I had posted a view on Crude oil that wave v should begin and rally till around 97$ mark a few days back.
Here is a more detailed 4hour chart of the same with updated and detailed wave counts as to give you the idea what my views are on the same.
Not gonna lie the fall below 76$ mark was not anticipated and did give a chill but the crucial wave 1 high of 74.69...
Oh my..I think something big is on the way.
Let's first look at what we see on the chart:
It's a long-term chart, where each candlestick represents 3 months. Why did I take 3 months? Because I wanted to see the big picture.
Look at the red frame.
This is a daily chart, and with all the candles going up and down like a rollercoaster, it's messy and will keep you...
Perfect entry point from technical point of view, I suggested this trade before too.
You should target $71 and $74 as TPS.
The market will tighten in the second half of 2023 partly due to ongoing OPEC+ supply cuts and Saudi Arabia's voluntary reduction for July. The combination of robust demand reduced exports, and a larger-than-expected drawdown in inventories...
Crude oil is cheap again.
It bounced from this support previously, looking at the daily chart.
Traders await the FED policy meeting and new interest rate announcement. They should pause the hikes for the foreseeable future.
Targeting $71+ and $74+.
In terms of crude oil, the daily line rebounded on Friday, and the previous low of 64.1 had strong first-line support, forming a double-bottom pattern. Crude oil on Monday focuses on the position above 70.0, with a stop loss of 69.2, and the target is above 72.6-73.0; sell backhand empty orders near the pressure line of 73.8 above!
Combined with the trend of the hourly chart, U.S. oil continued to stay high and fluctuate within a narrow range after pulling up yesterday. This state indicates that the market may rebound again, but whether the top can break through 74, and whether it can press 75.5-7 is irrelevant. It's too easy to judge, after all, this wave of recovery still seems very...
The Crude train to the south stopped exactly at the monthly Centerline.
I think this could pave the way for good opportunities to the upside.
Stalking a potential trade in here.
After the 114 level seems to be nailed, higher targets are on the plate.
There is not much to say here.
Price just roars further north.
The A/R and Pitchforks project the highly potential price targets.
Read again: "project", not predict ;-)
Trade small, trade save.
CL reached the extremes short term.
From here I expect a bounce up, with a potential to the yellow CL (Center Line).
The idea is supported by the Stochastic, where the faster is overbought and the longterm is sloping up.
Risking small, aiming big, that's what I do in CL.
In contrarian I take profits quickly if it's not playing out like I want.
CRUDE OIL – Futures: Buying Within The Range Of Pin Bar Signal
Price Action: Price moved slightly higher from the Bullish Pin Bar Signal that had formed late last week (We suggested trading this signal in the May 20th, daily newsletter).
Price moved higher from the recent Bullish Pin Bar Signal that had formed over a week ago (We did not consider trading this...
Dear Friends
This Week i See WTI chart bullish so for First Postion I suggest Take Long Postion As Described in Picture
Risk:Riward=1:3 Free 80% Cash and Move SL To Last 1H Swing Low
First of all we see that the uptrend is not broken so far.
They washed the longs out (red box), made a new high and then dropped with a "Scary Drop" to flush the new longs out again. Nice how they came down to the center line.
Now, back above the CL, it seems that the Battery is loading again. However, the could make a new low of course. But in this current...
1. The slope of the blue slanted lines are derived from the two consecutive lows.
2. Then this line is projected to the next highest, and in time farthest point.
3. The slope catches the low of the -$40 level.
4. When projected backwards, we see that a high in the past is catched by the lines.
5. The lines catch the bounce.
6. A high potential target is the...
Cup & Handle, ready & served.
Nice Risk Reward.
The only concern is the MACD, which points still to the downside. But hey, nothing is perfect.
And because of the great RiskReward, I'm in.
We see that CL came down to the grey centerline.
From there it zoomed through, pulled back (pin bar) and then missed the lower line (L-MLH). That meant "Hagopian" = price pushes back farther than from where it came. And it did.
Now price is "pumping" in 0-5 formation, a nice flag.
If you zoom in to the 240min. TF you see how it unfolds.
My personal preference is,...
When we look at the chart we can see that the price is touching a support zone in the hourly chart.
I am personally going to go long for now with the SL just below the Support zone and my Tp at the top of the previous high we can see.
Daytrade-execution
Entry: 64.03
Stop loss: 63.5
Take profit: 66.50
Risk-Reward: 4.6
