Oil is moving in a well defined uptrend channel. Breaking below that channel runs the risk of making a lower high on the daily chart, which will have negative implications going forward.
I believe the bearish corrective structure is near the end and the Bullish wave have started. Look for a small corrective structure to ride the wave up to retest the highs and create new highs.
Elliott Wave view on Oil (CL_F) suggests a 5 waves decline from April 22 peak ($66.6) which ended wave (1) at $60.04. In the chart below, we can see wave (2) bounce ended at $63.32 at the blue box. The internal of wave (2) unfolded as a double three Elliott Wave structure. Up from $60.04, wave W ended at $62.95, wave X ended at $60.66, and wave Y ended at...
Moving in side the triangle pattern.
If price will break and retest the lower line - around $60.70= Short (Major support at $60.25)
If price will cross and retest the upper line - around $62.70 = Long (Major resistance at $63)
Always make sure you take at least 1.5R on your risk.
Feel free to leave comments and suggestions below!
HelloTraders,
Light Crude Oil (Futures, Continuation contract in front) is next to check today.
Futures has made a high @ $66.60 at the week of April, 22. After that weakness went into Oil and brought price to $60.04. This is may a first fracture of an „i“-“ii“ which is not completely corrected. Means, a final move up to the lower line of a trendchannel, drawn in...
After nice move down from nice resistance zone what i predicted the last week is nice to see 3 x volume clusters.
Where is pretty good point for intraday short trade.
1. Trend down with strong volume cluster is for me good point for short trade.
Happy trading
Dale
This website uses cookies to ensure you get the best experience on our website. To learn more about cookies, including how to control cookies, please read our Cookies Policy.
CL1!
