We are currently trading the 4th leg of possible bat that is forming on the 4 hr chart. We are predicting the harmonic bat pattern will be completed and a recent break of the yellow trend line has given the pattern and our strategy confirmation. Our strategy for USOIL depends on price action not breaking the bottom red support zone. TVC:USOIL
We see the completion of a harmonic bat pattern on the daily chart and is also at a major support zone. We are expecting a bounce off a the support zone. We have our take profits are set at the green major and minor resistance zones. TVC:USOIL
We have resumed trading crude oil and in our most recent analysis we see the formation and completion a ab=cd harmonic pattern on the 4 hr chart. Price action has also reached a major support zone at the completion of this pattern. These bullish technical indications signaled us to take a long position; which has already started moving in our direction. TVC:USOIL
Here we go again! Crude oil's super mega uptrend looks to continue! Last time we saw a trend like this was 2009, and it's a long time coming after the major declines in 2014.
Quick summary why I'm bullish in the next weeks:
1. Overall bullish trend
2. Consolidate and form a higher low
3. Failed breakout lower, breakout higher
My next target is 75.50, and if we...
As mentioned in the latest analysis, our LONG target was 65.25 – 65.50 region.
Then we followed the bearish harmonic pattern, and our second target was 64.06. Price reached the second target and reacted. – 110 pips were not bad –
We tried to explain the bullish and bearish fundamentals of Crude Oil.
The main trend is bullish.
Intraday Levels to keep eye on...
XOP appears to be looking to re-test the top of a massive wedge. Looking for contact around $38.50. Crude prices are providing a massive tailwind, I think we see $60 crude by December and $XOP will follow to the upside.
"Crude oil prices settled higher on Thursday as ongoing Opec and non-Opec output cuts, fuelled expectations that global oil market rebalancing was underway.
Saudi Arabia continued to cut oil output as inventories declined significantly in October, Saudi Energy Minister Khalid Al-Falih said Thursday while compliance with the Opec-led accord to curb...