Oil made a Double Top last week on 4H just below the 58.00 mark. However the pull back was supported on the inner trend lines of the 1D Channel Up (RSI = 56.821, MACD = 1.010, Highs/Lows = 0.0000) indicating the possibility of a soft Higher Low. 4H resembles an Ascending Triangle aiming at its 58.80 Resistance. This is our weekly target. If the inner supporting...
As you can see price is sitting at good support and has had its 3rd bounce off a well respected trend line... so we are going long. Run out and fill your cars up now if you don't want to be ripped off ;p maybe take a few tankers and fill them up also so you can sell fuel at a premium price when prices do rocket ( don't do this as I'm sure there is laws against...
The 1D Channel Up has started to pull back (RSI = 55.174, MACD = 1.530, Highs/Lows = 0.0000) in an attempt to find a Higher Low before making a new High. There is an interim supporting zone (dotted line) and which can be a target for shorts and a first long entry for buyers. If that doesn't hold, the hard technical Higher Low is located on the -8.10% retracement...
Hi there. Price is forming a continuation pattern to the upside. But first price needs to complete one more move to the downside. So, watch strong price action at the current price for sell.
Watch price action before taking a tradeWatch price action before taking a trade
Oil is trading on a standard 1D Channel Up (RSI = 64.843, MACD = 1.270, Highs/Lows = 1.5707, B/BP = 3.8940) and has just reached its Higher High. Technically we are expecting a pull back at this point with TP = 54.845 (risk seekers may extend the short as low as 53.275). Account for a + 1.20% noise (57.100) as the price action did on the last Higher Low. ** If...
Light Crude Oil WTI Futures #CL has a monthly demand level located around $48.64 that gained control a couple of months ago. The fact that we have had that monthly imbalance in control allowed us to make too decisions. 1) No shorts would are allowed trading against a big timeframe demand imbalance that has gained control. 2) Only longs would be allowed. As...
Head and shoulders seems to have formed between support and resistance lines. Meanwhile, US warns countries not to buy oil from Venezuala, reducing the demand for Venezualan Crude, therefore also supporting a decrease in price. Perhaps it is time for a short on crude oil, despite the recent uptrend. What are your thoughts?
WTI rebounded on Monday exactly on the 28 Jan low = 51.158 and 4H support and is now close to the 54.245 Resistance. If it gets rejected it creates the opportunity for a new short towards the support as 4H is forming a Head and Shoulders pattern (overbought on the Right Shoulder with STOCH = 83.318, STOCHRSI = 92.174, Williams = -13.879) and 1D remains neutral...
Price hit the first support level and pushed back into the long term trend line (blue). I am going long, expecting the price to reach the top trend line (white), and possibly breakthrough past this level, towards the first resistance line.
WTI is approaching our first support at 51.29 (horizontal swing low support, 100% Fibonacci extension , 78.6% Fibonacci retracement ) where a strong bounce might occur above this level pushing price up to our major resistance at 54.02 (horizontal swing high resistance, 61.8% Fibonacci retracement ). Stochastic (21,5,3) is also approaching support where we might...
The month-long Channel Up is approaching a Higher Low and based on the complete neutrality on 1D (RSI = 54.206, Williams = -51.131, Highs/Lows = 0.0000), we are on the most optimal levels for a short term buy. 52.500 is acting as a Support. We are long again with TP = 55.500. ** If you like our free content follow our profile (www.tradingview.com) to get more...
Since Jan 9th oil has been trading sideways. It has generated 2 S/R levels. The first it generated was 53.29/49.71 and the second between 54.29/51.88 At this time there are no triggering effects for directional movement in either direction. On January 22 an engulfing bar formed with a negative close, this bar gave hint that it was going to take the prices...
Might be completing the last wave and then it'll be going down
Oil has respected a very clear 4H trend-line of Higher Lows, giving rise to the development of a Channel Up (RSI = 57.601, MACD = 0.260, Highs/Lows = 0.3029, BBP = 0.4580). As long as the supporting Higher Low trend-line holds, the price will be aiming for a new +7.80% Higher High at 55.750, which is the TP in this case. Attention is required, as based on the...
Here is a trade on crude oil. Very simple, an inverted H&S pattern with a bullish divergence on the RSI and Stoch. Will wait for the right shoulder to fully form. Have a buy order set in at $50.4 with another buy order set in at $49.8. Once the neckline is broken (54.6) I will then buy even more. TP targets: 1 - 58.10 2 - 63.8 3 - 65.7 Stop loss at: 49.5