Since the end of February, and more accurately mid-March, the volatility on Natural Gas has all but disappeared. This is a good thing if you're bullish, because it's both consolidation and indicates accumulation. It's also a good thing from a sentiment/narrative perspective because everyone has all but forgotten trying to gamble on BOIL. Moreover, it's strange...
See picture for analysis: -Price reacting off of supply -Price below 200MA + soon to be reacting off of MA. -Breakout-Sl hunt -Looking fro shorts with confirmation on smaller timeframes.
it seems there is a combination of 3 drive, wedge and head an shoulders is happening on wti. so I set my alarm below the wedge line for sell
Hi Traders! Our range zone on USOIL worked exactly as predicted (LINK TO ORIGINAL IDEA BELOW). The range zone support of 66.88 refused to be broken, and the bulls took over to push the market up to the range zone resistance of 74.72. Now, we need to see how the market behaves around this level, the psychological 75 barrier is just above, and there will be some...
For Wednesday, 72.83 can contain selling through the balance of the week, above which the 77.48 formation is likely by the end of next week or sooner, able to contain weekly buying pressures when tested - possibly through the balance of July. A daily settlement above 77.48 indicates the more significant 81.97 long-term resistance level within 1 - 2 more...
20 to 30 pip tp touch or break level in 5 or 15 min after inter to trade
WTI is at daily highs but a trap could be set for breakout traders and a break of daily trendline support is eyed.
USOIL could approach a key overlap resistance and potentially reverse off this level to drop lower. The sell entry level is set at 74.034 which an overlap resistance. Stop loss is at 76.944 which is an overlap resistance that aligns above the 61.8% Fibonacci retracement level. Take profit is at 70.005 which is a pullback support that sits just above the 61.8%...
For Tuesday, 72.83 can contain selling into later week, above which the 77.41 formation is likely by the end of next week or sooner, able to contain weekly buying pressures when tested, possibly through the balance of July. A daily settlement above 77.41 indicates the more significant 81.97 long-term resistance level within 1 - 2 more weeks, where the broader...
WTI Crude Oil reached the 1D MA100 for the first time since April 28th. The 1D technicals turned green (RSI = 59.140, MACD = 0.550, ADX = 29.727) and if the 1D candle closes over the 1D MA100, then an emerging Channel Up will lead it to the 1D MA200 and consequently we will target a HH (TP = 76.50). We will take the loss if the price crosses under the Channel Up...
WTI has fallen short of territory above $74 and this leaves the focus on the downside.
Oil looking strong and testing a bearish range breakout. Natural Gas back testing a key support zone.
The price appears to bounce back as expected, with OPEC+ output curbs finally biting. Russia announced a voluntary decrease of 500 kbd that will remain through the end of August. The technical context entails an acceleration in wave [ 3] of iii. Most ElliottWave traders aim for a third of the third when the price moves a considerable distance with no...
inter to trade 72.40 to 72.45 tp1.72.60 tp2 72.60 tp3 73
A two-sided framework continues through summer between 62.14 long-term support, and 81.97 long-term resistance, both regions able to contain seasonal activity. Downside, a weekly settlement below 62.14 indicates 53.87 within several months, longer term Fibonacci support able to contain selling into later year. Upside, a weekly settlement above 81.97...
I've had a number of successful calls on crude oil, which you can find in my post history. In those calls, I had always been bearish on oil, anticipating a run to a 4-handle. However, I reassessed my prior assumptions when the MMs took out the Low Of The Year in quick order to start May. I haven't been particularly sure in the time that has passed, but between...
The bulls are in but this could prove to see a lower price in time.
For Friday, 69.45 can contain session weakness, above which 72.81 remains a 2 - 3 day target able to contain buying into later next week, and the point to settle above for yielding the more meaningful 77.27 within 1 - 2 more weeks. Downside Friday, closing below 69.45 signals another test of 67.08 within several days, able to contain selling through next week...