After failing to break above the grey resistance zone we now find ourselves back at the 28.10-27.54 support zone. A break below here will indicate further decline in the market with 25.13-23.61 zone being reached. Shorting below $28.10- $27.54 zone
increase of stocks - new record, all time high 356 635 thousand barrels – September 26, 2014, 494 920 thousand barrels – January 26, 2016 oil production is still high despite of decreasing rig counts decrease of managed money positions - 184 317 – October 13, 2015, 69 755 – January 12, 2016, 110 432 – January 26, 2016 Murrey math lines: monthly chart 1/8 –...
rejection of large trendline around 34 price gonna move lower and hit those 4h pivots
Please see attached WTI previous analysis. Thank you for your feedback. Regards, Willy
We do not even know, what to say. Everything is reflected in the charts in terms of the fundamental, historical and wave analysis. Maybe we are wrong, and the oil, will take the form of long-term correction, but the growth is unequivocal in the coming years. This is our opinion. Yours faithfully!
use lower Time frames to choose your strategy for me we need still to make double top or divergence on daily to continue downward moving so range 44,73 - 48,7 (if break 50,5) Also note: - Broken triangle pattern still not worked himself (bullish) - Megaphone on top for now showing possible retrace from 17.09 high to bold support line which if broken, downtrend continue
OVERALL MY BIAS ON OIL IS SHORT. WEEKLY HAS CLOSED SPINNING TOP WHICH SHOWS INDECISION. PRICE HAS BEEN REJECTED FROM THE $50 RESISTANCE. CAPPED BY THE 50% RETRACEMENT. CAPPED BY 50EMA. PRICE COULD BREAK THE 50EMA AND CONTINUE FOR AN OUTER TREND LINE TOUCH. WAITING FOR 4HOUR COUNTER TREND LINE BREAK AND OTHER CONFLUENCES. FIRST SHORT TARGET 42.00 SECOND SHORT...