Hey guys, here we have another bearish shark on our hands.
Similarly to the GBP/USD trade, the daily chart has found resistance and is re-testing in the form of a double top. Within the re-test we can find a bearish shark formation. Price has already hit our D point but I am now monitoring the 4 hour and 1 hour charts for an entry.
I'm currently simultaneously ...
Bullish signals include:
>Steady demand
>Global inventory declines of 72m since January
>Capex slashed year over year since 2015
>Potential for output cuts to come
>Instability in the middle east
>Rising marginal cost of production.
Oil is at a decent strong resistant. That is the reason why it is 'choking' right now.
It may even come back down to $63 level first.
But we are in raging bull market on oil and soon or later, $66 level get broken soon.
DYODD and Trade Safe
s0nic
Disclaimer:
The information contained in this presentation is solely for educational purposes and does not ...
1. Daily level:
The price is in wave V of the uptrend took start in Jun17
Wave IV retraced ~38% of wave III and was completed in mid Mar18.
Appearance of motive waves (5 sub-wave structure) from mid Mar18 let me to assume the correction is over.
2. 4h level:
Waves (a)-(b)-(c) formed the higher level wave IV have corrective structure. (a) - zigzag, (b) - ...
Long term view. The chart patterns in the ellipses are occurring twice in the last 9 years, first in 2009, and now again from end of December 2017 to present day, and as we see that cycles repeat, expectations are the price of Crude Oil to go even higher against $80 - $100 per bbl. And it is not the technical analysis that appoints to this scenario happening, but ...
WTIC has broken out from Triangle pattern at major support line (previous resistance) when Wyckoff Accumulation Schematic is completed. It should be a large advance for Oil in the future. Short-term target may at 75-79, stop loss at below 61
We are in a sideways market for the weekly and daily time frame. As such, with prices rallying into fresh weekly supply and losing momentum on the H4 time frame, a potential short adhering to CFM rules has been identified with a very good risk reward ratio
After a considerable struggle, buyers have maintained their grip on the market. The counter trend phase of the past few months is coming to an end. A new higher base has been set at the important 38.2% retracement and currently prices are rallying above the internal trend line at 62.55. Expect a renewed push towards 66.65 (pivots early 2018) and the new price ...
Oil price is banging hard on the resistant of $60 region and they may successfully break down soon.
They can go to a decent level such as 59.9 or 58.5.
SLight Bear but Do not be hurry to jump in from long/buy side. Patience First.
Trade Safe
s0nic
Disclaimer:
The information contained in this presentation is solely for educational purposes and does not ...
After the old trades got stopped out I entered an oil at the top and exited for a small profit before the 1030 news. This made up for the loss I had before and put me at break even. New play now. After the news I see this dropping more as there was no pop or anything to indicate a higher move. I went short with a target of 59 once again. I believe this will go ...
New oil play, after last week action going back short on this on the bounce off 21 EMA. It hit there at the last 4h Close and decided to enter short. Stop is set just in case but I believe this is going lower as it is in a downtrend at the moment and I find it made lower low on the 4h AND it is still below the 21 AND 50 EMA on both the 4h and daily. There was a ...
With prices losing momentum in the H1 time frame after entering the daily supply, all rules for CFM met and thus a potential short can be taken with a LOL scenario.
