HI PEOPLE WELCOME TO DECRYPTERS
We may see 4H to Play first and NEXT WEEK Possible REVERSAL in oil, AS Reversal pattern is on Daily Timeframe it will take 7-13 candles At least to reach Targets 0f 86$ - 88$ , The Demand for oil will increase once china is Fully open
Oil looks likely to make a new high, with a higher low formed and divergence on the RVGI, Price is also trading above TWAP, wait for weakness to look for buys.
I had been waiting for months for CL to test the green shaded area which coincides to an untested weekly level of demand dating back to Dec/21. When we wicked down on Nov 28 and popped up I thought "damn, I missed the move" but instead of chasing I decided to wait (learning patience). A few days later we got the move I had been long waiting for and we have seen a...
As previously mentioned, Crude was to break 76, and head down to a target of 67. It did break down below 76 decisively, but found a support at 70. And it appears to be bouncing off the 70 support level.
There are two main ranges and in combination, the yellow box denotes the current consolidation area over the next couple of months.
Noted the Bullish...
Oil has a nice amount of Bearish Divergence at the PCZ of a Bearish ABCD and it looks ready to break the midterm uptrend and continue down on the macro.
USO got a wild ride ahead! We're expecting the course to drop further below the support line at $63 to finish the green wave 3 before rising up again to complete green wave 4. Subsequently, the trend should continue to sink into the turquoise trading zone between $52.24 and $43.83 in order to end the correction with the turquoise wave prior to heading back North...
Crude weekly points to more downside. Breaking below 76, would be bad news and 67 would be the downside target at the end of the year.
Technical indicator, MACD crossed down in bearish territory, and the VolDiv indicator turned red as it heads to the zeroline. Very dangerous when it does this...
Expect more downside to the last low at 76. Critical support level there.
A few simple observations that tell of Crude falling over, despite a previous week of strong bullish price movement from OPEC cuts announcements.
Weekly chart had crude price break above the 55EMA strongly the previous week with a marubozu like candlestick. However, not only did it failed resistance at 94 (dark green line); it broke back down in failure of the...
Head and shoulders on USO (proxy for USOIL) says 50 is the target. After creating a strong head and shoulders pattern, we came back slightly above the neckline - typical overshoot. Now we're making our way down again. Bounce in oil is likely over. This idea is incorrect if we get over 81.
Seasonal favors downside in crude oil. Market presented a new setup.
IQ has always and will always, get all the praise; but discipline gets the job done ~Mark Ritchie
Lose like a pro and keep trading, or lose like a novice and quit ~Mark Ritchie
Crude oil is breaking down, and is doign that really fast as well.
Unfortunately, this is not expected to abate inflation, negligibly if at all.
Part of this slide down comes from a surging USD, and the other half is the anticipation of a recession due to the spiking interest rates.
The Crude futures weekly chart is all bearish, candlesticks, indicators, etc. The...
On the 4H OXY is in a long up trend in part supported by the buy of Mr. Buffett
In the intermediate term as shown on the chart, it is in a slowly rising parallel channel
while at present it is at the bottom of the channel sitting on the POC of the long term
volume profile and near to the lower Bollinger Band. I see this as a buy low sell high
opportunity, The...
Crude prices are oddly (well, perhaps not so) set to spiral down further below 80. Here is technically why it would...
Light Crude Oil futures weekly chart show the recent consolidation around the weekly 55EMA, and that it appears to have broken down decisively, particularly closing at the lowest in the last 5 weeks. Technical indicators, particularly the RPM,...
Wholesale gasoline futures could be telling us that the driving demand is bad and just not there to support these high prices. War and geo politics is pushing Crude Oil prices up as well as the heating related products, but gasoline is trading on its own forces currently. With the rejection at around 4.00 a gallon, is the support here or are we destined to look...
USOIL long idea based on current PA. We could see Yen continuation to the downside if Oil makes a rally higher here, due to the amount of Oil importing into Japan, it backs up my thinking of JPY falling and CADJPY rising if we see an impulsive move upwards here.
The decline in crude since March channels perfectly. This is either a pullback before another leg higher or a more drawn out consolidation (favored view). In any case, 102 looks like the next stop. 90.50-92 is support. -Jamie
