AT A GLANCE:
Despite ongoing geopolitical conflict, oil prices and volatility are relatively low
A rise in U.S. crude production and weak demand in China are helping oil inventories maintain average levels
Considering many factors like the Russia-Ukraine war, OPEC+ cutting production by 3.6 million barrels per day and conflict in the Middle East, many...
Quick after market analysis for possible overnight trade
First trade Is a possible short at the newly formed resistance and I would have my Sl back up again the trend line downward
So entry would be 78.8
Sl would be 79.1
Tp would be 78.3
Here we could counting that when price reach the previous resistance it would have little to no volume to support more upward...
Bias is Bullish.
Daily TF shows 2 weeks of
consolidation supported by a Daily
+FVG. Friday finally saw a "BO" as price
traded through the swing high with
a close above it. Note that price is
now inside the a Daily -FVG.
Potential for a bearish reaction? Yes.
However, I believe it will be short term
if anything.
The 4H gives more detail.
One can see...
So as per previous forecast for Crude we are bearish bias.
We have come to the weekly wick ce again and come CME or NY open I am anticipating a retracement that respects the FVG marked in the chart... Sure sometimes price might 'mowhawk' above like sense says.
Be patient and wait for price to make a MSB on at least the 5min before using your entry model to target...
We saw our weekly target hit yesterday,
I have a hunch as on the Daily we are constantly going back to the middle of the range that bsl of some form is in the eye of the market before we would want to move down.
I ask myself.... Why would we want to go all the way back (weekly ssl level) if we have been here and raided Sell Stops... If I was the market I would...
NYMEX:CL1!
Longer term trend is still bearish. But Price is trading above 50 SMA, suggesting a short-term bullishness.
Will attempt for intra-day longs today with stops below the 50 SMA.
With no news injections today I would stay on the side lines.
We have Daily Wick level in conjunction with a 1hr FVG which if Crude Oil is substantially bearish should respect leading upto NY open and CME open.
The overall bias for me is still bearish with weekly ssl in the lower half of the charts marked with a magnet. This is the draw and what I will be waiting...
NYMEX:CL1! is shaping up for a possible long position.
Wait for the oscillators to confirm the bullish reversal and buy on bounce from the support trend line or the on a bounce from S1 77.34. Revisit of 79.20 as a possible target.
Oil has broken the 15 minute shorts and now are on their way to the All The Way HWB shorts in on the larger 4 hour time frames. You can see how on Friday, the small time frame shorts survived multiple 4 hour candle dives below the 61.8% longs, only to close at or above the 61.8% long. Our 15 minute bias is long and expect it to trade back up to the 82.18-83.42...
Technical Momentum Weakens
Crude Oil futures are declining in 2024 after correcting down to the 200-day moving average at $77.94. The technical perspective shows momentum studies declining into oversold territories, with the 9-day moving average trading below the 18-day. DMI- is above DMI +, indicating that the market is in a correction phase, while the Average...
