AT A GLANCE:
Despite ongoing geopolitical conflict, oil prices and volatility are relatively low
A rise in U.S. crude production and weak demand in China are helping oil inventories maintain average levels
Considering many factors like the Russia-Ukraine war, OPEC+ cutting production by 3.6 million barrels per day and conflict in the Middle East, many...
Bias is Bullish.
Daily TF shows 2 weeks of
consolidation supported by a Daily
+FVG. Friday finally saw a "BO" as price
traded through the swing high with
a close above it. Note that price is
now inside the a Daily -FVG.
Potential for a bearish reaction? Yes.
However, I believe it will be short term
if anything.
The 4H gives more detail.
One can see...
The structure on Friday shifted into corrective looking waves, so I won't be surprised by another shove lower into fib support before the next meaningful run higher commences. If it goes up directly from here I will have some head scratching to do.
No we have Hit the daily FVG I am looking at the lows off
76.91
76.83
To be taken.
In conjunction with my other forecasts this week of being Daily bias Bearish!!
NYMEX:CL1!
Longer term trend is still bearish. But Price is trading above 50 SMA, suggesting a short-term bullishness.
Will attempt for intra-day longs today with stops below the 50 SMA.
Oil has broken the 15 minute shorts and now are on their way to the All The Way HWB shorts in on the larger 4 hour time frames. You can see how on Friday, the small time frame shorts survived multiple 4 hour candle dives below the 61.8% longs, only to close at or above the 61.8% long. Our 15 minute bias is long and expect it to trade back up to the 82.18-83.42...
I Have in Mind that we will be BEARISH bias mostly this week as we have Tapped into the Premium Daily FVG yesterday and rejected lower.
My two targets shown in the forecast are the arrows.
Daily PDL
Weekly SSL
Now it is important to realise that the market is moving in London and a straight sell into 0830 or 0930est wouldn't be the best move.
Waiting for a...
This is not a trading signal, it is my own opinion, if you copy the trade is on your own risk.
Oil has broken the down trend channel , so far there is still move to the down side to retest the previous support, which will probably create triple bottom to indicate for break through to the up trend if it breaks the sideways channel.
Price has been in a range for couple weeks, just retraced to 61.8 bullish retracement headed to the top of the range. This is a low risk trade with make buying major coming in to the top of the range, I’ll take two positions and close one at the top of range and wait to see if price breaks above the range finally send position tp will be at 61.8 of bearish...
Short Term Elliott Wave in Light Crude Oil (CL) suggests the decline from 4.12.2024 high is in progress as a 5 waves impulse. Down from 4.12.2024 high, wave 1 ended at 81.56 and wave 2 rally ended at 86.28. Wave 3 lower ended at 76.89. The 1 hour chart below shows the starting point from wave 3. Wave 4 bounce unfolded as an expanded Flat structure. Up from wave 3,...
Pair : US Oil
Description :
Completed " 12345 " Impulsive Waves
Break of Structure
Head and Shoulder
Bullish Channel as an Corrective Pattern in Short Time Frame
Demand Zone
We saw our weekly target hit yesterday,
I have a hunch as on the Daily we are constantly going back to the middle of the range that bsl of some form is in the eye of the market before we would want to move down.
I ask myself.... Why would we want to go all the way back (weekly ssl level) if we have been here and raided Sell Stops... If I was the market I would...
So as per previous forecast for Crude we are bearish bias.
We have come to the weekly wick ce again and come CME or NY open I am anticipating a retracement that respects the FVG marked in the chart... Sure sometimes price might 'mowhawk' above like sense says.
Be patient and wait for price to make a MSB on at least the 5min before using your entry model to target...
