On the monthly chart, you can see that oil is currently hitting a major support zone. I placed the fib a bit unconventionally however this is where it snaps the best. If it holds up, it gives us a target at 100-123% fib zone. Reasons to long: 1. Price Action: We see the price responding to the key supporting trendline and 78.6 fib. Wicked below it and closed...
Oil tested this week the first 1M (monthly) Support at 42.005 which has so far stayed intact. This level has supported the price successfully on 4 occasions since 2015. From a medium term Risk/ Reward perspective it is worth buying here, aiming at 54.600 which should act as the Resistance. If that level breaks, then the long term bullish reversal gets valid....
As you can see from our chart we have a very clear and strong support level that has been tested a number of times on the daily timeframe ( we have circled these areas ) Price is now at that level and everything technical and fundamental points towards this level been used as a springboard to allow price to bounce once again. All entry SL and TP will be sent...
The price is trading within a 1H Channel Down (RSI = 32.605, MACD = -0.190, Highs/Lows = -0.5650, B/BP = -0.8120), that is close to its Lower Low. Based on the Channel's High-Low measurements, it should be around 44.46. Expect a bounce towards 45.77, which is an ideal short entry on the short term. If however 44.31 breaks before, then the price should copy a...
Weekly indicators are oversold on 1hr If there should be a trend shift it should be now Next support area is around 26 usd A hedge trade on both sides with a tight stop loss will be a good idea here
Ok folks lets have a breakdown of the situation. WTI has to print a weekly close above 47.8 for us to even thinking of buying it. Very strong downtrend. Green zone is supporting the price but this will not last long if the buyers can not push above 47.8 and close there. Ultimately the bears will break through 45 and head towards 41.3 which is the main target....
The Triangle broke and since the 49.40 Low was crossed, 1D emerged as a Channel Down (RSI = 31.885, MACD = -2.650, Highs/Lows = -1.7614, B/BP = -4.8020). Given the High-Low measurements of the Channel and the candle duration between each key point, the Lower Low should be priced near 47.10. After that is completed, a new Lower High at 52.00 can be estimated using...
Oil has been trading sideways within a 1D Triangle (STOCH = 49.036, Williams = -47.874, CCI = 16.4043, Highs/Lows = 0.0000) since it made the 49.40 bottom. This is seen as a support build up, a necessary stage in order to comfortably test the 54.75 - 58.00 Resistance zone. As soon as this Triangle breaks, we expect 55.80 to be tested (TP), which was the previous...
Caught in consolidation, S/R range of 54.54/50.09 The pricing has allowed the 20 EMA to catch up (as of: Dec 5, 2018). If you are looking to get into and ETF/Future regarding oil. Wait until you know which direction it will choose. With a S/R of 54.54/50.09, place your alerts on the outside of this range to find which direction it just broke toward. There is...
I will open Sell near $52 If the price will make fake broke of $52 Reasons: - Long-Term trend is still bearish - Price can make a retest of $49 - Most of the time the price makes a retest of such places.
The short term TP = 53.00 has been hit as last week's 49.40 provided enough support not just to hold the downtrend but also to break the 1D Channel Down upwards (ADX = 66.606, Ultimate Oscillator = 51.030, B/BP = 0.3260). It stays however largely on neutral ground (Highs/Lows = 0.0000) as the MA20 period (54.97 - 55.42) hasn't yet been recovered. The Resistance...
OPEC next meeting at 6th of December, Production cut is on the table + possible correction, target 1. 52.00 target 2. 54.00 target 3. 56.00
For the 27th: VA - Overlapped Bullish (prices could still have some upward bias in this correction) CPivots - Overlapped Bullish Market Type - Trading Day - Although market did trade outside of IB (initial balance), it did trade within the R3/S3 pivots most of early part of day until US when it tested S4 but buyers took it back to close at R3 pivot Price was...
Following our latest analysis () on how Oil would make a near 50.00 bottom in the coming weeks, we now turn our attention on the potential levels to watch. Our estimate based on the similarities between the January 2009 and February 2016 sequences we have calculated a strong 3 year consolidation (November 2016 - December 2021) roughly within $50 and $73. Our...
In his book "Secrets of a Pivot Boss", Frank Ochoa walks through the 7 types of market days a session (day) could be. I'm interpreting Friday as a 'double-distributed trending day'. In this type, the market will set some early distribution, drop, then distribute a second time later in the session. The following session could be some type of consolidation which...