Long Crude OIL WTI to 75.18 (Daily Pivot)
Hi traders! USOil is getting close to a zone that I am watching very closely, I am looking at the 0.50% fib 73.71 and the lower line of the pitch-fork 71.43. Keep this 2 levels in mind and lets see if we can react. On the other hand, everyone is talking about 75.00. Personally, I dont like to trade into levels that everyone is talking about! Maybe I am wrong, but...
Brent crude may be about to drop through its current support zone that ends at $79.35, derived from multiple Fibonacci confluence. If that happens then a continuation of the decline to the next support zone, starting around 71.03, becomes likely. Alternatively, an intraday reversal above $79.35, could see a rally from the current support zone. Note that the...
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...
Let's take a look at the longer time frames today. CL made a nice break on the Monthly/Weekly charts and is now in need of a bounce...if you are wanting to catch the bounce I get it...however stay in control of your stops. Take a look at what happened late 2008. That is what we call an account killer. We like a bounce and break of the 76 area for a move to the...
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...
We were hoping for some bottoming action on crude but the consolidation suggests another leg down. If so the 76 area is on tap. If they squeeze the weak shorts on a momentum move up then we will look for a level 2 entry for higher targets.
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.
CHANNEL SUPPORT, Lower Risk To Reward Trade. Regards, SP CapitalTA
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...
Price reached projected Wave (iv) level 23.8% retracement. From here it should go down for Wave (v). Minimum target 87.51, even more depending on price development.
We have completed Wave (iii) and now we are going up for correction. Given the fact that wave (ii) was 90% retracement and Wave (b) of Wave (iii) was 58.6% retracement, Wave (iv) should be very shallow. 23.8% retracement is very likely (but allow 33.3%). From 94.49 fibo level (also 94.53 Murrey Math level) short set up should be considered.