If the green line holds, 48.11 first, then possible 48.55+ (close to median).
WTI in the range. If cross above 48,41 look for buy. If cross below 47,50 look for sell.
The level you'd want to take a close look at is the 49.50 mark, short if you see a bearish signal. If Price goes UP and breaks through the +/- 51.00 mark (key resistance), then the +/- 60 level should be next. If price goes DOWN and breaks through the +/- 45.40 (key support), then it could go down to the 43's. Reasons for short: - RSI overbought. - Latest high...
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please comment if my anaylsis is wrong and tell me what u think
After reaching 50, as expected some sideways action. sold the 52c around 1.05 around 2 weeks ago. I am neutral, because this looks like a correction of the prevailing uptrend as indicated in the dark red trendchannel. Downside support are the blue trend line at around 48.20 and the 20 day MA or middle BBand. Further on the downside we are looking at the...
USOil is in a tight wedge and is giving indications of an imminent correction. A strong break of the 4 hr TL (Blue) and a bearish flag will indicate a shorting opportunity. I would wait for a similar indication below the first Daily trend line (Green). A safer trade for a longer ride down. A break of the second trend line and we could see a revisit to $30. That is...
WTI completing its last wave soon. It looks very strongly like an elliot wave A-B-C pattern. Fib extension 1.618 fits also very well to the picture. Additionally, there are some strong supply zones coming ahead. Furthermore, Awesome Oscillator shows that WTI is indeed loosing its momentum and RSI signaling alarmingly.
Prices could be heading lower to $44.35 in the next few days, which is 78.6% level (Leg D) from where a rebound is expected (Potential Reversal Zone). Note the RSI is heading lower from oversold region and last week we had talked about a bearish price RSI divergence on 4-hour chart. Both techniques appear in sync now.. and pointing to weakness ahead.
I am a speculator, to me it does not matter whether prices will rise or plummet I do not care, not at all, what really matters is what I do to squeeze money out from the market! That has nothing to do with technical analysis, fundamental or otherwise forecast crazy methods! I have no ego related to this, just want money, I do not want to have reason or anything...
Expect the bullish trend we are in to slow down as we run into resistance areas Upward sloping support line active. Look for 9 day and 20 day MA as target for pullbacks
I had hoped to take a few days to get back into the water... But looks like we need to jump on this big Bombora.... It could play out for a while. Funny how these things form. We need to get a pretty good run from the first drop in. Bros with Rhinos will soon join the crew. We are going short with a stack of bones. Let's just hope we avoid a rail bang... ...