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short to previous lows $65 level
After hitting the 0.786 retracement level from the previous week's highs and finishing the week at the 0.382 retracement level from this year's highs, I'm targeting the area of between the complete retracement of May 31st highs and the 0.618 of the year's highs.
Although the shadow has gone wider than previously thought (S&R), I'm convinced next week CL1! begins the next impulse wave (3rd). For the week I'm targeting 67.80$ towards 0.382 fib retracement, for the whole month 73.22$ toward 0.618 fib extension, and in July ending the third impulse at the 77$-78$ range (both 1 fib extension from the first impulse wave and the ...
CRC seems to be about to breakout from the current pitchfan channel to attack the 0.5 fib retracement level ~50$.
Crude Oil (CL) futures look well positioned to start a new 4/5 month rally to ~80$.
Enbridge looking good short/mid term.
~73$ looking like an optimal entry point for Brent.
Bearish short term ABC correction waves forming with H&S pattern, and possibly bullish mid term reversed H&S pattern forming with a new 12345 wave cycle. Long term seems healthy (possible bullish triangle forming) to break '14 highs.
If crude breaks out higher through the resistance if could outperform stocks in the months to come!
Crude is consolidating around a key level. A week ago I posted that if this gets resolved lower longs will have to liquidate. But in no way I would not exclude a bullish resolution of this consolidation.
Even if the price of oil would fall to low 50s, I think that would be a buying opportunity.
If this is the bottom, could be the completion of the right shoulder of a multi-year inverted head and shoulder. Hight of pattern takes us to 80+
The stochastic indicator may be foreshadowing a move up..
Looking for a bounce from the sell off to current support.. RSI and Stoch look like they are about to turn upwards, too.
Weekly light crude oil chart with support and resistance trend lines. RSI and ROC are included, as well.
For context, here is an image of the monthly candles with the same trend lines.
A two year consolidation in crude oil prices may be resolving to the upside. The current RSI resistance trend line is being retested which will be indicative of the direction of future price movement.. Of note, however, is the negative divergence in the ROC.
The angle of the current pitchfork channel (Modified Schiff) that prices are moving within is larger in magnitude than the angle of the longer-dated, broad pitchfork channel. That may imply that price action is accelerating to the upside. Keep in mind, for this assumption to remain valid, the channels must stay intact.
I have overlaid a Fibonacci Circle study, ...
Price has recovered considerably since being rejected at resistance on January 3rd. The current trading channel remains valid, as well. I am looking for a retest of resistance on price in addition to the new resistance trend lines on RSI and ROC. Of note, the MACD is turning positive, too.
A two year bottoming process seems to be coming to an end for crude. There was an attempted breakout on January 3rd, although, it was rejected. I am anticipating a retest of that price level.