Hey traders, I think crude oil is about to reach a short position, what do you think? From the 4-hour chart, the pressure of crude oil is around 77-77.2. If it does not break through 77.3, then the strategy can be shorted around 77-77.3. The target is first around 75.5, and after it breaks, look around 74. If it reaches near 74 to form a support, then backhand...
Dear colleagues, I see a five-wave structure in which the price is completing corrective movement 4 and is about to begin impulsive movement 5. I anticipate that the price will reach at least the resistance area of 77.22. Manage your capital correctly and competently! Only enter trades based on reliable patterns!
The price appears to bounce back as expected, with OPEC+ output curbs finally biting. Russia announced a voluntary decrease of 500 kbd that will remain through the end of August. The technical context entails an acceleration in wave [ 3] of iii. Most ElliottWave traders aim for a third of the third when the price moves a considerable distance with no...
I continue to expect a sharp, short-lived rally in the near term, despite the recent drops in oil prices making me feel uncertain. The weakest point of my charts is - waves wxy of (b) and [w ] [x ] [y ] of ii are too complex. Nevertheless, it is my best scenario for now. If the price exceeds $83.4 or wave high I provide a couple of alternatives in my Weekly...
Similar to WTI, I expect gasoil prices to take off almost immediately and through the roof.
I promised in the previous post that I would discuss medium-term charts. I've been calling for an abrupt rise in ABC flat for a while now. However, price movements develop much more slowly than the human brain expects. I believe I read about this bias in books by R. Prechter on the fundamentals of Elliott Wave analysis. This time, there is another layer of...
We recently noted that an interesting opportunity to go long oil could be on the horizon soon. Accordingly, we waited patiently for the price to fall below $70 per barrel. Now, with the price trading near $68.80, we are starting to consider the price attractive to go long. However, we think it is proper not to use all the firepower yet as technicals still point to...
Fundamental Analysis Here are the important updates about oil and the market: The uncertainty surrounding the US debt-ceiling talks is affecting the price of oil. If the US defaults on its debt, it could lead to a global recession. The US Dollar is gaining value because investors are seeking safety and there are expectations that the Federal Reserve will...
WTI Crude Oil hit the MA50 (1d) today after 3 weeks. Inside this multi month Channel Down, the strongest Resistance-Sell entry level has been the MA100 (1d). Max level it reached before getting rejected as the MA200 (1d) on April 12th. Trading Plan: 1. Sell on the MA100 (1d) at 75.80. 2. Sell on the MA200 (1d) at 79.00. Targets: 1. and 2. 70.00 (over Support...
Thursday brings us a short update on brent oil. This instrument has been heavily bombarded recently by the macro data, not only for oil, but also the macro data for the USD. Let’s start with the one for oil. Yesterday’s inventories. Data came in hot (bullish for oil) as the number were significantly below expectation, showing a decrease of 4.5 mln barrels from...
WTI Crude Oil delivered what was expected, it hit our long term TP = 66.00 and is rebounding after a new Lower Low at 63.65 (S1). The 1D RSI is still very low (35.546) while the 4H technicals just got out of their yesterday's remarkably oversold condition (RSI = 36.200, MACD = -1.970, ADX = 63.277). Our short term target is the 0.382 Fibonacci (TP = 71.25) and...
The price of Crude Oil is still holding up pretty well above our supply zone & respecting our buying bias. For those who aren't in a buy yet, this a VERY PROFITABLE INVESTMENT to hold for the long term. Amazing safety hedge for your own protection, as the global economy worsens even more over time🩸 We can see there are no more long term sellers in the market &...
Scorpio Tankers Inc. (STNG) appears to be headed for a downside based on two significant factors - the impact of the oil market and the approach of Wave 3 in the Elliott Wave Theory. The recent downturn in the oil market has hit the entire industry hard, and Scorpio Tankers is no exception. As a company that operates in the oil tanker shipping industry, the drop...
WTI, is preparing again to reverse to the upside after a much needed correction. shorters are weakening at the current price levels. SEEDED L at 77.0
WTI Crude Oil reached a key daily structure resistance. Testing that, the price formed a double top pattern on 1H time frame. Its neckline was successfully violated then. I expect a retracement from the underlined blue area. Goals: 82.0 / 81.4 ❤️Please, support my work with like, thank you!❤️
Hello traders! In the previous sequence of posts, during last months we argued that OIL was about to conclude a triple three correction in cycle wave (2). url=https://www.tradingview.com/chart/USOIL/bXUSnG2y-US-Oil-Last-downward-leg-Pt-3/]1 We identified the count in the above chart after the bearish triangle that led to this last leg up. We already took profit...
WTI Oil (USOIL) is forming an Inverse Head and Shoulders (IH&S) pattern on the 4H time-frame, which is a technical bottom and bullish reversal formation. The 4H RSI is on a Higher Lows trend-line, indicating an uptrend and already above the 50.00 neutral mark. One last pull-back to the 65.70 Symmetrical Support is possible, before a strong rally targeting the 1D...