With no doubt oil is bearish and first plan would be to be looking for ways to get short. There are some bounce points that could happen but with this news cycle going to take a bunch of good stuff to cause this bounce. We are getting very over sold so bounce can happen but will need a new narrative to change the over all direction.
Oil is balancing as it gets ready to tell us what it plans next. not only is this info critical for the day trade ( that is fine just staying in the Red Zone for back and forth action) but also critical for the oil big picture trade also. I targeted oil down to 56 area before big decision time and now we went a little lower. On the chart are lower important big...
Well we hit my 56 area and things got interesting. I will be stalking a long term long side trade if it set sup, but now that we are under 56 for today the Red zone is very important and looks like lower we will go. So today will be leaning on any short set up, however a move back above 56 dot 25 I will look for day trad longs back into the high 56's to low 57's
Oil is back into that lower range i mentioned and now might go for the 46 buy zone i was targeting last week. Watch the red zone for directional clues and be ready to just trade the range. This is oil report day so little may happen till post the news
Oil has moved back down to the pricing level it hang out at most of last week and would balance out well with a move to 57. This also give oil a bigger range to slosh around in between 60 and 57.50. Will watch red zone for breaks or rejections to give me my days directional leaning or days range to trade.
The current action is bullish and to me looks like it wants higher, however what i think is not important. What is important is what happens. The best thing for me or plan A would be move down that I can gt long and move to the 59.5 target. Plan B would be a move down back into the prior distribution into the 58 area. Plan c is shorting tops and long bottoms of...
WTI is now on overbought at RSI, and it should be good to land it down to the support level around 60.00 Good luck
Could be getting some rejection from this Daily Triangle on USOIL. Getting Confluence with Supply/Demand Zone Analysis And lower timeframe Market Structure If price can stay below 60.93 our first realistic targets for a short day would be around 59.90 at the bottom of the Supply zone that its currently dropping through.
Oil prices has stalled temporarily as price has bumped into a powerful daily triangle formation. Due to the strength of this triangle in the past, I'm leaning to the short side here for a rebound after a strong bounce. We're currently watching a few levels here As always, even though we may lean one side or another on a trade(Long/Short), its important to come...
Elliot wave. Starting to post some idea. Oil Down
Looking like we could get a long here today if we stay above 58.65 for US open. Shorter timeframe confluence with market structure.
Reasons for buying USDCAD: - Disappointing Canadian employment data last Friday - Price bounced off both the demand zone and support trend line - Crude Oil Futures price rejected resistance trend line Last Friday, Canadian employment posted a huge drop and unemployment increased by 0.2% to 5.7%, both missing estimates by a wide margin. Despite this, the CAD...
I really love confluence. This is not financial advice.
We should expect to see oil drop. We are approaching almost oversold conditions (RSI), Stochastic is showing the cycle is coming to an end. It's a safe bet we will retrace to the nearest Fib level, which is currently at 61.01/bbl. Time frame: end of September of 2019 into the winter months. This trade is aligning off my prior trade I posted in February for July...
OANDA:WTICOUSD has now approached buying zone. The following trend indicator is based in a combination of two bollinger bands with both one and two deviations. When the price enters the higher-end of the channel, it means the trend has started and its time to buy now. The current political tensions in the middle east should provide some support to the current...
The recent oil dead cat bounce that started at the $45 support level has been struggling and has shown obvious weakness, but the bullish momentum is still intact. This is known by the sequential green count of TD indicator. We are now on a green 7 candle; two more green counts to complete a TD sell setup. However, there is major resistance ahead in the $60 to $63...
CLN19 is seemingly approaching a demand area near the psychological $50 mark. The 45º line coming from 0 of the previous major high was touched yesterday and this is expected to support the price around this level. Looking for long entries seems reasonable at this point.
Thread lightly, a correction could occur in this level or a possible reversal in trend