.B. If you like my charts you can get more updated by following me on Twitter
CL could break this week. Take a look at your weekly charts. Price keeps bumping up against the upper resistance. This is on our "watch closely' list.
CL is stil range bound and now has formed a small ascending wedge. This si on our watch list. CL could break for a nice move soon.
A follow up (dance)chart to my other bullish ones. Here I see a potential ABCD setting up with a huge reward. Notation on chart...but ..: Entry at 3.56 Riding it to PRZ Stop at 3.33 Safe trading ladies and gents I'm not saying oil stop at the 127.2 or the136.2 extension. It could go as far as the 161.8 - but I make no promises. What I say is...take some chips...
Crude oil is making new grounds with it soon to come with its reverse pull back, same thing happened in 2009 although there is a possibility that crude can slide to support at 40$. either way i will be easing my way into a positions using the ETF UWTI which is priced very cheaply at 3$ a share. also a big shout out to @Ricker for showing me UWTI
Crude oil is almost bottomed out, now price of $43.5-46.5 became a very strong support and main area to watch for future price projection, Closing below these levels will might raise a doubt of further price slashing till $40 or below but in my view this is very unlikely. Stochastic is also indicating the reversal sign and behavior of indicator is very much...
Gasoline has seen a crazy rally in the first six weeks of 2015, after a record number of daily declines; but, considering the continued oversupply in both crude and gasoline inventories, RBOB could look to pullback. No longer in an oversold condition on the daily chart, gas has been unable to close above $1.6192, as well as a minor descending trend line. So far,...
There is a Pinbar formed on 1 Hour Candle of USOIL which is also at a confluence zone which is tempting me to have my 1st short entry of this week in this OIL / WTI / CL. My short starts from 52.50 with 100 pips SL and 200 pips as TP. The R:R is 1:2. I hope you can hop on the ride. Just remember to put your SL to break even after getting 1:1 R:R and trail your...
CL is range bound for now and could go sideways for a few week. We are still trading inside the monthly trend line and we will favor the upside for now. Watch more CL commentary: youtu.be
There's a strong support for oil at $37.72 and I believe that will be the bottom in the coming months. It is only bouncing given the extreme oversold condition and that does not change the fundamental fact of an over supplied oil market and many more that are stored in offshore tankers. I highly doubt the long term log trend in black will hold. (Temporary bottom...
Last few days I'm getting couple of mails / PM's regarding my OIL prediction. I'm glad to see people likes my ideas which inspires me lot. Thanks for supporting me. Back to chart, as we can see in my previous chart, market couldn't reach my target and bounce back to the point as we're now. It is trying to create triple top as well as bullish rejection at the same...
There is a push from the bottom and we saw a good upward movement. Now as the news effect goes over and we are back to normal trading.. I'm expecting a downward movement till 50.00. My stop is above 52.00
From this week's Weekly Markets Analysis. The aggressive bullish C entry near 73$ was successful and now we are at resistance. Will it make a small pullback before the rally to complete the bigger pattern? In case of a pullback - 75$ will be a good target level
CL played out very well for us. Price moved back into our zone and triggered a long (a small position). We have covered into this spike. We will look for pullbacks to establish a new position. We will post another chart with areas of interest. Stay tuned.
Crude had a nice bounce Friday. The volume was strong and now price is trading back inside the Monthly trend line. A test back down into that trend line and we will look for triggers long. See our weekly update for more: youtu.be
I haven't posted about crude in a few weeks because the fundamentals and technicals simply have told the same story over and over again. Bulls get bullish because A) they believe the global economic growth falacy or B) it's so oversold it must go higher. My charts did not change, and, yes, it has played out well technically to the downside. It is ever closer to...
CL made a new low in the March contract. The continuous contract is within a few ticks. Regardless of what contract you are trading CL is still weak and standing in front of this train wreck is bad for your account. We will stand aside until we see the first sign of upside volume then we will place it on the watch list. Watch more on our Weekly Video Update: youtu.be
I see a bottoming process here for crude. For the first time since the june 2014 decline began the ma's are flattening and even the 50 ma is pointing up now (50ma not shown) The bollinger band is narrowing in and todays price actually stopped at the lower daily bollinger band. I'd say price has set in the low on the 13th of jan and has completed it's first wave...