Looking like a cup and handle pattern forming. There have been a number of touches on that daily 50MA and falling trend line. Retail reaction to EIA report will very interesting
If bulls loose grip here I think we are headed back down to support trend lines
CRUDE OIL, It strengthens the long-medium-long period movement started July 12 from 45.74 on the future CLQ17 In the next sessions should come to test the resistances in zone 47.21 / 47.32 I expect some sales in that area, which will make it go down a bit, but without affecting the medium-long trend, which remains long until it don't closes an hourly candle...
CRUDE OIL, It strengthens the long-medium-long period movement started July 12 from 45.74 on the future CLQ17 In the next sessions should come to test the resistances in zone 47.21 / 47.32 I expect some sales in that area, which will make it go down a bit, but without affecting the medium-long trend, which remains long until it don't closes an hourly candle...
Based on 29 cent levels plotted the existing upswing from 7/4
Wait for the ABC retrace (WAVE 2) and then go long for the wave 3 of 3 which will be fast moving.
Update positions , mini waves with elliott wave trading
Can bulls punch it in ? at top of range. As posted yesterday iH&S pattern on 60min chart. I think between 46-45 it is going to be more chop zone. ES pressing higher can help CL
.Here is my take on CL1!, and why I am short. At the end of the day, its just lines on a chart, use with caution.
You dont want to be long crude oil too soon, the worst has yet to come. The recent reduction in crude oil stockpiles is just a distraction that, non OPEC production is gaining market share and adding on to the oil glut. MORE DOWNSIDE FOR CRUDE!
Inverse H&S?Oil should not fall below the "possible" right shoulder...watch the neckline
CRUDE OIL- ADX / ADM-TS V. 2.8.4 - Intraday Levels for 13/07/2017 ADM-Average Daily Movement - Intraday Levels Entry on close 1H (hourly candle) ... if exceeded the indicated level on the future CLQ17 - Aug '17 LONG it> 45,946 TP1 = 46,553 TP2 = 47,227 TP3 = 48,576 Stop Loss = 45,034 SHORT <45,034 TP1=44,427 TP2=43,753 TP3=42,404 Stop Loss = 45,946
CRUDE OIL- ADX / ADM-TS V. 2.8.4 - Intraday Levels for 13/07/2017 ADM - Average Daily Movement - Intraday Levels Entry on close 1H (hourly candle) ... if exceeded the indicated level on the future CLQ17 - Aug '17 LONG it> 45,946 TP1 = 46,553 TP2 = 47,227 TP3 = 48,576 Stop Loss = 45,034 SHORT <45,034 TP1=44,427 TP2=43,753 TP3=42,404 Stop...
Upper trend line break and possible inverted H&S pattern forming. However I think if we get under $45 and consolidate it could be a failed pattern and bears win
crude oil as promised bullish continuation month