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... ;)
This Elliott Wave count suggests that oil's rally may be due a rest and a period of weakness may now take place. From an EW point of view it has some alternation in it's 2nd and 4th wave corrections between deep and shallow. The 3rd wave ended exactly to the 1.61 fib extension and the 5th wave completed on the .61 fib extension of waves 1 to 3. It also completed...
CLX23 did not like $92 today.
Is a minor correction coming?
Is it time to get a little bearish for the next few days/weeks to come?
Going into winter, should I expect a little demand destruction and orderly technical selling?
Detail in video...took this CL trade which I rarely trade.....took the low hanging fruit at .5 even though I do feel it would have been better to wait for higher target at TDRC or Max Ext
Bulls Are At It, Offcourse. When do you take Profits though ? Trap Bars are forming Now.
price Hasn't Retraced to Green TrapZone for about A week. Retrace Is expected back to Trap Shorts and Shake weak Longs - SOON !
Hourly Candlestick Chart of MCL/ Crude Futures with TrapZone Pro
The inflation is going to bloom. The US reserved oil is depleted and once the government trying to refill it, the price will keep going up. If you already have the position for crude oil, hold it and don't short. If you haven't enter the market. The opportunity is approaching. Waiting patient when it touches the base line, then long it. Wait for it when withdraw back.
Commercials are max short and both Large & Small speculators are long. Today looks like a reversal day. Everyone is expecting $100+
www.bloomberg.com
"Oil surged to a 10-month high — extending a powerful rally that may rekindle inflation — as supply cuts from OPEC+ tightened the market, with Saudi Arabia’s energy minister shying away from any change in...
September 19th . Silver is a bullish move higher that just corrected but still looks like it's going to continue higher. Oil continued higher today. I ran out of time on the video to show that it had a mild ranging behavior that doubled to the new high where I would expect to find some sellers but there Is no evidence of that yet... but will be on the lookout.
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... ;)
In this update we review the recent price action in the crude oil futures contract and identify the next high probability trading opportunity and price objectives to target
PAST PERFORMANCE NOT INDICATIVE OF FUTURE RESULTS
while going through the price action it can be a pullback to 3rd point.
the pink box which is having more green candles can act as support where buyers actullly entered with huge volumes.
trade with caution as fall can be faster after a while when bulls loose momentum.
Saudi Arabia's decision to cut oil production could potentially have a significant impact on its GDP, given that approximately 80% of the country's revenue comes from oil exports. This reduction in oil production may lead to a budget deficit by the H2 '23.
One logical reason behind this production cut is the potential for higher oil prices, driven by supply...
The price of oil continues to carve a series of higher highs and lows to register a fresh yearly high ($91.36), and crude may continue to approach the November 2022 high ($93.74) as the Relative Strength Index (RSI) holds above 70.
Crude Oil Outlook
The price of oil has cleared the range-bound price action from earlier this month to keep the RSI in overbought...
crude enjoyed made 91$++ in mcx 7650 near ---- told abv 90.55 in mcx 7555 it will rock see nowww buyer zoomed yes spot crude 93+++++ expect in mcx 7800++++++
Crude Oil is finally looking like it's about to stall and potentially pull back. Back in April, on the gap up, the peak of that Bollinger Band comes in at 91.18. I consider that unfinished business for the bulls. Once that's achieved, then I will look for the daily Bollinger Bands to start coming back in and volatility to start contracting, looking for a mean...
CRUDEOIL is approaching a key resistance level at 7713. If it breaks through this level, it could reach new all-time highs. This week's high target is 7675-7725.
Traders should watch for a breakout above 7713 to confirm the bullish trend. If CRUDEOIL fails to break through this level, it could retrace back to the support zone at 7625-7650.
Overall, the technical...
