$uso $uwt $dwt $usoil
Potential descending triangle on OIL. Correction to the 30's? Massive bull run and breakout above? I think we'll see oil hit 64-65 before correction next few months and landing sub 40. How low that goes is not important.. This pattern should be concerning.. If oil ultimately breaks above (hmm, what would cause that), it's going to come at a...
The price of oil is currently squeezed into the apex of a bearish rising wedge pattern and is beginning the implied breakdown. Negative divergences can be seen on the 1H, 2H, 3H and 4H chart whilst the PPO signal line is still negative on the 1D and 1W charts which shows the underlying bias is bearish. There are clear support levels below which I have found on the...
Over the past month especially, crude has fallen into a bear market. Most of this bearish reasoning is coming from the U.S. EIA reports which is showing a large amount of undocumented crude which has resulted in a very swollen crude storage inventory, mostly all in PADD 3 (Gulf Coast.) There is strong reasoning to believe that this undocumented crude is actually...
We have a couple big events and meetings happening this month. Oil is likely going to return to neutral before its next move.
Short term bullish pump into Catalytic events
G20 June 28th through 29, 2019 Osaka, Japan
OPEC Meeting June 26, 2019
I would love to ramble about geopolitics, but that aside, the real deal I see is bear overreacting party here.
Elliott wave approach:
ABC corrective wave is completed. It's time for a bull run.
Trend line approach:
3 times tested channels is having a fourth try.
Daily Exponential Moving Average +SMA 50/100/200 are showing 4 supports and 2 resistances.
1) Short correction.
2) Double small impulses
3) During breakdown of the first candle. growth is same size of candle. (TD)
Profit:Risk = 1:1
Buy Stop = $5.07
Take Profit = $5.23
Stop Loss = $4.91
Take Profit = +3.16%
Stop Loss = -3.07%
I think we head remarkably lower before we break out of this long-term downtrend. The triangle will be breached eventually, but I believe the $35 target level may be in order this year before moving higher again. What will they use as an excuse for such a scourge? "Saudi/OPEC turns on the taps to fight US Shale oil market share?"
My best guess is the green highlighted area shouldn't be viewed as a "Bounce" zone.
Instead, I think this will be the area where accumulation will take place.
It'll take a few weeks and a few failed breakouts, so don't worry about missing the bottom. You'll have a few...