Big moves in all markets today and CPI announcement tomorrow. I think we should be looking for trades.
The chart shows points on interests for me. Good luck.
Oil has pivoted from lows and made another run for the $90's. We have broken through $88.74, and fallen just short of $90.06, the barrier to the $90 handle. A strong rally in risk-on assets has benefited oil. If we are able to continue the rally, we could hit $94 again. If we retrace, expect support at $87.21 or $85.55.
Is USOIL Respecting the Euro Trend Line?
There is no TA here, just an observation.
I'm not actively trading and as usual take all ideas with a grain of salt.
For Friday, 88.34 can contain buying through next week, below which 82.56 remains a 3-5 day target, the 76.97-78.08 region expected over the next 2-3 weeks.
Downside Friday, 84.72 can contain intraday weakness, below which 82.56 is attainable intraday and able to contain selling into next week.
A daily settlement below 82.56 signals 78.08 within 2-3 days, the...
11. 10. 22 I wanted to use the oil daily chart To show you two bar reversals and opening price trades with small stops. I messed it up a little bit near the end of the video, but the first 15 minutes or so I will show you the gist of what I was trying to focus on. Sorry about that. Remember colon it's something to look at if you're out of sync with the market,...
For Thursday, 88.48 can contain buying through next week, below which 82.49 remains 3-5 day target, the 76.97-78.01 region expected over the next 2-3 weeks.
Downside Thursday, 84.72 can contain intraday weakness, below which 82.49 is attainable intraday and able to contain selling through the balance of the week.
A settlement today below 82.49 signals 78.01...
Oil has fallen from the $90's after the rejection from $94 has taken the $90 handle entirely. We fell back to the high $80's, with $87.21 providing support, exactly as we predicted in these reports. Our floor for oil for now, is $85.55. The Kovach OBV is still surprisingly strong, though it has arched over a bit with the selloff. If we can pivot off current...
Preferably suitable for scalping and accurate as long as you enter carefully the price behavior with the drawn areas.
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Enjoy Trading... ;)
For Wednesday, 88.62 can contain weekly selling pressures, above which 96.05-96.36 is expected within 3-5 days a range of longer-term resistance able to contain buying through the balance of the year, once tested 76.97 attainable over that time horizon.
On the other hand, a settlement today above 96.36 indicates 99.92 within the week, while a weekly settlement...
Don't fool yourself with the idea that Crude Oil will continue to climb higher. The world is in a contractionary phase and Winter/COVID issues continue to plague demand.
Crude Oil will slide downward as demand weakens into 2023.
I expect $75 to $76 as a base level near the end of 2022. Then, possibly falling toward the $61 price level.
Follow my research.
Oil topped out around $94 after breaking through our target at $92.03. We made a concerted effort for our next target at $95.24, but fell short just below $94. This was a high from the last attempt in early October, and may constitute a double top. We are not seeing a serious retracement, and are still holding the $90's. In order to press higher, we must break...
Short term Elliott Wave view in Oil suggests the rally from 9.26.2022 low is unfolding as a 5 waves diagonal. Up from 9.26.2022 low, wave (1) ended at 93.64 and pullback in wave (2) ended at 82.11. The rally then resumes and Oil has broken above wave (1) peak suggesting the next leg higher has started. It also shows a bullish sequence from 9.26.2022 low, favoring...
