The make or break line? 46.04 to complete the inverted head and shoulder pattern. if support holds, next resistance levels = 46.63, 47.6, 49, etc
Setting a buy stop order at 44.3 with SL a few pips below the midlevel of pivot and fib, and conservative TP near 45.0 (R1 pivot). Long-run outlook is still bearish though assuming stronger USD, but oil might continue its rally if the OPEC cut goes through by the end of this month. www.reuters.com www.bloomberg.com W1: D1:
Fundamentals for OIL.WTI are long-term bullish, as market should react positively towards President-elect Trump's plans of investment projects. At the moment we are near the strong support around 43 USD. Price action on H4 confirms the bullish reversal (Bullish Three-Bar Reversal)
Using the Bill Williams system on this one, we still haven't got a signal so we are neutral here. As you can see there is a highlighted area. This is the Support and resistance from the daily time frame. It looks like we got a false breakout . of course price cam back into the neutral area. What are we wait for? Awesome Oscillator is near zero ( At...
It's not hard not make money with CRC, even without a roundlot. In this case, price is ABOVE the .25 of the previous trend, suggesting an end to the downward wave. A pullback to the .618 would be preferable, particuarly given short interest, but with price above the 50/100/200 MAs I would buy around the 100 MA (11.92). If it sinks lower, just cover using fib...
Possible for cup/handle (inverted), also look for triple bottom at mid-september lows to end fifth (5) wave
Well, Well... we can see that the new wave is in process of a long journey to aprox. 53.00 USD. In the bottom you can see the first microwave 1-2-3-4-5 , its correction ABC and the second microwave 1-2-3-4-5. It have a nice rythm. You can take advantage in this first moments and be LONG TRADE or CALL options.
Completion of wave 5, correction to low of wave 4
Buying CRC around 10.9- 11.3 has been a safe bet as of late (if you can afford the round lots, which I sure can't!). But this chart shows why the stock could go under 10.6 in the near future... (assuming wave iii= longest)
Pay attention to the volume average in the period M1 to H4. It indicates the amount of capital invested in selling transactions. The red line is the best position to get in.
Bearish pressure since the 20th should continue. Key resistance at 50$ price keeps on being tested but doesn't hold Target one at support should be hit at $49 mark. If price goes below 49$ I'd take further shorts. Price is retracing and touching both EMA's too
Wave 3 ends @ 1.618 of wave 1-- slowing demand calling for correction to around low of wave 4