In this update we review the recent price action in Crude Oil and identify the next high probability trading opportunity and price objectives to target
•Past performance not indicative of future results
Crude oil, after breaking through the downtrend line, has gained a very good momentum to nearly $83/barrel. Currently waiting for the cross of ma50 and ma200 daily (Golden cross) to confirm a long-term uptrend of crude oil => Long-term buying opportunity in the near future.
Currently, crude oil in the D1 frame is currently at the resistance area of 82 - 83....
The short-term Elliott wave view in the OIL futures ($CL_F) suggests that the cycle from the 12 June 2023 low is unfolding in an impulse sequence that supports more upside in the instrument. Up from that low, the wave ((i)) ended at $72.72 high in a lesser degree 5 waves. While wave ((ii)) ended at 67.05 low and wave ((iii)) also unfolded in a lesser degree 5...
Preferably suitable for scalping and accurate as long as you watch carefully the price action with the drawn areas.
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For Tuesday, the 81.49 - 81.71 area can contain selling through the balance of the year, above which 86.54 remains a 2 - 3 week target, 102.96 attainable by the end of the year.
Upside Tuesday, 84.17 can contain session strength, while closing above 84.17 indicates 86.54 within several days, able to contain weekly buying pressures and the point to settle...
Crude oil futures have been in a parallel uptrend since June 28th. On August 5th, Crude Oil futures tested the double top from April 13th, but were unable to break through. This is a bullish sign, as it suggests that buyers are still in control of the market. Now, we are waiting for a period of bullish consolidation before a breakout to the upside.
The next...
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... ;)
It is very sensitive to news, especially war news, always cautious, but we have a good short opportunity, it is in a resistance zone, it is diverging on RSI, it is in an RSI overbought zone, it has everything for a good short move, let's keep him under surveillance!
Current price of CL1! Light Crude Oil futures show that the price is close the the weekly resistance and the up side is not satisfactory. MACD is weakened despite the short-term up trend. Price increase may be too extended in this case.
We have encountered two gigantic patterns. Oil will visit both $48 and 120 USD. The question is, which price will it reach first?
The expanding wedge allows for the completion of the large flag that takes us to $120
Bull patterns:
A mega Flag
A Flag
And a symmetrical triangle that completely changes the down trend for now
Bearish patterns:
expanding...
My trading idea for - #CrudeOil - BUY
Entry: 82.60 USD
Target: 90.00 USD (+8.5% profit)
#CrudeOil has risen to $85 per barrel due to #Opec production cuts.
Crude oil inventories are expected to decline in the second half of 2023 (source: www.energyintel.com). Means also higher demand and higher prices.
In July alone, the price of oil rose by 13% - more than...
For Monday, the 81.49 - 81.73 area can contain selling through the balance of the year, above which 86.67 remains a 2 - 3 week target, 102.96 attainable by the end of the year.
Upside Monday, 84.17 can contain session strength, while closing above 84.17 indicates 86.67 within several days, able to contain weekly buying pressures and the point to settle above for...
Crude oil is pushing higher this week after breaking above trendline resistance last week, and after holding above the 200-week price average this summer. Price is now trending above all MA's on a weekly basis other than the 100ma which rests near $85 and is the short-term resistance level to watch on this push higher.
The PPO indicator shows the green PPO line...
Track this Gann Box overlay on 15 Min Crude Oil chart
Gann Box is one such powerful tool that can be used to measure and detect recurring price cycles. The user can set the time and the price range for a cycle that is expected to repeat. In this sense, the Gann Box is like a road map for the market which can be used to look for targets.
8.3.23 It looks like the Dxy is heading a little bit lower.... it would have been better to trade the oil Earlier today when it was a two-bar reversal that went up two points... but there may be some more upside to it. The gold has been pressing higher and probably has a little bit more upside to it. These markets aren't that interesting right now and this isn't...
