Bryan_Ali

Bryan_Ali

Since opening at 9:30, the first local maxima occurred at 9:34am and the second local maxima was at 9:50am. There may be another at 10:34am.. invst.ly

Bryan_Ali

This is the daily chart of SPY that is displaying, in my opinion, a megaphone pattern that will likely resolve to the downside. As evidence of this being a megaphone pattern is the disjointed trend lines as well as the relatively large volumes that correspond to the "higher highs" and "lower lows." My reasoning for expecting this to be a reversal pattern stems...

Bryan_Ali

I am expecting a reversal that will lead downward to ~$46.00

Bryan_Ali

Should go up once this wedge is broken..

Bryan_Ali

Price looks overextended to me- I think there will be strong selling either today or tomorrow. My target is the .618 fib from the March selloff.. there is a lot of support there and it would be a healthy place to consolidate before another leg higher.

Bryan_Ali

I'm just updating my chart for AMEX:USO right now. I think there may be consolidation going into the API report on Tuesday afternoon then a continuation of the current trend upwards.

Bryan_Ali

Looks like price action is pausing at the .5 fib extension from the selloff earlier this month.. I will continue to hold my calls, though.

Bryan_Ali

Looking for an extension up to ~$11.00 by April options expiry on the 22nd.

Bryan_Ali

The stochastic indicator may be foreshadowing a move up..

Bryan_Ali

The candle's are ugly, at best, and the indicators don't look much better.

Bryan_Ali

Looking for a bounce from the sell off to current support.. RSI and Stoch look like they are about to turn upwards, too.

Bryan_Ali

MA Cross + RSI turning bearish

Bryan_Ali

Looking for an extension upwards.. channels have remained intact and RSI held the midline.

Bryan_Ali

Weekly light crude oil chart with support and resistance trend lines. RSI and ROC are included, as well. For context, here is an image of the monthly candles with the same trend lines.

Bryan_Ali

A two year consolidation in crude oil prices may be resolving to the upside. The current RSI resistance trend line is being retested which will be indicative of the direction of future price movement.. Of note, however, is the negative divergence in the ROC.

Bryan_Ali

The angle of the current pitchfork channel (Modified Schiff) that prices are moving within is larger in magnitude than the angle of the longer-dated, broad pitchfork channel. That may imply that price action is accelerating to the upside. Keep in mind, for this assumption to remain valid, the channels must stay intact. I have overlaid a Fibonacci Circle study,...

Bryan_Ali

Price has recovered considerably since being rejected at resistance on January 3rd. The current trading channel remains valid, as well. I am looking for a retest of resistance on price in addition to the new resistance trend lines on RSI and ROC. Of note, the MACD is turning positive, too.

Bryan_Ali

A two year bottoming process seems to be coming to an end for crude. There was an attempted breakout on January 3rd, although, it was rejected. I am anticipating a retest of that price level.