Price has broken out of our H4 ascending trend line. We will be shorting oil if and only if there is added confirmations to show this is a true breakout.
Price is below our 180 ema and resting below the 55.50 resistance. Looking to target 53.70's
Oil this week was ranging between key levels 56.25's to mid 57's.
Price finally broke through our key level support of 56.25. We are expecting a retracement/retest back to this level before price may further sell off. Looking for sell positions at our retest zone if price gives confirmation.
If price continues to push downwards, we can expect prices to hit the 55.40's.
USOIL has formed an inverted head and shoulders pattern. We are currently at the neckline ~53.60's where price has touched many times. If price breaks, we can expect price to move to the upside.
Price could move up to the first zone @ ~53.97 then we may find a retracement/retest of the neckline before price moves to ~54.30.
Waiting for breakout as confirmation...
$uso $uwt $dwt $usoil
Potential descending triangle on OIL. Correction to the 30's? Massive bull run and breakout above? I think we'll see oil hit 64-65 before correction next few months and landing sub 40. How low that goes is not important.. This pattern should be concerning.. If oil ultimately breaks above (hmm, what would cause that), it's going to come at a...
$UWT looking like a double bottom for the crude oil futures. Hoping to see a big bounce next week.
Double bottom: A decrease of 10-20% from the top to the bottom and the second bottom occurs within 3-4% from the first bottom. RSI is also low and MACD looks to be trending up.
We have a couple big events and meetings happening this month. Oil is likely going to return to neutral before its next move.
Short term bullish pump into Catalytic events
G20 June 28th through 29, 2019 Osaka, Japan
OPEC Meeting June 26, 2019
I would love to ramble about geopolitics, but that aside, the real deal I see is bear overreacting party here.
Elliott wave approach:
ABC corrective wave is completed. It's time for a bull run.
Trend line approach:
3 times tested channels is having a fourth try.
Daily Exponential Moving Average +SMA 50/100/200 are showing 4 supports and 2 resistances.
I think we head remarkably lower before we break out of this long-term downtrend. The triangle will be breached eventually, but I believe the $35 target level may be in order this year before moving higher again. What will they use as an excuse for such a scourge? "Saudi/OPEC turns on the taps to fight US Shale oil market share?"