I see downside and weakness here. Price has tried to break but has been beaten back.
I am short.
2:1 RR - 1% risked.
Notice how price has settled at a level of 61.8% Fib.. significant.
Yes, still bullish up trending, but honestly, look at the technicals and it’s like crazy...
Cannot keep this weak rally up for too much longer.
MACD is so bearishly divergent and recent rally is weak
Th ebottom panel is the net non-commercial interest and it has been steadily waning as price edge higher.
I thought it was going to give way earlier but everything...
Oil prices are coiling up for a move which will eventually head towards to the mid $60s for the following reasons:
- Bankruptcies
- DXY destruction
- Demand bottoming
- Chaos in the Middle East at some point
Pit stops along the way are marked by the fib extension from the first impulsive move - 0.5 and 0.618 being the most significant.
The simplest strategy is to...
In a market where everything goes up, and ignoring the fact that we are no better than when the year started... something was gonna give.
It is Crude Oil that appears to cave in first...
The daily Crude Oil futures CL1! clearly shows a waning momentum to push oil prices just about 42. And this waning momentum was under a technical bearish divergence of the MACD,...
For most of my investing life, I have been a part of the upwards bull run spanning nearly a decade. Growth stocks outperformed cyclical and value, interest rates were kept low, and oil was at favorable prices. However, this year I experienced two unprecedented events: The Pandemic and negative oil prices.
Both the pandemic and negative oil prices come hand in...
Analysis (on 2 and 3 day charts):
The direction lines are trending down and crossing 0 (meaning there is a down trend).
The swing (purple) lines are relatively high (meaning they are over the very short term, the one the one-bar time frame).
On the 1 day chart swing lines reached a low and started to trend up indicating a reversal may be...
Commodities are rallying today as the Dollar index loses value and right on cue, oil has hit my target at $43 (the 50 week EMA) and could pullback soon.
I've closed my positions for a $1,237.50 gain (entry/exit linked below) and am looking to buy dips moving forward.
I believe oil is heading higher by the end of the year and the fib extensions should help map...
oil is back near it's 1987, 2000 and 2003 highs and being rejected by it's 2015 multilows and 2008 low. may just range for years now between 50 and 15 $XLE $XOP
Since collapse we have had a good recovery with a very strong impulse and the 3 day continues to shoot green.
Now we are zoomed in on 12 hour timeframe. After the strong impulse, price action has started to range into something similar to an ascending wedge creating a test at the recent top with a tight price consolidation.
These are the perfect kinds of moves...
Crude Oil sold off today at first however, traders decisively bid the price back up above the 200 day EMA.
Note: The light blue 50 EMA on this 4hr chart is equivalent to the 200 day EMA
This bullish price action tells me that the 200 day EMA is now the launch pad for traders to take this to the next level up. Most likely that would be the 50 week EMA around...
If the price does not break past previous highs, it will go down.This is bear flag pattern forming, now add in the fundamentals of a twenty thousand scheduled lay off and you get a new price discovery. I would set my buy orders around five below $5.00
This is not trading advice, and i am not legally able to give anyone financial advice as I am not licensed. I...
