I've been very reluctant to publish any idea's this week intra day, as I believe we are in retracement from the amount we sold off recently.
The 4hr wick CE is the point of interest I have where price respected
I am aiming for the 15min SSL to be broken and a setup form this CME open....
Lets wait and see...
Elliot wave theory confluent with war situation in middle east
wave 4 Zigzag deep correction
seem to finish in pivot point (previous high)
I long, aim WTI crude oil will go back at least 85
I going to partial close if price is reach 85
I also back-test using trend line and pivot point
I found that using 3.5% SL is work well to protect whipsaw in trading
I...
The bearish trend is still dominant and we have had a clear downward trend. There has been some consolidation since last Friday and a bounce may be due soon.
Entry Point: Wait for the price to break above the downward trendline conclusively during today's morning EUR session.
Considering $79.50 as the profit target, with a stop-loss at $77.50.
NYMEX:CL1!
So I don't take too much of my time on the weekend trying to figure out where price is going to go as price isnt even active.
So barring any exponential moves Sunday open I am still bearish and have :
Monthly Wick CE and target 1
Weekly SSL as target 2
Pre CME open I will re analyse where the market is and publish further forecast for the day.
Crude Oil (June)
Last week’s close: Settled 78.11, down 0.84 on Friday and 5.74 on the week
WTI Crude Oil futures have trended with a lower high for five straight sessions and while trading below first key resistance at 79.49-79.63, it is gearing for the sixth straight session since the April 26th peak. Price action has now tested major three-star support at...
Not too much to update here as we are still stuck in a range as expected. We got a new low last Wednesday with strong buyside reaction. Very trappy PA. This week, I would ideally like to see buyside liquidity @79.96 get taken and buy the retracement to catch a move higher. Area of interest below @77.85.
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...
Thesre is a Wolfe Wave and Price hugging that Extended 1-4 Line in future is Possible .
For price to pop above that Channel to 110.00 Area is also possible .
All my Price levels are based on Fib's .
So we could be locked in this Channel for a few Months
Technical Momentum Weakens
Crude Oil futures are declining in 2024 after correcting down to the 200-day moving average at $77.94. The technical perspective shows momentum studies declining into oversold territories, with the 9-day moving average trading below the 18-day. DMI- is above DMI +, indicating that the market is in a correction phase, while the Average...
$CL1 is looking set for an intra-day long.
The recent sharp drop below both key moving averages and subsequent movement indicate strong bearish pressure. But it has found short term support and is appearing to be reversing.
Disclaimer:
This analysis is part of my personal trading journal. It should not be considered as financial advice or a recommendation to...
Not alot of update from last week's chart. We have been creating a base in daily demand zone (green zone) and consolidating as expected. This week, I would like to see some movement to the upside. A break of $80 upside confirms trend for me with first macro target at $83-84.
- all rectangles are potential support/resistance with the last one blue being a probable exception
- the 3 marked with dots levels can also become support/resistance, especially the first bottom blueish one, but they can also become like milestones levels or steps in the evolution of the price
- the 2 green curves are also potential support/resistance acting as...
WTI crude oil futures are experiencing a downturn, currently priced at $79.37 per barrel, marking a 0.48% decrease. This decline is attributed to the global economic challenges that are negatively impacting the demand forecast. Similarly, Brent crude has seen a reduction in price, now at $83.88 per barrel.
The economic recovery in China is progressing slower than...
We've been out of the #Oil trade for some time now.
It since went about 10% higher, no big deal.
Daily analysis:
Broke its recent uptrend.
RSI oversold - Usually gets a bounce at these levels.
It has been trading in between mid 60's & Low 90's.
Intraday looks like it is setting up for a bounce.
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Weekly Analysis:
You'd figure...
Technical Momentum Weakens
Crude Oil futures are declining in 2024 after correcting down to the 200-day moving average at $77.88. The technical perspective shows momentum studies declining into oversold territories, with the 9-day moving average trading below the 18-day. DMI- is above DMI +, indicating that the market is in a correction phase, while the Average...
