The recent sharp decline on oil prices has got many investors thinking if this was a long term sell signal or a pull back on the monthly chart before another long term rally. If we compare Oil's trading behavior since its January 2009 bottom with the candle pattern since the February 2016 bottom, we see at first glance a lot of similarities between the two...
Oil has been just falling with no hope of a rebound, I am not gonna be trading this pair until its starts consolidating. Just wanted to show EURUSD and oil correlation.
TP = 60.20 hit as the 1D Channel Down (Highs/Lows = -1.9164, MACD = -2.510, B/BP = -4.6080) extended to a 59.20 Lower Low. The chart (1D) is now oversold (RSI = 25.241) and since the price hit the 58.20 - 60.20 Monthly support zone, we expect a gradual rebound (timed after this week's Inventories). The key point to break is 61.90 and our long's TP = 64.00. **...
Hello friends! If you agree with this idea, please give me a like and a follow. It will be greatly appreciated and will allow me to continue posting quality content. My idea for Brent Crude is a LONG position. This is based on technical analysis, however the fundamentals are a little bit unclear for the time being. The Brent price per barrel has bounced off the...
may be dealing with fifth wave expanding diagonal... so buy at lower green trend line
The 1W Channel Up that bullish investors expected to contain the downtrend above 65.60 was violently crossed to the downside (STOCHRSI = 0.000, Williams = -97.427) with Highs/Lows and B/BP turning negative (-4.3279 and -9.4580 respectively). Only 1M supports now but this is within 58.20 - 60.20. We expect that the 1D Channel Down (RSI = 25.770, MACD = -1.970),...
This pattern displays on 1M (monthly) terms how the 2008 crash on oil prices can be related to the 2014/ 2015 crash. Similarities: - Both crashes resulted in around -77% losses in value. - Both recovered around 0.618 on the Fibonacci scale. Differences: - The 2014/2015 crash was more than 3 times longer than the 2008 crash (and may possibly affect the width of...
Oil goes down with deflationary economy and stock market crash / world debt crisis. Bitcoin and crypto absorb the transfer of wealth. Oil will rise in the new economy and possibly rise in price with hyper inflation.
Supply side of the market is quite strong. Both red lines are critical levels of WTI and price may either bounce from the trendline or dips towards 48$. We don't know anything yet so too soon to talk about. But watching it quite closely.
yesterdays up move was just 3 waves corrective move so we expect downside continue
The 1W Channel Up priced its Higher Low last week and WTI already issued a three session rebound. If today's candle ends green, then the 1D Channel Down (RSI = 37.367, Highs/Lows = -0.9657) should get cancelled and test the previous Lower Low at 68.50. 4H is already on an emerging Channel Up (Highs/Lows = 0.0543). TP still 73.45 and 77.60 in extension.
The 1M (monthly) Channel Up (RSI = 58.935, MACD = 5.090, Highs/Lows = 2.1957, B/BP = 13.9500) made its Higher Low last week and should now technically begin a slow increase on a weekly basis first towards 72.30 and then 75.00. Our ultimate target remains a Higher High at 77.60, holding also positions for the short term with a TP = 73.45. There is one possibility...
The last trade we got stopped out on with Crude Oil, as it came down to lower fib levels and bounced off the 100EMA, now if oil can stay above both of these levels we can see a move towards $70 and aiming for $78 Use the fib or the suggested levels for a SL, will update as the week goes in, watch out for this upcoming inventories... Wed 24th at 3:30pm we have US...
The 1D Channel Up broke to the downside (Highs/Lows = -1.2329, B/BP = -1.8920) but managed to find enough support (RSI = 47.344, MACD = 0.570) for the moment near 70.50, which has high importance as a mark. First, it is the Higher Low supporting trend-line on 1D and second the 0.500 Fibonacci level. Our long term TP for USOIL remains 77.60, additional long taken...
Left the weekly chart which looks bearish to me as there is a high potential for a breakdown in the descending wedge and forming a abcde correction on large scale. Though there is potential to the upside if we break this triangle. We bounced off da descending trendline on the right chart, we might be heading to 75 - 79 usd again. Though we should get back in the...
The 1D Channel Up (RSI = 60.149, MACD = 1.470, B/BP = 0.7520) has pulled back to price a Higher Low near 73.00 and is now on optimal levels (Highs/Lows = 0) to start recovering. Fundamentally we cannot dismiss sideways trading until Thursday's Inventories, but technically the current level should hold and provide a bullish reversal. If it doesn't then the 70.35 -...