The bears were hunting for any bulls poking their heads out of the sand and by howdy did they hammer them. Crude still cannot make a break to the upside. Fridays price action tells us that there could be more downside. While crude is still weak we are not short. We will wait for better parameters.
Hi Traders,
WTI OIL is very close to the support in the area 75.62-74.94. The sputtering downtrend is "kicking the bucket" and the start of a new uptrend is only hours away.
TARGETS
First down to the area 75.62-74.94
then up to the area 87.53-87.62 (for a start)
ELLIOTT WAVES
The weekly chart shows that the A-B-C will be completed by reaching the area...
I believe USDCAD has found it's resistance an will be supporting around 1.10-1.14 for the rest of the year. Noting last year USDCAD and WTI were heavily correlated its good to see now they are working against each other. WTI is holding up at 76.80 but we might see it wither down near 76.00-75.50
I'll be opening a long @ 77.25 up to 81.
This is one of the cleanest H&S patterns I've seen in some time.
Price is currently above the neckline which puts my systematic trading approach in the Long camp up until COG is beheaded.
Target price for either scenario, Long/Short of the H&S pattern is shown by the colored boxes to the right of the last close. The Short side has additional support show by...
After break of key resistance at 105.00 I would not consider any fall-backs under that level as long as the Iraq crisis lasts.
Two possible scenarios:
1. it will hold a neutral sideways market
2. it will break through 108/109/110 for more upwards movement
By looking at the CCI and Stochastic RSI and combining them with cyclical up and down movements of the price, we might start to imagine the price falling back to about $100 a barrel. In order for this to happen, we would need to see a slight improvement in the geopolitical arena of Libya and Ukraine. Perhaps the market is building this oil tension into the price,...
