Based on potential issues with Iran involving the Hormuz Strait I just published and quickly cancelled a chart looking for a run up to 76.5-77.5 and then a pullback to 74. But then thought - if this issue continues to unfold then prices may just continue to grind up over the next month without much in the way of prices pulling back. I am highly advising taking ...
T'was a bad day for the bulls in crude. But the good news is the uptrend still intact. Hence, why I believe in the old adage: "The trend is your friend", or the like, "It's only a trend until it bends". Today crude fell after what seemingly appear as a bullish report. Let's not talk about fundamentals at all, but looking at the crude chart we see that it found ...
I am planning on setting my account up for a long position with WTI targets above 75. I believe the market is getting ready for another bullish move, failing which we will see oil dropping to the psychological level established at 72. This trade is not for day traders or those whose trading account can't take a hit. The fundamentals are still bullish with ...
A steady increase of momentum is shown based on moving averages, which indicates that crude oil may be heading towards a break of the bullish channel. When it does, we could see another impulse move towards $77.
I love watching long term trends to not only help keep the larger picture in check but also to know areas of resistance I should be aware of while trading lower time frames.
Price has been in a correction since the start of June this month, and we are seeing a potential completion of the correction around 66.79 - 67.27 area.
We are holding a bearish bias on oil and will be targeting around the 64.05 and 62.35 area.
*Disclaimer - This analysis alone DOES NOT warrant a sell trade immediately. Before you enter any trade in the ...
After failing my targets for today, I am pushing them with some slight modifications for the next couple of days. The day covered action between the 0.382 and 0.618 retracement levels of B to C, and finished right above the 0.618 of 5 to C. My target zone is now between the level 1 of B to C, 0.618 & 0.786 of 5 to C, and the 0.236 extension of 1 to 5. A reversed ...
CHK looks like it is starting the third impulse wave. After retracing towards the 0.382 level and going through the ABC correction waves, followed by the first impulse wave of the new cycle, it now looks prone to retrace to the 0.618 level (6$) short term if it closes above 5$ in the next few sessions. Possible return 22%+.
After the latest pull back was completed last February, CL has been trading higher on a strong 1D Channel Up (RSI = 60.302, MACD = 1.450, BBP = 1.5420). It is a long term opportunity for a 73.00 target. According to the Pitchfork tool, it has just re-entered the middle channel and the first support (and long entry) is 69.54. 2nd at 67.65 and 3rd (and final) at ...
After Trump pulled the US out of the JCPOA, oil ripped higher to test the 100% extension off the 2016 low -> Jan 2017 high. Will subsequent fallout from Trumps decision push oil through this resistance and into the key area of ~$76. Up there we have the 61.8% retrace off June 2014 -> Feb 2016 fall, and it has been a key pivot in price from all the way back in ...
Ok the small wedge I described in my post of Apr 03 ($65.11) penetrated and broke to the downside. My target was $62.06 which was achieved on Apr 04.
Previous support at $64 was broken and the next 2 days were spent testing that level which was now providing resistance and this has held.
This suggests further downside bounded my the downtrend line (resistance) and ...
