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.
A lot more selling to come. Target of $48 USOIL. Consevative target of $50.
It looks like this price target could come very fast. So far USOIL & OILD has moved much faster than I anticipated, which is good. What I thought would take 2 weeks only took 2 days (40% move on OILD). This is why its important to do most of your charting & creating your action-plan on...
Target 1 300 pips
Target 2 700 pips
These are big targets but this is because this is a swing trade so will be held over days/ weeks even months sometimes, I prefer these types of trades as the rewards are bigger and you don't have to keep checking the trade every hour or every day and you can just get on with your everyday life.
Now the reason I think this is...
Price has been in a pullback since its massive tumble last week on May 23th. Now price is edging closer and closer to major resistance level of the channel trend.
Time frame: 30M chart
Length of Trade: 1 to 2 days
Entry: Between 59.15 to 59.35
Elliott Wave view on Oil (CL_F) suggests a 5 waves decline from April 22 peak ($66.6) which ended wave (1) at $60.04. In the chart below, we can see wave (2) bounce ended at $63.32 at the blue box. The internal of wave (2) unfolded as a double three Elliott Wave structure. Up from $60.04, wave W ended at $62.95, wave X ended at $60.66, and wave Y ended at...
Attacks on two tankers from Saudi Arabia reversed the early trend of crude oil.
Those attacks are targeting US and US allies interests in order to distrupt oil supply from the Persian Gulf .
So far today it has worked as planned by the perpetrators.
Waiting to see the market reaction during the US session to those attacks.