$USDWTI rebound likely to continue (shale profitable > $45), $WFT oversold conditions developing large gap similar to last year (followed by immediate upward correction); new CEO is a positive, potential upcoming divestments. Technicals and fundamentals seem to align for a pop on this within the next week or two, followed by possible uptrend into earnings and...
We see strong short move on oil. Resistant(ice level)broken. Price back to ice. So I see that this only half of short move. SL 48.50 TP 44.70
Crude looks to have formed a reversal right at the crucial support level of 46.90, if this support level is held then this is most likely an Ending Diagonal in Wave C. If things go as expected this market will see levels above 51.95 in the upcoming sessions. I will update further as this market progresses.
Oil resuming downtrend after a rally from major support @ $45.25 to the top of the daily descending channel @ $51.75. The recent catalyst for this strong rejection of resistance was caused by Oil news after the OPEC meeting where they decided to cut Oil productions for another 6 months to reduce the supply glut. This is good for Oil prices as supplies have been...
I believe WTI has entered the consolidation zone and is now looking for the correct direction. Experts state that OPEC will continue with production cuts and look to extend them to November but U.S. shale producers and OPEC members not involved in production cuts (Libya, Nigeria, Iran, and Iran due to failing economies) continue to ramp up production. Unless OPEC...
Market is retracing the recent upward movement and expecting the market to reverse around $48.50 - $48.70 for Target - $50.30
Here we have possible movement for USOIL in the next week (until the OPEC meeting). The blue frame showed that the huge liquidation that happened a few days ago stopped right at the 2.0 WL, with a huge impulse returning back in. That gave us a major pivot (new C) for the orange frame. Price has been following both since. It has currently bounced strong off the ML...
This shows what, in my opinion, CL might do in the next couple of months. CL will reveal its hand on the day of the OPEC meeting (whatever people think, OPEC WILL create a strong reaction). After that meeting, the candle we get is going to show many things. However, I believe movement after the meeting, into summer, will be much more interesting and violent. It...
Hey Guys, Simple Idea. Either one more up and then Breakout, or directly breakout from the actual point. - Idea simple. O realiza uno más arriba para caer abajo o rompe directamente desde donde está. Carlos
Crude Oil WTI daily time frame. Looks to be in the process of a 3rd Elltiot wave. Stoch Rsi shows selling pressure and DMI a strong bearish trend. Price also broke through the 72 EMA. 3rd wave should beat the low of wave 1. Meaning WTI might break 47.80. Crude Oil WTI is a strong sell.
Mid-Day Update: Crude Oil continued to decline through the morning session today and looks intent on tagging the previous pivot low from 4/27 at 48.20. If you like this post, please click the Lick button, tell your friends, and re-Tweet! Disclaimer: This post is for educational purposes only. Trading is at your own risk.