Zoen_Trieste

Zoen_Trieste

Oil has been selling off violently in light of it being a highly politicised commodity. CLM2019 first saw a 1/3 decline from its recent top value, where it found some support and managed to pull back to around 1/4 discount point from its recent top selling price. Currently, it has broken lower than the 1/3 discount price and is seemingly going for the important...

Zoen_Trieste

ES went for a measured move lower after taking back some ground. At this point, it is expected to paint another pullback pattern and bears are expected to enter this market thereafter. Pullback target 2600-2700 where limit sell entries can be initiated.

Zoen_Trieste Updated 

USOIL is likely to pullback to the highlighted area around 5125. Looking for limit buy entries at that level for now. Reduced size to 1/2 and wider stop range is preferable option judging from the serious swings that oil has been going through.

Zoen_Trieste

USOIL has been coiling for two weeks now after it hit the 50% retracement point on the whole bull cycle from $26, and almost reached the 23.60% fib extension support based on its first impulse/reaction pivots of the $26 bottom. There are a lot of traders that see these things and most of them will not feel comfortable being exposed to long risk at this point. This...

Zoen_Trieste Updated 

USOIL looks like it wants to pull a minor trend change here. Perhaps turn into a $50-$58 trading range for a month or two. The chart is pretty self-explanatory. Looking forward to see how this plays out.

Zoen_Trieste Updated 

The oil market was still unable to overcome resistance and during late hours gave back more than half of OPEC cut announcement gains. Next week is likely to be very active, as there is a lot of additional interest, the moves are expected to be quite violent. There is no clear signal of a breakout either way, following the market inertia by looking for limit buy...

Zoen_Trieste Updated 

USOIL is being well supplied after pulling back to the grand 45 degree line coming down from the top. If 5000-5050 area fails, the bear case becomes more relevant. Assuming pre mortem conditions, the inventory report turning this around and supply being dried up by incoming new demand, it is reasonable to look for entry opportunities on the lower timeframes. It's...

Zoen_Trieste

EURUSD pulled back to 61.80% retracement level and is building support around here. There's was some 16% extension beyond the previous low and currently the parallel median line of this inside set is zoomed, which shows some underlying strength of this pair at this level. It makes sense to accumulate long positions with stops below the current low for longterm...

Zoen_Trieste Updated 

USOIL opened with a massive gap that broke through some resistance lines outlined in the earlier posts. Currently the market participants are seemingly waiting for a pullback to enter limit buys and potentially targeting couple of hundred ticks. This chart shows possible price movements during the next couple of weeks. Limit buy orders around 5225, the top of the...

Zoen_Trieste

This chart is an attempt to show possible support and resistance lines that have been coiling the market lately. Bears did achieve a slightly lower low but were unable to follow through, an event that shows a change in market structure . If bulls can close higher timeframes above the 15 degrees resistance line, a stop buy setup approach seems reasonable....

Zoen_Trieste Updated 

USOIL is likely to pullback to around 5220 where continuation sellers are expected to enter the market. As for now, buying any minor pullback to 5085 towards the 5220 area and flipping short around there seems reasonable. Shorter timeframe for trade entries and thorough risk management is of utmost importance. It is better to get out of the market with minimal...

Zoen_Trieste

DXY is seemingly approaching an attractive supply zone around 98.50. As mentioned in the earlier posts on DXY, we have an important gap zone around that area. Furthermore, there's the 15 degrees angle line coming down from the top at that same area, that is if the DXY trend is being measured with 20 pips per week ratio. It seems reasonable to look for shorting...

Zoen_Trieste

This is a monthly chart of USOIL with time cycles from important tops and bottoms. As shown in the chart, the current decline in oil started after 26 monthly bars since the bottom of $26 and around the 1/2 price area from highest selling price. Possible major pivot around the $48 area, which is the 1/3 of highest selling price of oil. If that goes, the next...

Zoen_Trieste Updated 

USOIL is going through a pullback after another record bearish impulse move. Short covering and some new buyer interest is expected to take this to the 15 degrees angle lines coming from the highlighted lows. Upon meeting those angle lines, trend continuation sellers might want to give it another try towards the $50 area.

Zoen_Trieste

Despite the build in inventory, USOIL is holding above the 45 degree angle coming up from the recent low. A deeper pullback towards the 5800-5850 zone remains probable as long as the price stays above 45 degree angle . The two red 15 degrees angle lines coming down from those lows are expected to attract supply if the aforementioned deeper pullback does...

Zoen_Trieste Updated 

USOIL looks like it wants to get a breath after going through a heavy selloff mode for more than 10 days in a row. Another note worthy fact is that it has now seen a 61.80% reaction on its longterm bull run from June 2017. Looking at the lower timeframes and moving averages, we are some 50 ticks away from the 4H 20EMA (last 3.33 days exponential average price),...

Zoen_Trieste

A 3 day chart is very useful in terms of being able to see a major trend reversal. It eliminates the noise of daily or lower timeframe charts and shows the change in trend faster than the higher timeframes such as the weekly and monthly. Keep track of the candles and look for a higher high and higher low candle for the first signal. The USOIL chart above shows a...

Zoen_Trieste Updated 

It seems yet another push lower towards the 5875-5950 area is likely at this point. The 45 degree line from the marked blue square is anticipated to attract demand at that point. Until then, shorting into strength seems to be the way to go. Limit sell orders around 6085, the 15 degree angle coming from the recent low, tight stops and 1R-2R targets seem reasonable for now.