Brschultz Crude OIL Entry & Future Peak Forecast written April 08 2020 Link : youtu.be
Price is ranging right now within the green box. Support looks like it should hold. There may be larger powers at be that do not want crude to fall back below $25. Decent bounce off $2.50 support. I think it's safe to assume it'll hold for now. $2.78 resistance needs to break in order to continue trend upwards. Ultimately depends on the outcome of the OPEC...
The measured move of the head and shoulders pattern goes to $15. I expect the recent low of $20 to be retested. If that support breaks, then $15 is the next support. Oil is facing a demand issue more than anything. 100 million bpd global production and the demand has been cut by estimates around 30%. Which makes sense since about a third of the world is under...
WTI linear scale monthly study highlighting descending wedge and ascending channel.
It appears the underlying fundamentals have hit equilibrium. The supply/demand imbalance continues to get worse as more countries post econ data supporting slowing trade. My favorite number so far this week is from Korea. The 11th largest economy in the world reported a 10% decline in exports from the previous year. Here in the US we are expecting inventories to...
Prices have gone up since June on geo political tensions between Iran and US, OPEC curbing production, and Just this week worries about tropical storm barry (possibly hurricane barry) making landfall in Louisiana. To some it looks as if we hit the bottom and are going to make a new high for the year. Before you go long, let me offer some contrarian points to give...
Prices are targeting the area around 24.11 to regain a foothold above the 21 EMA.
WTI is coming out of the hole. Soft target of prices around 68.58 - 70 Anticipating the ETF (UCO) should see highs around 28 in the next two months. WTI has closed above the 21 for the first time in 4 months with bear sign. On the daily, it has been consolidation between 60.71 and 58.15 Friday didn't close above, however it is positioned for such in the coming...
Working Hypo - bear flag setup. fake break that flag to low 66s come back in for a move to 69.5 area over the next week and then another timber from 69.5-69.7
oil is currently in a strong uptrend in 2018. Look for oil to peak in the high 70's then make it's gradual fade over the next 4-6 years.
USOIL $UCO - Crude Oil ascending triangle. Bullish remainder of year. Watch for possibly another move down within triangle. Break above $66/brl would be definite buy signal.
OIL breaking out on multiple time frames. Monthly looks to be suggesting a run to 78-80 level. Would be a great set up for Saudi ARAMCO IPO..... since they made production cuts to bump the price....
Cleaned it up a bit tells the story more clearly. Also possible beginning of bullish divergence on rsi and buy AH 3/7/18 crude was in oversold territory imho
The big picture shows continued bullish momentum, despite forming a clear H&S over last few sessions. The lynch pin in this whole situation was the inability to break MY neckline. Although crude does seem to be exhausted I think it had to take the beating today in order to make a run and have a chance at a breakout above 67. I would personally recommend a fairly...
Have a sizeable position in SCO, currently down 1.23% with an an average of $35.09 still holding an additional 15% of funds in case this decides to move in the opposite direction My chart is indicating. I am currently seeing wti being ineffective at breaking the 52 range and imo in order for a retest of 55 and move to 60 there needs to be a retrace to 47-48....
Massive money making opportunity in oil, inverse H/S looking to potentially breakout... Buy anything over 50.40 w/ next resistance is at upper 50's I'm day trading/ staying short looking for 49.38 before moving in to a long position.
Oil is consolidating around $49 at top of the last leg up. It is bullish especially with buyers stepping in mid-day.