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Light Crude Oil 45 minutes chart below shows that the commodity has ended cycle from July 6 high as wave 2 at 38.56 low. The pullback unfolded as a flat Elliott Wave Structure. From July 6 high, wave ((a)) ended at 39.90 low. The bounce in wave ((b)) ended at 41.08 high. Afterwards, oil declined lower in wave ((c)), which ended at 38.56 low. This ended 3 waves...
After a great uptrend of yesterday July 14., Crude oil is moving in trading range now. A clear trend will arise later.
Pattern: Channel Up. Signal: Bearish as the price failed to break the Resistance and th 4H RSI is at the top of its Channel and a similar bearish formation has been seen 4 times previously. Target: 37.50 (just above the Support Zone). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
On box watch. Has been consolidating, looking for a breakout this week. Waiting and watching.
WTI Crude Oil is trading within a Channel Up on the 4H chart (RSI = 36.632, MACD = 0.170, ADX = 31.347). The MACD turned flat and as you see on the chart that has been a signal of a top formation on three previous occasions. In two of them the price dropped a little more than -11% and on the other around -15.50%. The Symmetrical Support zone that held on three...
Light Crude Oil 45 minutes chart shows that the commodity has ended wave (2) pullback at 37.09 low. From there, the commodity extended higher, with the rally unfolding as a diagonal Elliott Wave structure. Up from that wave (2) low, wave ((i)) ended at 39.35 high and wave ((ii)) dip ended at 37.50 low. Oil then extended higher in wave ((iii)), which ended at...
Key spot for oil here. Let's see if it can break above consolidation resistance and reclaim channel.
After the strong uptrend at 6 pm. CET, the market has shown downtrend.
Can crdue close above it box resistence? All other signs looks bullish here.
7.1.20 Oil Part 2 Recognizing and analyzing a difficult market.
OIL PART 1 Recognizing and analyzing a difficult market.
WTI is trading within a Channel Up on the 4H chart (RSI = 56.026, MACD = 0.100, ADX = 22.319) having successfully crossed the 4H MA50. This has been typically a bullish extension sign since May 28th. We are bullish aiming at 41.50 - 42.00. ** If you like our free content follow our profile to get more daily ideas. ** Comments and likes are greatly appreciated.
1 hour C & H pattern coincides w D leg on measured move for low risk short @ D leg , can enter long on any pullback as price has crossed B point.
August Crude oil faltering below trend line here, bears in control for now. Risk off and a US Covid resurgence will be on the mind of traders this week. You can always read more at Econemotions.substack