Headlines
• Heating Oil Bounces Off 1.1000 Level Before Retracing Lower
• Gasoline Surges Above 0.60 Level Posting +12% Gain in Asia
• Petrobras to Cut Production & Reduce Capital Expenditures in a Bid to Off-Set Virus Impacts
• US Futures Retreat in Asia Breaking Weeks Uptrend
Headlines
• Crude Recovers 9% in Asia + RBA Cuts Interest Rates to 0.25%
• ECB Plans to Purchase 750 Billion Euro Worth of Bonds to Calm Virus Scare
• China Reports Zero Domestic Cases for First Time
Heating Oil is now approaching the 1D MA50 (light blue line) on a non-stop pull back since the peak of the Saudi attack. The 1D chart is neutral (RSI = 47.087, MACD = 0.011, Highs/Lows = -0.0354) signalling that we are approaching the most optimal buy level. We therefore turn bullish on Heating Oil with our Target Zone: 2.1000 - 2.1370. Note that even though 1D is...
Pattern: Channel Up on 1W.
Signal: Bullish after a similar sequence has been spotted both on the candle and RSI action.
Target: 2.1400 (1D Resistance).
Heating Oil has been trading on a very steady 4H Channel Up (RSI = 62.494, MACD = 0.014, Highs/Lows = 0.0000) and is currently on its Higher Low. Our long TP is 2.1000, as long as the Channel is holding. The previous bullish run of February 11 - 19, shows that around +8%, the price breaks the uptrend and pulls back on a lengthy descending channel. If the current...
Heating Oil has just made a Higher Low (RSI = 52.430, Highs/Lows = 0.0000) at 2.1600 on the 1W Channel Up that has been dictating its direction since January. Technically this is an ideal long term long entry towards the 2.4466 High.
However on the monthly chart and the 1M Channel Up (RSI = 60.743, MACD = 0.148, Highs/Lows = 0.0482) that started on January 2016,...
Heating Oil is trading within a very long term 1W Channel Up (RSI = 60.650, MACD = 0.049, Highs/Lows = 0.0425), highly volatile, but after having made a Lower High, seen on a strong 1D Channel Up. We are long aiming first at 2.3061 and 2.3404 in extension.
Heating Oil is trading within a long term 1D Channel Down and is coming off the most recent Lower High (RSI = 45.169, MACD = -0.007, Highs/Lows = -0.0171, B/BP = -0.0334). The downside potential is significant but we will only go short if the August 02 low (2.0863) breaks. TP = 2.0421.
Short RBZ2016 long HOZ2016. Last year the price of RBOB rise relative to the price of HO. Refineries switched to produce more RBOB compared to HO we are now seeing weakness in RBOB compared to HO due to over supply. Looking for $-0.3
As described by traders in industry trade is the widow maker because of the volatility within it.
TOP-DOWN ANALYSIS
H4: We have started to turn back from h4 supply zone
H1: if 09 hour can manage to be closed lower than 1.4805 line, H1 will have been created too
15MIN: There is an original 15min supply zone inside of a potential h1 supply
TP1: 1:1 R:R
TP2: Trail till just before H4 Support
TP3: Trail till daily demand...
H4 : there is an H4 supply zone formed
H1: and inside of that there is an H1 supply zone too
15MIN: there is an original 15min supply zone inside of an h1 supply zone
which means that there is a high probability of 15min working out
TP1: 1:1 R:R
TP2: i will be trailing till opposing H1 support
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H4, H1 : Currently, price is reacting from H4 and H1 zones
that means watch for LTF(lower time frame) buying opportunities
5MIN : Just created an original demand level as a buying opportunity
TP : be loking for a quick 1:1 ratio. No need to be greedy on such a small time frame
Good luck to all!
DAILY : we are currently consuming the daily demand by basing inside of it
H4: we just created a new h4 supply zone just above and
H1: there is a h1 original supply zone too.
TRADE: i am planing to get short at h1 supply zone as shown on the chart.
