After Lybia is now able to export more oil (totally +500.000 Barrels) it will show an influence on the Oil price significantly.
Resistance broke and this is free way for Oil to fall back after the rise during Iraq crisis.
We met a key level for a very short time. The pressure got rejected very fast and it seems like lots of orders got triggered.
If the price goes into the yellow neutral zone it would refresh a new short idea and if it breaks 1310 then this would be the confirmation of the downtrend.
Let's wait and see.
As mentioned above you can see that the simple correction movements got respected after last dropdown.
If we consider the same behaviour here then I would think of a small sideways market for some days and then when the correction is done it will decide the new direction.
Either up or down are possible. If you follow my ideas then you can notice that Im a...
Some significant upwards movments from last week may continue in the darker green area but downside pressure on longterm view is still there and I support the idea that it will work and show its pressure in the upcoming time.
The price touched its upper short-time resistance but the level rejected that upwards movement pretty obvious.
In this case I would consider low risk entry:
Sell @ 1269
In consideration of current poltical problems in Europe and Irak the 1259 resistance got touched (which I mentioned in my last idea) and now we have a stressed market with a new short term neutral Zone.
Critical points are 1271 and 1259
Above 1271, there are possibilities for new short-and mid-term uptrend into 1285-1296.
Below 1259 there would work the long-,...
After touching the 1280 level which held its line and dropped back into the lower part of the neutral zone which I descriped last weekend.
After that today it broke the 1269 key resistance and confirmed the downtrend which was awaited after the 2-Week uptrend got its full correction in the past two weeks.
Now it will continue to fall with outlook to annual lows.
The breakdown is getting some delays through some upwards extensions.
I think the key resistance at 1289 will give it the kickback for a daily loss which would be strong enough to change the midterm-trend.
After break of key resistance at 111.00 I would not consider any fall-backs under that level as long as the Iraq crisis lasts. Additionally the upwards movement through some broken Eliott Waves (but not rule-broken) gives some idea of technical potential for the yellow neutral zone. More political pressure can bring the price into the green zone.
After break of key resistance at 105.00 I would not consider any fall-backs under that level as long as the Iraq crisis lasts.
Two possible scenarios:
1. it will hold a neutral sideways market
2. it will break through 108/109/110 for more upwards movement
In the past time I supported the Short Idea very much. But in this case lets be neutral and therefore I wanted to show that there is still a potential for more upside movement in the case that the correction will get pushed up over 1289.
Im supporting the longterm Short idea which has to show his potential between 1280 and 1285 in the coming week.
If this level...
If we try to include the five wave pattern of Eliott-Wave principle we can see that in relation with the CCI the peak of wave 1 is at 1285.
Therefore if the market respects the first rule of the Eliott-Wave principle then it should not pass 1285 in favor of the longterm downtrend.
First resistance is the key resistance at 1280
Second resistance is the...