I see a bottoming process here for crude. For the first time since the june 2014 decline began the ma's are flattening and even the 50 ma is pointing up now (50ma not shown) The bollinger band is narrowing in and todays price actually stopped at the lower daily bollinger band. I'd say price has set in the low on the 13th of jan and has completed it's first wave...
The C-leg in a Gartley harmonic pattern seems almost done and D-leg ready to go. In the very short term I'm bearish... but will become almost "all in" bullish with a decisive move off the bottom. If you cast a glance at my other chart on $USOIL l've made by using the Elliott Wave technique - you'll see that the 1.618 extension of wave 1 comes in around the ...
Have to surpass the 78,6 and the 88,6 retrace mark for becoming a bearish butterfly. I have taken ½ of my position off here and let the other ½ run for the butterfly top. I have an EW count on the chart as well. It does give guidance directly for the high but could become the case due to the 3rd wave will not be the shortest looking at the price action so far. ...
I'm long from 3.28 Only a small position as a start ...i could still be a falling knife. Stoploss at 3.23 Safe trading ladies and gents! $BLawrenceM
Crude oil wti futures on approach from above to linear trend line from Dec 1998 to Nov Jan 2009 extended to present. Should see a bounce or stabilization at least. Need to re analyze as condtions in this market are NOT normal. Caution on the long side. Likely short covering. Activity slowing down upon approach. Over night likely to have the move.
From my view, we are getting close but are just not yet near what could be a meaningful multi-week or month bottom in crude. With current sentiment and oversold readings we could in the short term see some spectacular multi day or even week long bounces worth playing, however, longer term support for crude could reside at prices about 10-15% lower. The primary...
10-30 Nice little double bottom here that MAY be in the works. Support zone at the least. Notice the standard AFTER the retest of the lows how when it thus far launched it broke the downtrend (green) to the upside? That is exactly what one wants to see. For educational and informational purposes only Trade at your own risk, These are not recommendations.
I think crude has overshot fair value and is now oversold. It is below the linear regression (ie Trading range) and CCI is creeping upwards. I would make this call with more confidence should the MACD crossover occur with more enthusiasm but I'm getting in before the market does. Of course the moving averages are against us, but if we see Europe start to gain...
Oil is taking a beating again today. While many bears are talking about oil going much lower in the next few weeks, it has likely bottomed. Why? Simply put, Russia and the middle east (Iran) will start some trouble to boost the price. Remember, 90% of their economies depend on oil. Just watch, something crazy will happen in the next 48 hours to stabilize and...
Above i have drawn out my thoughts on time symmetry and bearish cycles in the Crude Oil market. Though in a long term bullish structure on the weekly and monthly, at the tops of these weekly bullish cycles, we see extended bearish cycles, or an "Unwinding" of long positions. We are currently in the process of another of these unwinding cycles. The Willy21MA13...
USO has broken it's uptrend a few weeks back, and since has been heading violently lower with no signs of stopping, at least not yet. Not in my eyes. I had a plethora of converging indications, so I've marked them in the chart A - F, and then explained my trade setup. Good luck. A) RSI has broken above the 35 level, but this is likely because it bounced a bit...
This chart shows the relationship VNR has to the price of crude. The recent selloff in crude has been mirrored by the selloff in VNR.
Over the past two months, the United States Gasoline Fund, LP (NYSEARCA:UGA), which tracks gasoline has fallen around 14% from the recent top of $64.27, to a low of $55.16. The drop in the UGA share price occurred after the stock broke a technical major trend line level. Many talking heads in the media are looking at this drop and saying that it will benefit...
The bullish harami at support may be the beginning of a reversal. Tension in Ukraine will help crude oil go higher. The broader momentum is still negative but a bounce may come here.
USO continues to form a rising wedge which will ultimately create a larger selloff. Until the larger pattern forms, price's range will tighten in the pattern which is now poised for a selloff. The combination of the spinning top candlestick and the stochastic rolling over will bring lower prices in the near term but not for long as the distance between the...
USO is rallying in a rising wedge that will eventually setup its selloff. In the short term it is reaching the highs of ~10 days ago and near a rising line of resistance as well as a horizontal line of price resistance. A little more rally may occur but it should be capped under these lines wherein a short term selloff will follow. The stochastic is setup for a...
USO is now below the LSMA and a bearish crossover has occurred but I don't expect to see much of a selloff. Price is likely to dance around the support/resistance line of $37.55 giving the stochastic a chance to reset for prices to move higher. The rising wedge has a lot of room to run and prices will rise to the $38.75 area quickly once this consolidation has completed.