Plotted more potential waves. Wave 5 of a larger 3 to $5981. Larger wave 4 0.382 retrace to $5574. Larger wave 5 1.618 extension to $6232
Possibly starting wave 5 to 59+. Wave 3 2.618 extension of wave 1 and popped out of the channel. Wave 3 0.382 retrace and back to the bottom of the channel. Wave 5 1.618 extension of wave 4 to top of the channel.
Last week price traded into and through our target and key resistance at 56.86 and is currently holding as support. As long as support holds we are looking for longs up towards the next key area of resistance at 58.79.
Oil continues its Bull trend with a correction towards the upward sloping trend line providing a great place to look for Bullish patterns for longs up towards the targets of 56.86 and 58.79 respectively.
We start the week with US Oil above broken resistance at 52.73 with the pole of a potential Bull flag forming. A correction (the flag) back towards the 52.73 area of resistance turning support will provide a great place to look for Bullish formations and patterns for longs up towards the next key areas of resistance and targets to the upside at 54.48 and 55.23...
Crude Oil H4 time frame- I prefer longs on oil due to the simple bullish structure on all timeframes targets 54
Last week US Oil broke above the counter trend line and starts next week above the key area of support at 51.52 as well. Any correction will provide a great opportunity to look for Bullish formations and patterns, looking towards a target of 52.73.
This is a follow up to my crude medium term idea (please see the related idea link below to view the original idea), So far buy orders were filled at 49.22 for a target to 53.94, momentum looks to be slowing and it is likely that we may see a dip, to me dips will be good opportunity to build the position. So i am still holding my bullish stance on crude. Strategy:...
"Oil drops more than one percent on profit taking after four days of gains" www.reuters.com
Last week Oil sold off below the key area of support at 50.33. This week we look for further declines in Oil with a retest of the 49.94/50.33 area of (now) resistance providing a great place to look for potential shorts down towards the target of 48.59.
Long oil for wave 5 of the cycle
This is an update-that my short position at 52.10 from last week is going well in my analysis direction. I am looking to bank my position at 50.08.
Crude oil daily chart already completed head &shoulders pattern, also break nick line and trend line . today,s price now 50.83 previous Dynamic resistance 50.43 also break and confirm market going more up. In my view Crude oil continuing up trend till Fibonacci 127-141 level And price touch 54.00 aria.. we also find here crude oil daily candle are...
Rebuy around 49.20-77 for a medium term target of 53.94 over the coming days, stop below 48.10
Us crude oil - H4 timeframe. I see a pull back move in play on the weekly timeframe with targets of 52.60. On the H4 chart, I have identified a break-out pattern with a demand zone holding. Target is 52.50 and stops at 50, risk to reward 1:5