WTI Crude Oil shows a breakout of the upper range on the 4 hour time frame. This can lead to a wave towards 50.30 before retracing a bit back down again. A few days ago I also published an idea on WTI Crude Oil at the Daily time frame which shows 52.50 as longer term target. Short term the 4 hour time frame is now atleast supporting a break of 50 and I am not...
WTI is very close to the lower range.
We might see oil still go a bit lower tomorow a the indicators also havent
made a bullish cross-over yet.
Entries:
Buy a break of 49.60 and target 52+
Buy at CMP if your equity can handle the possible downwards movement thats left.
Buy at the range.
Stop-loss at 48.20
oil bulls failed to capitalize on the multiple closes above the rising trend line coming from 1998 low and 2009 low and a bullish break on the daily RSI...
Prices are back below the rising trend line support, suggesting a sell-off is in the offing ahead. Also take note of the monthly 50-MA and 200-MA heading towards a bearish crossover.
A drop to $46.85 (support...
US Oil has political support and we're headed into a season of greater consumption. This combined with the recently completed H&S leading into an ascending triangle indicates that there is a strong move coming.
Enter at 55.10 as price breaks up from the triangle. SL set very tight (because I'm a noob to trading oil)
WTI failed to break out of the green band and chased the highs of the band. However, This could be a complex correction followed by a pretty sharp dip to breach $50.76 thus opening up more future downside. If we fail to sell-off below $55.15, expect much more upside.
RSI trending down, it has yet to be reflected in the price.
I doubled down on my short friday when the price peaked, and the OPEC meeting hasn't change my mind. IMO the OPEC news was already priced in with oils run to $55, and until I see some solid statistics from OPEC and not just a bunch of words, my mind isn't changing.
