Crude is approaching a major support area $48-$50. We are very interested in this area. WE WILL NOT have a resting order in the area. We will watch the level first then find a shorter time frame trigger to get long for a bounce. Keep in mind we are not anticipating a major bounce. The way things are going at OPEC we expect price to stay fairly low for the...
Oil may bounce as it just hit a minor weekly support zone but the chart shows that the upside potential is very limited. 65-70$ is going to be a strong resistance with the 61.8 Fib (which will act as resistance once it broke down) and a weekly downtrend line. A reach to the 78.6 here (near 50$) maybe inevitable. A close above 60$ with a strong 4H or daily...
The US dollar weakens almost one percent on growing uncertainty following worldwide equity sell-offs. The weaker dollar is allowing crude to rebound from below $63 per barrel, but spreads on energy debt have ballooned to 880 bps, an all-time new high as traders deem the high-yielding debt extremely risky. The VIX spikes over 16, creating the worst two-day span in...
Downtrend is strong and alive. 61.8 Fibonacci retracement gave us a nice reaction. Other lows could certainly be seen, but a shot against this minimum (when a pullback will appear) with a proper r/r seems attractive to me. This is not a trade recommendation.
The bears were hunting for any bulls poking their heads out of the sand and by howdy did they hammer them. Crude still cannot make a break to the upside. Fridays price action tells us that there could be more downside. While crude is still weak we are not short. We will wait for better parameters.
Crude got a much need bonce on Friday after making new low in the globex session. While the bounce is nice don't expect crude to go straight up. We will look for another move lower from the upper trend line (red). We will wait for a lower time frame trigger. This trade will have great risk/reward. See this video for more: youtu.be
Hi Traders, WTI OIL is very close to the support in the area 75.62-74.94. The sputtering downtrend is "kicking the bucket" and the start of a new uptrend is only hours away. TARGETS First down to the area 75.62-74.94 then up to the area 87.53-87.62 (for a start) ELLIOTT WAVES The weekly chart shows that the A-B-C will be completed by reaching the area...
Cruel crude oil screaming for a bounce here after a big slump :) A historical bounce zone and completion of a bullish butterfly.
Hello Everyone, After a long period of Consolidation in a Symmetrical Triangle, The Crude finally broke out to the downside and did a major drop. So big that it worried a lot of countries feeding on the black gold. Nowadays it feels like people are no longer fan on commodities. They'd prefer more of the greenbacks than golden back-and-fronts. As you see...
CL 12-14: Light Sweet Crude Oil CL is forming strong bullish move during November 2014 off the weekly bottom being formed this week. Aggressive traders can go long on any pullback move to the critical black lines. If weekly bar closes above 81.16-20 zone, this will be great confirmation of starting uptrend at least during first two weeks of November before the...
I think crude has overshot fair value and is now oversold. It is below the linear regression (ie Trading range) and CCI is creeping upwards. I would make this call with more confidence should the MACD crossover occur with more enthusiasm but I'm getting in before the market does. Of course the moving averages are against us, but if we see Europe start to gain...
Crude is now in a bounce area and we will be looking for any dips to buy on the 60 minute chart. We will look for shorter targets expecting a retest of the recent lows over the next two weeks.
Everything can be seen or read on the CHART.
If there is anything that many years of trading has taught us, it's to STUDY charts (1,000's of them) and understand when and why to trade. Look at the post of CL prior to this. . The larger time frames show you where the big boys play and the smaller time frames will help you enter the trade. Then study this chart. Ask yourself...where has price come from...
We are now watching CRUDE (Weekly Chart). If we see the break 90.50 are we could see another nice leg down to the 88.00 area. We tried to test the long side and were stopped out so we will avoid the long side for now.
Above i have drawn out my thoughts on time symmetry and bearish cycles in the Crude Oil market. Though in a long term bullish structure on the weekly and monthly, at the tops of these weekly bullish cycles, we see extended bearish cycles, or an "Unwinding" of long positions. We are currently in the process of another of these unwinding cycles. The Willy21MA13...
I think we just did a 5 wave move down and a 61.8% retrace. It is very hard to say here, but this is my first attempt at this trade. I am short and am holding. Please help me improve and profit, I want to get better. Thank you for your time
We are short...and taking heat. Our targets are posted. 92.50 (continuous contract) is acting as the line in the sand.