This is part 2. On weekly basis. Look at the divergence here. Prices has falling since 2014, many oil corporations are having difficulty. Presenting lower profits and so on. Rig counts are falling dramactly in US. That can press oil prices up since more oil rigs are shouting down. I think many of you already are aware of the fundamentals on oil, so there is no...
As I described on the chart. This week is important because of the last week's weekly candle. Market is dynamic so we are.
Overview: Crude futures were relatively flat on Monday in thin post-Holiday trading, as investors continued to drag their feet ahead of next month’s highly-anticipated meeting between OPEC and Non OPEC members. On technical chart, Very short term trend of crude oil is bearish on chart. On its, Daily chart, market is taking resistance of 200 SMA . Crude oil is...
As oil headed down, drew these S&R lines from around '08 levels. This bounce was too clean, so I had to post. We'll see how price moves going forward. I think it will either head back up from here or bounce around. If I'm wrong and it doesn't, then down to 20.93 we go. And if things get even worse 18.48
Next crucial point on $USOIL seems to be ~43.2. nice oppurtunity with price falling .
Right now this is my analysis for USOIL This is based on my technical analysis of the chart. This is not definite but there is still some stuff left untested below.
Crude has been strong and left the building without us. The magnet is the 200 day EMA. We will wait for a consolidation on a pullback look for new trades.
August 2015 lows as resistance to USOIL at 39US$ As we all know USOIL mainly reacts to markets' moves, so we will have to see how markets pick up the doom & gloom news from the ECB on monday/tuesday. Technically it clearly is a short, with growing bearish divergence in the H4 between RSI and the curve. Decline is possible down to 34US$ (0.382 Fib support +...
Crude left the building and may not come back. We moved our trigger zone a little higher but may not see it. We will not chase it up here.
Last Week WTI reaches $26 which happens to be an important level. AND RSI has a Bullish divergence which all indicate the Correction phase is reaching an end.
Left Char: A weekly line chart, on log scale, shows downtrend breakout along with bullish divergence on RSI . Right Chart: A daily chart shows down trend breakout and is about to form an inverted H&S. Update status
While Oil has made a short term recovery from recent lows around 26.00, a classic Wolfe Wave pattern is forming pointing to possible exhaustion and a drop lower later in the week into next. If Oil shifts above 35.50 it is time to watch for signs of weakness with defined resistance at 36.20 offering nice point to accumulate short entries. Wolfe waves will...
Crude is developing a fairly big range. A close above the 36.25 area and we could see a move up to 38.50. If this level doesn't hold then $44.00 is on the radar screen. Below 28.50 opens the door to the 24.00-25.00 area. Be patient with Crude.
The Geo-political situation has improved for oil as of late and a recovery from the lows of $28 has been gathering pace in the last few days. Eyes now turn to the $35 handle however Fridays candle signals a bearish reversal, most likely to the $31 handle before price will either break lower or bounce back.
Overview : US oil surges 6.2%, closes at $31.48 a barrel after a group of oil-importing countries said energy stockpiles will grow at a slower pace on monday. On Technical charts, Very Short term trend of crude is bullish, it has given upside breakout from downward sloping trend. Now market is making higher top and higher bottom formation on chart. Market is...
THIS HAS BEEN ADDED TO MY WATCHLIST - PRICE LOOKING EXTENDED OVER A NICE PERIOD OF TIME.....LOOKING FOR PRICE TO SET UP AS MY TRADING PLAN SUGGESTS AND GO LONG... LET PRICE DO THE TALKING,.....