These number are looking pretty close for two solid harmonic patterns looking at a potential reversal in USO to about the 10.32 area.
2x top on daily Rejection from Resistance levels OPEC power but not long term control (rules aren't always followed)
We had a 13 days crazy run again and we got a bearish engulf again. I think this time we will pull back to 0.382 again. Here is my reason: 1, we had a repeatable history before, we hit the low, and rise a bit and rally on OPEC meetings. Exactly the same game OPEC has on us. The last time to retrace to 0.382, this time we do. Also take a look at that price, this...
I think we now have a better chance to short oil! It reversed on major resistance, crossed the trend line and the 50 EMA. You can sell the correction or the bearish flag. Or you can sell the failure of resistance retest. This is in my view the safest way to short Oil on this level.
Look for a short to correct the up move. The correction can be small or big to retest the upper line. Once the short is over, I'm looking at the price to reach $60 in the long term. Use your strategy to trade and good luck. If you have any questions, feel free. Zak
IN THE YELLOW RESISTANCE AREA PRICE SHOULD TEST THE RESISTANCE TREND LINE SITUATED AT 48.50. PLACE A SELL LIMIT AT 48.50. STOP LOSS 50.68
As you can see we have a trendline that's been tested on several occasion. It's safe to say to go short here - we've also got support by 100 bar weekly MA being a resistance. Watch for false breaks TP when price get's around the lower violet trendline
Looking pretty harmonic here!!!! $42.70 looks like good support on the 4h chart. Might look for a bounce off of the.618 retracement or a move down to point d with a potential reversal zone of $41 to $41.75
ON THE DAILY WE HAVE A STRUCTURE WHERE PRICE HAS BOUNCED BACK FROM THE 43.00 FIB LEVEL. ALSO THERE IS A SQUEEZE MOMENTUM PATTERN WHERE PRICE WILL MOST LIKELY FALL TO PROFIT TARGET 40, 8 AND PROFIT TARGET 33.63. ENTER TRADE JUST BELOW THE 43 FIB LEVEL WITH A STOP JUST ABOVE 44 LEVEL. PRICE SHOULD AFTER THAT TEST THE RESISTANCE TREND LINE AND FALL TO PROFIT...
Mark for me to make the decision IF bullish, it may bullish to 52.22-52.78 first target, and 55.21-55.96 second target, then 59.46 third target. IF bearish,it may bearish to 41.46, first target, and 40 second target, then 36 area third target Im on Long side, hope good luck!!
Potential AB=CD pattern, but 0.886 level (50) is hard to pass. So there are 2 possible scenarios 1. Purple. Complete AB=CD pattern, tgt @ 54.94 2. Purple & Green. Px failure, and could drop to test the hagopian line. On weekly chart, there's a potential IHS pattern waiting for confirmation.
In this chart I feel oil is bearish until 37.95, we have here on the daily what seems to be an inverse Head and Shoulders Pattern. if prices do reach 37.95 and stay above 37.95, we can see a rally towards 50-51$ and possibly even beyond that. thus possibly breaking past the downward channel. keep your eyes peeled for this one. This does not represent a trade...
Always use a risk management plan, 1/8 of 1% Equity is pretty well to trade with. If u like my MP charts then like em. Use charts for educational purpose.
In looking at the recent weeks data and the way the price of Oil has reacted to the 15 EMA I am very very interested in a short, potentially from tomorrows open. I may have a look at the price in the early European session to see if it pushes up to even touch the EMA - just to get the best price. But I would predict a strong decline tomorrow based on the...
I think that oil is likely to increase in price after finding support at 40.