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)...
On October 4, 2023, the OPEC+ ministerial panel did not make any changes to the group's oil production policy after Russia and Saudi Arabia announced continued voluntary supply cuts to support the price of black gold.
However, Brent and WTI crude futures have fallen more than 13% over the past week on concerns that central banks could raise interest rates again...
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10.5.23 We took a look at silver it was set up to go higher but it's coiling at the base and we'll just have to see what happens. This was not an easy trade. It might break a little bit lower but it could still be a decent long trade if it extends a little bit lower but then finds Buyers. I thought it was important to look at the monthly chart to see if there...
There is some consensus that the oil trade is over. I'm watching this last area of support before coming into agreement. Price fell through the VWAP anchored to this summers breakout and wicked down to test the VWAP anchored to the June 2022 high. As long as we are seeing price close above this level I will lean toward this being a correction to an uptrend.
TRADE DIRECTION: SHORT; as indicated by the downward trendline (red line) and the market structure.
KEY LEVEL: Round numbers S&R with 50 ticks range between each level.
TRIGGER SIGNAL: Broke bearish pennant with the confluence from 2 trend continuation candles (red arrows).
RR: 1:1.7
SL: 88 Ticks
TP: 150 Ticks
WTI oil is going to test 85 level.
Probably it will back to downtrend after testing this level. But we should wait after testing for 1-2 days then we can determine the price movements.
If you want more areas, you can half the distance between these areas, but they are less important.
Preferably suitable for scalping and accurate as long as you watch carefully the price action with the drawn areas.
With your likes and comments, you give me enough energy to provide the best analysis on an ongoing basis.
And if you needed any analysis that was not...
Oil price show clear impulse wave analysis
I think Zigzag corrective is already finish
by the Elliott Wave Theory rule that
Wave C structure is :
- 100% of Wave A: This means Wave C is the same length as Wave A.
- 161.8% of Wave A: Wave C is 1.618 times the length of Wave A.
Sometimes, Wave C can even extend to 200% or 261.8% of Wave A, though these are less...
This looks like it is poised to head back into a well established $70-$80 range (and then some!). Anticipated long-term USD strength, as well as extended Global economic weakness bodes well for an enduring price weakness outlook.
Technically, Crude is at a major pivot, both, at the top of a rising daily channel, as well as at the top of a descending weekly channel...
Quick take/analysis, but consider scooping some low-risk crude contracts here (break above 84.84). Better demand zones are lower, but we've had a sizable downdraft into buy areas + are testing a key support/resistance area (~84-85), so those traders may be at our backs. The US dollar has finally taken a pause at the supply zone we ID’d in posts from earlier this...
Crude oil has been on the rise over the last view weeks, which is the main reason why inflation is still the main global problem, so we have seen some positive correlation between dollar and crude as speculators believe that rates will stay here higher for longer. Well, what’s interesting now is that after that after a lot of crude oil bull calls for 100 dollar...
Preferably suitable for scalping and accurate as long as you watch carefully the price action with the drawn areas.
With your likes and comments, you give me enough energy to provide the best analysis on an ongoing basis.
And if you needed any analysis that was not on the page, you can ask me with a comment or a personal message..
Enjoy Trading... ;)
TRADE DIRECTION: SHORT; as indicated by the downward trendline and the market structure.
KEY LEVEL: Round numbers S&R with 50 ticks range between each level.
TRIGGER SIGNAL: 4 bearish reversal candles
RR: 1:2
SL: 74 Ticks
TP: 150 Ticks
