Oil hit our last buy target (57.30) and the 1D Channel Up (RSI = 58.982, MACD = 0.300, Highs/Lows = 1.1300) is near its Higher High trend line. As mentioned since October 16th, the Higher Highs of the Channel are symmetrical with the Lower Lows of September's downtrend (see that idea below):
We are expecting a similar price action with a rebound near the 4H...
Oil has been trading within a 4H Channel Up (RSI = 53.399, MACD = 0.280, Highs/Lows = -0.0057) since the beginning of October. Today the pattern made a Higher Low and naturally the price rebounded above the 4H MA200 (orange line). The expected target is 57.30 which is marginally under the 57.70 Top of the current bullish leg (safer call).
If you remember our last...
Oil has been trading within a 4H Channel Up (RSI = 46.297, ADX = 36.695) since the October 3rd 51.00 bottom and is currently on its Higher Low zone. This makes it an optimal buy opportunity for the short term. The Highs within the Channel appear to be filling the Lower Lows of the downtrend sequence that led to the 51.00 bottom. Based on this the next Target...
With the overall move towards more sustainable energy sources, I would certainly expect the demand for oil to diminish over the next 100 years. However, we don't trade off such macro perspectives. While certainly in a downtrend, Crude has been posting some predicable and identifiable chart patterns. A bounce back to test the downtrend line is certainly a...
HTF chart for oil has been very bearish since the large gap up ($7+) due to attack on SA key oil facilities
Daily
-On the SA event, price gap up & went right into Supply zone and reverse
-Price has been very weak afterward as it didn't have meaningful retracement, basically drop and consolidate & continue sliding lower
-Last week price develop a fresh Supply...
We have been focusing a lot on Oil's short term price fluctuations under a highly unstable environment. This High Volatility may be simply technically caused by the commodity's long term cycles, phases that tend to repeat over time.
As you see on the chart the price is currently within a long term consolidation phase, similarly to what it did from mid 2011 to mid...
At the moment USOIL is trading within the zone of support of resistance. Price is showing potential to move at re-test the price level i have marked with a grey horizontal line before advancing toward our target. Price would ideally pullback to gain momentum before completing the move. If you'd like to take a different view, should price re-rest this area, it...
Here we can see a massive bearish week! now we have hit our 3 touch trendline! Waiting to see if we make a new HH and LL so I can start distributing the buys!
