Price 50.45 = 1.618 Fib at this level is the end of the wave C, As well as the price is close to the old sales area. Price is rising, volumes are falling on H4 and D1.
Price is consolidating for now, will wait for the wedge to break to find next entry
Im short on oil, pulled the trigger a little too early with SCO. Hence why I am back to using Fibs. Lemme know what ya think. Thanks
Top of the channel, AB=CD pattern, 1-1 ratio.
C=A at approximately 48.50. This will be the area to take a shot at a short for longer term swing back to 40 area. That's if we can get there.
As much as I was hoping this would be an abc back up, it can no longer be counted that way where the c wave would equal a, so we must look higher for now. I expect this 4th to be tricky so most likely will stand aside on this till a clearer picture develops.
Thanks to EIA, we seemed to have broken out to go higher. Now looking to see if "algos" take us up step ladder style
24 July - OPEC meeting SCENARIO 1 no production cuts on Libya, Iraq and Nigeria The price should go up until top of channel 49.60 (max) and then fall down to low 40 - 39. PS there should be a strong resistance at 47.30 SCENARIO 2 granted cuts on Libya, Iraq and Nigeria oil production. The price should go up to test the resistance at 47,30. There could be a...
Crude seems to have reached a solid resistance here. Will wait for a couple of more hours to settle the inventories numbers and will update whether I got into a short position. For the time being I am only watching the price action.
Top of June - good short level (vs trend) Orders: SELL 48.65 SL 48.95 TP 46.70 BUY 45.70 SL 45.40 TP 50.70
Let the signals keep you on the right side of the trade. Be mechanical. Be disciplined. Be consistent.
The main idea is to buy oil futures. This conclusion was based on Elliott wave principle. I hope you know basics of this type of techical analysis, if not i suggest you to read elliott wave principle by Robert Prechter. Lets come back to chart. Overall I suspect that we will see strong impulse move, that will end 4th wave and than we will see new bottom near 15...