Obviously today was a win for the bulls and the green close got price a little further away from slipping into the abyss. I think if we can get over and hold $46.00 and break the descending trend line bulls have a good shot at $48. Tues API and Weds EIA typically do not change a longer term trend but they can wreak havoc on existing positions or give good entries.
We can observe CL is still in that bearish channel but the price has now created what I believe a highly bullish wedge. Price targets marked as per fib retracements. If we do get a break to the downside, please watch 43.50's area as a buy opportunity.
In my opinion bulls need to hold this $44.50 area and if we get under $44.30's on volume we could possible see $42 and if break that maybe even retest of lows $37 in coming weeks
In looking at Crude we can see that Price has fallen between the 62-76% Fib retrace levels of this nascient rally and is finding some support here. The reason we started positioning long in Oil was based on our macro view that Commodities would undergo a counter-trend rally at minimum. The Chinese liquidity injections, severely stretched trend following algo...
This is just a technical analysis. No one has the ability to know the future.
I prepare the entry and exit levels in my analysis according to my own risk profile. Risk profile and money management are personal matters. Everyone has their own risk perception. You should assess your risk profile and change if it's necessary. In capital markets, without...
the analogy with the 2008-2009 fall suggests that there is a chance of repeating the pattern as shown by the arrow
pay attention to the difference in DMI between the 2008-2009 case and today
crucial is not to break south the monthly chart
this is rather a last call
otherwise we'll have a new pattern with deeper level southward
Look at FRIDAY from 600 a.m. EST to 7 30 a.m. EST, on 1 minute chart. What do you see? Yes, that would have been a 1.08 tick move down or a $1,080.00 profit if you would have sold one CL contract until the bottom. In 1.5 hours of time, that is not bad money.
CL
Exchange: NYMEX
Contract Size: 1,000 barrels
Tick size: 0.01 = $10.00
ABOUT NYMEX CRUDE OIL...
Please read and save it (because it is a FREE and a PDF), if you are interested or trading crude oil futures:
Here are the SEVEN SECRETS
1) Trade from 9:01 a.m. EST to 1030 a.m. EST ( 1.5 hours only)- Mon, Tues, Thurs & Fri.
2) Weekly Inventory report- Released exactly at 1030 a.m. EST (or Thursday, if holiday)- trade after release of report, from 1032 a.m to...
Couple of expected targets to the downside are in place for Crude Oil if we break the $42 level. First, we will have the $39 and then the $37 @ the .618 Fib. With all the inventory of oil, and no one stepping in to catch a falling knife the bears will probably have the control of the market until we reach those levels.
Support seems to have held up quite well into the close today so i'm looking for a break above 44.4 and then a move towards 45
At that point we will get to the 9 day SMA which should provide a good short opportunity.
So long for a technical bounce on Sunday/Monday and then short at 45
After an amazing move up as illustrated by the Dragons Belly pierce to the Oceans Surface and beyond, We are currently in a neutral position as the Dragon has formed an Eye and a Dragon Breathes Fire pattern., HOWEVER, the surface has been pierced on a weekly basis. I will be looking for a short position as price retests the $48.75 level (yellow dotted line). Any...
