After breaking resistance at 50.00 Crude WTI price can now return to the broken level or directly move towards next resistance at 51.50. Another resistances are located at the levels: 53.70, 55.00. The nearest support is at 50.00.
WTI has recently bounced long but in the previous sessions it is drifting without any strong directional confirmation. For the upside to continue I am expecting price to hold long above the 45.65-45.80 zone and also show increasing strength through 46.70-46.94 to confirm upward pressure.
DISCLAIMER:
This is where I practice ideas and work on my trading...
sharing this chart for education purpose,
many traders make wrong decision so try to understand chart first.
check also update comments box
if any questions plz pm me,
I'm expecting Oil will falling till 39 - 38.80 which is the 4th support in 30 days.
It's because of the fundamentals,
1. OPEC countries try to cut output, but US selling there inventories.
2. US Oil inventories data comes negative.
3. US drills new rigs, so new inventories to sell because they
want to collect 16 billion doller from Oil selling.
4. Mexico...
Our preference: sales position below 46.28 with targets at 45.65 & 45.25 in extension.
Alternative scenario: exceeding 46.28, aiming for a continuation of the increase with 46.80 & 47.57 in line of sight.
Comment: The RSI is mixed and calls for caution.
We are currently approaching the 2016 trendline. I would consider selling here, as we have the resistance from the 50 and 200 day EMA, the 2016 trendline, and the key 50$ level.
Weekly crude oil has broken through the channel that I've been tracking since July last year. This week, I'll be looking at initial strength in the market first part of week as an opportunity to buy OTM Puts as I'm expecting prices to continue down. If this plays out, my next targets on weekly will be 44.10/43.17/41.37. Should these fall, next range will be...
Possible a medium-term consolidation is formed. The news background is very active. But we can look for an opportunity to trade both within the consolidation, and at its breakthrough.
the 4 hour time frame for WTI is showing strong bearish momentum and when also taking in consideration that the price of oil on the daily time frame has broken through a support its highly likely that the 4 hour time frame will also break down further.
My advice:
Sell at current market price:
Tp 45.60 > 43.80
SL 48.20
Crude Oil WTI daily time frame.
Looks to be in the process of a 3rd Elltiot
wave.
Stoch Rsi shows selling pressure and
DMI a strong bearish trend. Price also broke
through the 72 EMA. 3rd wave should beat
the low of wave 1. Meaning WTI might break 47.80.
Crude Oil WTI is a strong sell.
