So, I posted a chart this morning and oil has moved further up which is within calculations and if this chart also fails, then I will post my new opinion on Monday. For now, happy trading. My sl is at 64.51 for leg B to C DISCLAIMER Please note that this chart is an opinion based chart only. Please trade at your own risk
We are currently trading the 4th leg of the Gartley pattern that is forming on the 1 hr chart. We are predicting the Harmonic pattern will be completed on the condition that the yellow resistance zone is not broken. TVC:USOIL
This is a slight tweak to my short call chart yesterday in the 1 hour view. This is my opinion on oil. There is still a potential for more upside before we go down as stated yesterday, up to you if you want to wait for more upside before shorting. DISCLAIMER Please note that this chart is an opinion based chart only. Please trade at your own risk
My pattern earlier became invalidated once we broke 64.65. This has the potential to revisit today's low again. DISCLAIMER Please note that this chart is an opinion based chart only. Please trade at your own risk
From here, I believe we will be going down to 63.37 where buyers may want to come in again. Disclaimer This chart is an opinion based chart only. Please trade at your own risk.
Oil has now reached the 0.618 fibonacci line although it has gone past it slightly, which is ok. In my opinion, it hasn't reached a resistance line yet which means this has the potential for more further upside around 67-68 but of course it could just go down from here. Oil can go straight down from here to 60.70 before going back up to 63.22 and then another...
If this candle (4-hour chart) will close below the black trendline, is very likely that the WTI will fall until the area $ 49.40/49.50. The stop loss, in the case, at $ 52.65/52.70.
Light Crude Oil #CL long term long bias, weekly demand level in control, similar scenario is also available on Brent. Weekly chart is uptrending, weekly demand imbalance at 64.94 is in control and printing higher lows. Daily demand at 65.82 in control attacking a used-up daily supply zone at 70.39, expecting daily supply level to be eliminated. If that happens a...
Crude Oil have been strong from last year with succession of new tops and lows-whilst it just broke the multi-days bullish channel and undergoing a linear compression setup. Price action and momentum indicators are suggesting the downside to continue towards the prior support area around 61.94. I am looking to short this market around 67.27-66.20 with stop around...
CHART TIMEFRAME : H4 INDICATORS: EMA50 & EMA100 CHART PATTERNS: Double Bottom and Potential Bearish Harmonic Pattern to be completed at D Leg. - Fibonacci 88.60 of XA - NOTES: 63.00 Neckline of the DB AREA OF ENTRY: Current Level and Possible Retracement EMA50 Support. Details as described on the chart. DISCLAIMER: This is a technical analysis study, not...
Fundamentals of today: Crude oil prices gained in Asia On Wednesday as industry estimates on U.S. inventories threw up an unexpected drop in supplies. On the New York Mercantile Exchange crude futures for November delivery rose 0.39% to $52.08, while on London’s Intercontinental Exchange, Brent gained 0.17% to $58.02 a barrel. U.S. crude oil inventories fell by...
After the recent decline of the Crude oil prices (Brent and US Oil/WTI), several people called to short it... I guess they missed this! I expect more bulls to come. Would it however be able to reach the monthly resistance at 55.00 area?
During the drop of the prices of oil after the OPEC meeting, several Oil ministers were not worried of the decline of oil prices as they say it is normal every after meeting and that it would recover. Is this is? Despite the formation of a fakey bar, the prices are still below the 8, 21 EMAs... not mentioning below the 200 SMA as well.
Crude Oil is trying its 2nd attempt to break the resistance zone. There are 3 possibilities here: 1. If it break the resistance zone, wait for PB to the resistance zone and a bullish signal to long. 2. Eventually, it might form consolidation near the resistance zone. If breakout, can directly long 3. If there are 2-3 "2 BARS REVERSAL" to trigger the BEARISH...
If the crude oil price continues with the trend, there is high chance that it will manage to break the resistance zone. After breaking, wait for pull back and long. It will be a 1:3 risk to reward trade.