Yesterday, after a short-lived spike above 76, WTI reversed strongly confirming this zone as strong resistance
A deeper correction can follow from this point and we can look to sell rallies under 76
A daily close above resistance would negate this scenario
As you can see from my weekly chart, price is within a multi-year S/R zone.
The daily chart shows repeated attempts to break above the zone since end of June, but failing each time. IMO, we are witnessing another effort by the bulls and we will likely see them fail again.
I will be looking for a daily close below the...
Coming drop as shown in the drawing
Reflective candle on a daily frame
near a downtrend
And a retest of the previous uptrend
Down time also
If the uptrends break out, the scenario fails, but now good selling areas
As you can see from my daily chart, after reaching a high in early July, this pair is forming a sequence of lower highs/lower lows. The recent high of 76.53 is actually a double top (scroll back to 30 Sep 2018). After bouncing off the support at 61.700, we had a pullback to 70.500. This level (area) acted as minor support/resistance during the past few months....
.... for the better part of "Eternity". (Well, at least for the foreseeable future.) A soon-to-bottom U$D also will not help WIT's cause. This market was, is and remains, at these levels, nothing more than just one part of the global speculative bubble. We shall meet again at $30.
Crude oil is one of the most in-demand commodities, with the two most popularly traded grades of oil being Brent Crude and West Texas Intermediate (WTI). Crude oil prices reflect the market’s volatile and liquid nature, as well as oil being a benchmark for global economic activity. The oil price charts offer live data and comprehensive price action on WTI Crude...
The most significant levels are marked on my weekly chart above. The high of 74.50 was achieved late in 2019 but I don't think we are going to get there this time. The area around 63.50 was reached 2 times in the recent past but it held firm each time. Now we have been there again, the bulls did break above but were quickly defeated creating what we traders call a...
The chart give you all details of ELLIOT wave count for NYMEX light sweet crude futures.
I noticed that his commodity recovered in 'V' shape from ABYSS(3rd of3of wave5) and erased all its losses to $60
But this recovery has one more test for final wave C5v, I assume that this will finish nextmonth (april)for 0.618 times of c5i at $46
comments are welcome
Hey all and happy Monday!
WTI has given us plenty of trades over the last week since it entered is range, we made money selling and buying... but we think there could be a bigger bear move soon, hence we are short.
Even tough we might have a bullish continuation on WTI's 1D chart, we see good signs of a bearish pullback, which is just enough for us to make a...
After reaching the 49$ handle last week on a positive note, the oil market bulls have encountered some pitfalls close to Christmas; investors' attention has moved towards inventory unexpected buildup and virus concern rising on the European zone.
Today recording the 3rd red session and finally breaking the ascending trendline, the price has found support at the...
Oil made a new high post negative territory above 45usd/barrel and for 2 weeks now is staling in this zone.
I think at least a correction is just around the corner and WTI could fall to 43, to say the least.
A confirmation for sellers comes with a break under 45.
I'm looking to sell it
Although the price of Oil remains elevated, it doesn't convince me...
Rises are very well capped around 42.50-43 zone and I expect the price to tumble sooner or later.
A daily close under 41 would be the signal for bears and, considering the economic outlook, 35usd/Baril would not surprise me at all
As I said last week, I'm bearish WTI and, as expected, Oild dropped under the trend line support.
Now the price came and test the last support and confirmed it like new resistance and I expect a drop in the near future.
My target for short is 37 with 39 as interim support.
A daily close above 43 would negate this scenario
WTI had a short-lived spike above resistance and this rise proved to be a false break.
Now Oil is trading just in rising trendline support and a break here should accelerate losses towards at least 37.