Crude oil prices skyrocketed from the news that there was an attack on an Iranian militant in Iraq which increased tensions and caused oil to pop. Oil was already on a tear to the upside and market structure suggested long side, this just gave price a little jolt of energy. Tensions may continue to rise but market structure is still saying upside. The break above...
Deleted the last one because i realised the cypher wasn't accurate at all, overall oil looks bullish and continuation / reconfirmation of a long term uptrend is being established.
CrudeOil - I see monthly charts calling for a big upside on crude and this fits well with the timing of the Saudi Aramco IPO recently. $100 targets next year
The West Texas Intermediate Crude Oil market initially tried to rally during the trading session on Monday, bouncing from the uptrend line and reaching towards and above the 50-day SMA initially. The crude oil market kick off the week with rally, as an Iraq oil minister suggested that not only would OPEC continue its production cuts, but it would possibly even...
Crude oil - H4 chart showing buyers in control with price continue to make higher highs and higher lows while leaving behind fresh demand zones.. Buy limit set at 57 with stops below 56.20 and take profits 60-61... Enjoy
Crude Oil - Weekly chart - I see crude trading in a bullish structure respecting weekly and monthly demand zones and looks like it can pull back upto 70s to test a fresh weekly supply zone. Lets see how this plays out!
On 13 Sep 19, Market closed on $54.87 but Oil prices have spiked after a destructive attack on the Saudi Arabian oil production on weekend shocked markets and produced shortage in global supply of crude for some time.
Now we can see the price spiked more than 10% in a day after market opens and hits the 50SMA even the 100SMA on week chart.
At this point we also...
We have reached our near term target level 53.20.
Lack of Global Oil demand
Slowing down global economies
And now China's Plan to tax US Oil starting September 1.
As I mentioned in my previous Oil report, China- Iran Oil Trade Plan could be validated soon.
After the false breakout of the triangle, we see WTI retesting the triangle. WTI needs to make Daily...
Watch The Fib Level and Trendline and then Trade If Crosses Then Close Trade Wait For Higher Levels To Get Active Most Probably Crude Might Not Cross 59.64
Market is closed.
Let's have fun:-)
Supply Cut Extension
ARAMCO IPO
Iran Sanctions
Slowing Global Economy and Global Growth Concerns
Decreasing Global Oil Demand
Follow the lines and arrows
The shortened version of our Crude Oil Forecast:
We have started to sell Crude Oil at 65 $ and reached our target at 52.80 $.
What is next?
What were the reasons for the sell-off? What is driving the market?
1. The supply and demand balance strongly indicates that oversupply will last for some time to come.
2. Global Growth concerns. I have mentioned several...
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
After hitting the lows yesterday, my opinion is that crude oil will once again hit 64 at point B before going down to C before a last leg up into 64 at point D and then back down again. You may take C and D trades, which is an opportunity for buy & short if B plays out. Please not that targets aren't always going to be on point, it may go slight higher or slightly...
This is one of my take on oil on the daily, I might upload my 2nd opinion. I will post an intraday opinion soon.
If you followed this chart that I posted yesterday, then both your target would have been met by now. Could go down further but for now, I'm out.
DISCLAIMER
Please note that this...
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
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