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Looks like the floor was indeed established at the old ceiling. (at least for now) The heavy volume we see at $81 and $91 helps confirms the new range of the price battle. Obviously conflicts help establish this, but such is life in the commodity world. The more conflict spreads to key locations around the globe, the more established this new zone becomes. For...
Crudeoil Intraday Long : 7155 Sl : 7130 Target : 7285 Enjoy !
October 9th 2023 5:00 am Most of the markets that we have been watching have been trading lower and had reversal patterns to go higher and most of them have gone higher since the reversal but it wasn't always easy trading. The ES hit the 382 and it started to move lower which normally means that the market is going to make a new low, But I really thought there...
Some time ago we looked at this and identified a longer term base, which offered potential for a move to 100.00+. The market recently peaked at 95.05 and has seen a strong correction lower, which has halted ahead of the 81.05 50% retracement. We regard this now as the short term floor for the market and maintain our longer term a bullish bias.
Crude oil Chart Analysis......09/10/23 Crude oil Long Sl : 6800 Target : 8550 Enjoy !
Using Elliot wave and Fibs I show where I expect oil to move in the near term
WTI oil is opening with green gap this week, Probably it’s going to go down to 78.9$ level this week testing this level. Therefore we will wait to test this level then take another look at chart.
NYMEX:CL1! Crude oil is moving upwards by marking HH @ 95 and HL @ 81.5, 81.5 is .786 fib support from previous low), Curved parallel channel suggests that max downward should be around 79; which is .886 fib level from 77.71), 97 & 104 will be crucial level in coming weeks as resistance.
My prior Crude Oil post noted that an important top may have been made at the 09/28/23 top. In 7 – trading days Crude Oil declined 13% Stochastics indicates it could soon bounce. Longer – term there’s potential for much more decline. Crude Oils seasonal patterns are bearish into December.
Although I had posted sell idea and it came to profit finally after unlimited loss, I am taking a contranian buy with small stop loss as a retracement bet. Note - One of the best forms of Price Action is to not try to predict at all. Instead of that, ACT on the price. So, this chart tells at "where" to act in "what direction. Unless it triggers, like, let's say...
Crude-oil futures are having their worst week since March, but some traders might think about buying the pullback. The first pattern on today’s chart is the price area around 83.50. It represented the peak for CL1! in December and April. It’s also near the spot where prices stalled in early August before continuing higher in early September. Black gold is now...
For the longest time, the $82/83 level was a hard ceiling for Oil. When it broke through it did so with a vengeance. Only to hit the next ceiling at $94/95 and bounced down like Dennis Rodman was on defense against it. Now the question is weather or not the old ceiling is the new floor. Lets hope it is, otherwise we will see the low 70's of the previous range...
USOIL has recently retraced to the 0.382 from the PCZ of a Bearish Shark, but now it's looking to try and hold the 200 SMA and the 38.2-0.50% zone with Hidden Bullish PPO Divergence and an impending PPO Bullish Confirmation. If it does hold here, it could confirm a Potential Bullish 5-0 and if this 5-0 plays out, I think it could take USOIL above $100 and likely...
Prices should move according to time factor. further updates will be published after few hours . keep checking.
WTI oil is green today and going to test 84.10$ level. We should wait price movements after testing this level.
Pair : US Oil - Crude Oil Description : Completed the Breakout of the Corrective Pattern " Exp FIAT " and Daily Ascending Trendline in Short Time Frame if it Retest then it will Reject from the Trend Line and if it Breaks then it can Reject from Previous Support Zone
I think oil will now bounce to test $94. I'm short term bullish; medium term bearish. Oil took a hard dive "low liquidity run" through the previous swing-low which was taken out. The next swing-low is $77-ish. But we are hitting 20 week MA and prior old highs at the same time. Thus the slow stochastic weekly losing embedded (was above 80 now falling below 80)...