With nearly a 5% gap between the current price and the base line and the rejection of the 45.92 dollar mark, indicated by the inverted hammer with the green highlight, the security is very overbought we can expect a corrective structure to take place and thus retrace back to the ~43.5 dollar mark. Please note that this is a short-term analysis and thank you all...
Crown patterns emerges very evidently. Conventional target $36 which is 0.618 fib retracement. Any news can give breakout from the pattern and rally towards $54-$55 Be careful Long term trade Short Entry Price : 44.30 (Candle Close below) SL : $ 46.65 TG1 : $43.01 TG2 : $38.85 TG3 : $36.03 Pls refer to all Resistance line (Maroon) PS. Generally I dont believe...
Good down day for crud oil. I am lowering my stop from "b" to ".b" (46.07). I've drawn a secondary channel on the 2 hour chart. . I would not be surprised to get some bounce up around 41.85 to 42.50 Longer term I still there is a good chance the correction may go to 50% or even 70.7% (to kiss goodbuy to the long term down trend line although that would seems like...
If the resistance breaks were are headed to 42.
Watch the Next 50 cents very carefully. Oil needs to make lower lows and stay in the band. Right now all forces are pointing South Oil continues to go down on high volume. MA 50 (Red line) is below MA 200 (Grey line) China is just starting to end it's massive strategic reserve buying Iran is doubling it's production US production has gone up ...
If you look at my previous posts on oil you will see although I exited early (the chicken effect I guess) the initial target was eventually hit. I would not be surprised to see a 50% correction (to around 39) or even a 70.7 % correction back to the long term down trend line which is now broken (around 33-34). I still favor that after this correction we may well...
Oil may retest 50 week moving avg. (bottom of Kumo) or test the Ichimoku base line. Markets may respond to oil in low 40's. Many oil experts have been claiming oil should turn around in late '16/early '17. The weekly Ichimoku seems to agree. But it also suggest more downside before end of the year.
Its a long shot but not impossible!!! Looking to jump in soon..
Leading diagonal pattern support for wave 5 at 45.81. Wait for strong break through at 49.68 to CONFIRM the inverse head and shoulders. TP of 54.04 TIGHT SL.
Time is early right now....At the "Area Of Interest" .... Any failure below 43.67 on a closing basis triggers a possible attack at the 41-39 area.
Oil will retrace to bottom of previous bear flag. It should hit around the time as Rig Report. Rig build will push it lower.