I apologize for the messy chart; I'd prefer to publish a cleaner view but have a busy weekend so you'll get a glimpse inside my crazy charting mind with all of my notes... So, just zoom in to the TP area of the charity you're not interested in the rest! A couple of weeks ago I'd anticipated prices staying contained in the 45.6-50.4 daily trading range but last...
I am watching $HAL hoping for a short term swing; seems to be going the right way so far, I like the recent news they've had. Bought on the 16th, hope for a strong next couple months.
In my opinion this is a clear reversal on 4 major indicators; 1. 200DMA 2. RSI usually reverses around 30 when the price is retracing and not crashing (our case) 3. MACD bullish reversal 4. STOCH RSI bottomed for a week now. Furthermore, the general environment for oil is good with OPEC talks about extension cuts (even rumours are good to make profits) as well...
Energy is very difficult to trade under present OPEC situation. Yet formation of structure is such that it tends to break down after Zigzag consolidation in form of ABC towards 61.8%. Look for bounce towards 3.2 as wave (2) advancing towards below 3$ in form of wave (3). I believe this completes the cycle by approaching $2.5 in five wave structure. Take your...
Possible ascending triangle over the next couple of weeks.
I think there is a fair chance that oil breaks out, maybe due to fears of war in the Middle East? Maybe due to OPEC extending production cuts, or maybe a bit of both, paired with Trump's comments of wanting a weaker dollar. I think energy positions are a good hold, and even a good chance to add to many, like $OXY, $PBR, $MPC, $PBF, to name a few. Keep an eye out...
-daily bearish engulfing -overbought price action ie no real pullbacks -not a massive key resistance line but a resistance are of $53.50 -intraday trend line break -bearish 60min MACD divergence
Here is a simple look at my long term view on oil, which lines up relatively well with my expectation for the S&P. As you can see, on the weekly chart, it had appears that we had broken out, but we kept retesting that breakout level as support without getting any really solid bounce. Finally, we broke down into the previous trading channel again and went straight...
The shape of this Wolfe wave meets what Thomas Bulkowski says about it, as you can see on thepatternsite dot com. And makes perfect sense, since OPEC will do something to stop the incresing rate of the Baker Hughes oil rig count.
Nice pinbar formed in H4 and daily. Can enter trade at current price or wait for the price to retrace downward to get better risk reward ratio.
i have been looking for oil prices in the short term to bottom at the 45.6-46.1 level; This chart is meant to provide Target Prices for my 'Oil Channel - If It's Not Broke...' chart; please refer to that chart for more information on my overall view as this chart is intended only as a support chart for price targets. I will buy/open long positions at 46.10 and...
Broke out of uptrend with high volume. CFTC showed specs were long, so there is plenty of room to the downside. Spreads have been weak and option volatility was low before breakout. As it broke to the downside, longs scrambled to protect with an downside puts and panic left option vol to increase by over 6 points. On the downside, i am looking into the...
This looks like potential larger ZZ ABC with B towards 52.75 and C towards sub 49. if you notice in lower TF, B looks very corrective in nature and not the impulse creating bear flag. yet manage SL above 54 as oil always overshoot the targets either sides Entry Price: 52.75$ SL: 54.5 Target: 49 or below
Oil has started a weekly downtrend, which we accurately predicted, monitoring the positioning, sentiment and the spreads in oil against other instruments (energy sector, Canadian dollar, etc). I think we can hold our position for some time, we're short from 53.25. Since we already hit the first 'clone' of the weekly mode range, we could stall here. I'm...
After US positive data, China possibly lowering demand and inventories with an Oil flood, the 50-55 range was broken, though these prices under 50 do not really benefit shale producers or OPEC (and therefore could not be 100% sustainable if demand doesn't decrease further), we could have a longer dip to $46 (watch weekly chart I will share) and then maybe a...
OPEC's historic agreement to reduce production of oil and new US president Donald Trump policies for the return of economic sanctions on Iran, and his quest to return the quantitative easing program, all these factors will support oil prices to rise.