Price continue fallen due to some fundamentally reasons , But I'll say that if you understand Technical Reasone then can see After correction Impulsive move in downside.'
We can see son Reversal after test his Bottom 12$.
Crude Oil break out support line of the uptrend channel. We touch support zone.
After oil drop price start to recover.
I see 3 resistance level for oil.
1. 55.8$ - 38.2% level fibonacci
2. 59.94$ - 50% level fibonacci
3 64 - 61.8$ level fibonacci also resistance line
But global It look like impulse-correction-impulse
UKOIL expected to rise up to 1st resistance at 35.88 where it could potentially react off and drop down to 1st support at 31.10.
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Is there one more low to come for Crude?
With this count wave 3 of 3 (white) touched the 2.0 extension and wave 5 of 3 stopping near the 0.618 extension.
If we are in wave 4 now price could reach $33,92 (0.382) or $37,03 (0.5) before another leg down in wave 5 below $20. Price has already reached 0.236 which is also a common wave 4 level.
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Please Use the Notes...
Update on these long term ideas:
Oil breached the long term trendline but stopped at another one (below) and at the 1.414 extension exactly. My theory is the bottom is in here and possibly move up towards $60...
Hello Traders I wish you for a very good day! Here I update all my trade plans and setups based on technicals while nothing in here shared as a trading signal. So take them at your own risk. All these remains as just a prediction until we meet with the required criteria. Best regards!
Gold showed a super dump and got the 50% Fib level. Where I was looking for a...
Risk/Reward: $1 =$7
GULF ETF tracks middle east corporations with strong dividend. With oil price plummeting over the month, it has pushed the this ETF to final support level. Look for positron bounce to the upside, especially oil price recovers soon.
As a trader you should consider your own risk:reward ratio and do proper lot sizing according to your margin and leverage level.
Not every idea is a valid trade.
This analysis is a trading idea, not a trading signal for you.
My own trend direction estimation, entry point, stop loss and take profit levels are on the chart.
Is there a move downward coming in oil?
If you apply 7,4,7 settings to TSI you can see it leads MACD on many occasions (either up or down); highlighted the last 3 big down moves in oil where TSI has turned bearish and MACD followed, TSI on 1W chart has recently turned bearish.
Oil has managed to once again move back to the topside of the bullish channel. The move to the highest level in 3 months comes as the stock market across the globe breaks all time high. Look for a potential bearish reversal, especially with the up coming EIA US crude oil inventory data coming out later today.
Entry: 60.50 -...