Resuming from previous Crude oil Post in the blog, check it here... Obviously yes the bottom is in the visible limits We at that time just had an idea that the developing correction could be a triangle but in the recent trading sessions, it is really very clear that the current correction is most possibly a triangle (Elliott wave Descending triangle) and within...
Resuming from previous Crude oil Post in the blog, check it from what's happening section... We at that time just had an idea that the developing correction could be a triangle but in the recent trading sessions, it is really very clear that the current correction is most possibly a triangle (Elliott wave Descending triangle) and within which the waves ABC have...
The impulse is at the bottom of oil. We are currently in wave 4. If you look at the daily inverse hammer in wave 1 you can see we had a very bullish move after that. We had a consolidation Friday February the 26th. Expect a long move up in the 5th wave. (The fourth wave holds the characteristics of being a fourth wave - it retraced less than 38.2% of wave...
The recent risk rally has encouraged commodity currencies higher. As crude ignores the globalized downturn in economic output and ongoing "pump at all costs" mantra of producers, the Canadian dollar has hit a three-month high against the dollar. Crude aside, traders have also factored in the fact that the potential for a rate cut from the Bank of Canada had...
As OIL climbes higher, I favor shorts on this pair. If price breaks through support area - go short targeting 17.30 - 17.40 area (next level of support) with SL at 18.40.
Technical picture of crude oil has never been looking so good in recent times. To keep it simple, if curde oil manages to stay above $32.50 in next couple of session then we will be seeing 38 level shortly. The chart itself explains everything so no need to elaborate for Technically initiated traders ! ;) Check the linked idea for our previous published curde...
USDCAD has confirmed a daily time at mode downtrend aiming for 1.30 as maximum target. I'm short from last night, using a discretionary entry ahead of confirmation in the daily, but I'll be adding as we progress towards the target and continue to be in the money with our position. Good luck if going short with me, remember to keep a wide stop loss, either ATR...
Long on crude oil, based on oversold conditions, and Wave counts
Price has completed a bullish AB=CD pattern and is already moving up. As we see in the chart price has broken the CD wave and is now pulls back proably to retest the broken level. If any bullish harmonic pattern forms or we have a new breakout of that smaller correction it should be a go for a buy position.
CNBC has loved to refer the recent pullback in the SPX as the "Dimon Bottom" because CEO Jamie Dimon purchased roughly $26 million worth of JPM shares. However, it's not looking for those wanting to hold to believe in the recovery dream. Whether investors want to believe it or not, the U.S. economic cycle is rolling over; and, considering the very high...
I think when all top analyst fail to tell you the price movement we technicians have only one way to find whats next?? HISTORY, yes history it is Using Fibonacci from Lowest price of 1986 and Highest price of 1990 had told us very important historical price moves in OIL, So lets refer to it again 24.5-25.3 is demand zone and 32-33.9 is the supply zone, Oil must...
Crude blew through our trigger zone and never gave us a chance to enter. For now we are on the side lines. At this point crude is in the middle of the chop. We are consolidation so we will keep a close eye on this. BE AWARE: It could chop around for a while.
CRUDE is expected to rise. It is a pure risk call. We are expecting a gap up opening and may be the target be cleared in a day or two. Our BUY call shall be from 32.18 with a SL @: 31.73 Tgt01: 33.70 Tgt02: 34.19 Tgt03: 35.72. Chances are bright that crude may even touch 36.57.We are expecting this to happen shortly. Caution: The above is our personal...
Overall bias is bearish on oil. From the weekly chart i have established a bearish descending wedge. would like to see how we react from this area. Do we break through this inner trendline and go higher or do we come back down and create another lower low. Personally i do think the 27 area will hold and act as a solid support. The RSI is currently portraying divergence.
Buy the break out. Possible TP: TP 1: 28.64 TP 2: 29.98
EURCAD is displaying a potential topping pattern at the top of the recent range, right against a long term mode, the price zone with the most activity in the chart since 1994. The previous reaction to such a strong historical resistance level was seen in the chart I posted before, where I reccomended buying against support for a potentially very large move to the...
CRUDE is expected to rise now. There are many reason why we feel it may rise. 01. It has bounced back from quarterly sell target 02 level. 02. Bullish Engulfing pattern in daily Chart. 03. To rise and clear quarterly targets it had to come down to gain momentum for up move. 04. Stoch RSI (3,3,14,Close) states it may rise. 05. RSI(14,CLOSE) Is also of the...
With the price of crude dropping like a stone, Jed Clampett wouldn't have been so lucky had he struck oil on his farm in today's world. The falling price with no end in sight offers a simple trend continuation opportunity. We see that price action has wicked up into a potential reversal area yesterday 2/16, but no worries, there are still opportunities to get...