$77.00 appears to be a sweet spot.. Late night messing around with charts.
Directional Bias: Short Price Target: 72.00 Good Entry: 74.8-75 area or Breakdown of 74.00 Risk/Reward: 50 ticks Risk Max/ 200 tick Reward
ascending triangle target $288
keep an eye on the .236 fib level
1. We are approaching some major support/resistance lines. 2. Approaching the mid line of the current channel. 3. We are approaching the target of two different methods I use. 4. We have a large potential bearish divergence in both the weekly (not shown) and the daily RSI. 5. Least important: the wave count. Would not be surprised to see oil rise a little...
Monthly Chart look at what I think is the most important price magnet for Oil over the last 10 years. Also interestingly enough at $77.7 ($77.50 probably more accurate but 777 makes for a better title). - RH
Working Hypo - bear flag setup. fake break that flag to low 66s come back in for a move to 69.5 area over the next week and then another timber from 69.5-69.7
See my March post (link below) I looked for the index to likely get to the 220-224 level. It’s getting close and there is now a bearish diverg in the RSI so may get a correction soon But I would not be surprised if it rose a little more to this target zone. Watch closely for reversal pattern and consider DWT. I closed out my UWT personally when it hit the lower...
oil is currently in a strong uptrend in 2018. Look for oil to peak in the high 70's then make it's gradual fade over the next 4-6 years.
Crude is completing five wave move down off the top
Triangle it's a corrective pattern made of five contracting legs a-b-c-d-e
Crude has either topped in corrective wave ( ii ) up or can make one more high deeper into the red box. And then I expected it to start decline in the wave ( a ) of ( iii )
OIL breaking out on multiple time frames. Monthly looks to be suggesting a run to 78-80 level. Would be a great set up for Saudi ARAMCO IPO..... since they made production cuts to bump the price....
I trade the commodities thru 1X, 2X, 3X bull and bear (inverse) ETFs, and ETNs. When I do I use the chart of the base commodity or index to calculate the entry and exit points. In this case the Index is the S& P GSCI Crude Oil Index ER which is what the UWT (3x bull) and the DWT (3x bear) ETNs are supposed to reflect (minus fees). If you aren't aware 2X and 3X...
Have made solid trades this week on crude with crude scalps. Momentum in ST favors bears even with favorable api. However, Bovies are not out of the game if 60.10 and 59.95 hold strong. Bearish cypher and drop in play at the moment, but 3 attempts to take out bulls has failed. If history is to be applied here, it looks like line in the sand has been drawn and itll...
Personally, I'm leaning towards a trend breakdown because of the RSI has lost it's trend and broken below it. On the other hand, That symmetrical triangle is pretty attractive alternative option to watch.