The Department of Energy reported that U.S. commercial crude oil inventories increased by 6.6 million barrels from the previous week. Gasoline inventories decreased by 4.2 million barrels last week. Technically,Crude Oil is manages to cross it is previous resistance of 42.25 but did not manages to sustain above the level and showed short term correction.In 4...
USOIL bearish divergence on H1 but maybe another drive up first on the hopes of a solution in the Doha meeting, USOIL might take another drive up, signalised by the stochastics in oversold territory, then wake up to reality and turn back down, probably towards 38US$ region, where it will meet its strong uptrendline. I am not trading this idea yet. twitter.com
Oil has an oversupply problem so it may not go up as much as some of the other commodities, but it should still go up because USD will go down more.
I HAVE ANALISED THE LONG TERM CHARTS AND THINK IT WILL GET ON 24$ AROUND THESE DATES ....
As I described on the chart. This week is important because of the last week's weekly candle. Market is dynamic so we are.
When price hit yellow zone(about 40.00), I will sell FX:USOIL Target 1: 35.76 Target 2: 33.90 SL:41.50
Oil is firmly in it's corrective phase following the rally we've seen since 11th Feb. This sell set up is a short term trade with a view to reverse the position for a longer term bull run higher. To understand the context of this analysis (60 minute chart) please have a look at my previous Oil charts (daily charts) which have been linked below. Short term...
There is a possibility that Gold has put in a long term bottom - Of course, we won't really be able to confirm this for another 6 months to a year. However, with what appears to be 5 waves up in a classic Elliott Wave pattern, the thing to watch for is a ZIGZAG correction (most common in wave 2 position) The correction may be over but I think it' needs to be...
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...
Buy it up for the correction as illustrated on the chart. Once that's done... sell it with stops above 42.00. There is no profit target for the sell trade, but if this set up plays out I will update with future analysis. Short term bearish (1-2 weeks) Long term bullish (6 months+)