didnt expect this with Long support all year but hurricanse dont help CL prices jump, the spreads are thin and well thats life
technically $64 is possible but lets be realistic and just keep it @ $66 for now
Off for the week in Roma Mexico City, but couldnt resist a quick chart study.
CL has some nice price action which always results in useful targeting for trade exit when bigger moves surface.
Cheers and beers!
CL had some nice price action this week to complete required fib level for leg C of an AB=CD pattern.
See the chart for details but its pretty straight forward. We have room to test the 67.70 price point but that just pushed the target price further down.
Sometimes I enjoy zooming out to go pattern hunting. Found an interesting pattern with WTI that 8/10 times May into June was the end of a trend and the beginning of a reversal. With strong Bullish momentum leading into June '18 one does wonder if the leading average will prevail or if momentum will carry itself through the tumult of June?
Oil "appears" toppy but is strong trading week of 04/15.
After a $3 pullback week of 04/01 WTI saw a significant jump despite inventory numbers proving Bearish week of 04/08. This was accelerated due to obvious fundamental forces. But also, see my prior study below and notice how the technical's were demanding a $67 price point before last weeks Syria drama took...
noticed a recent MACD cross on crude weekly
looking deeper weekly MACD crosses have had powerful moves and this one has a Div to go along
DX is the current driver along with fundamentals
with increased productions this year one cant help but wonder if crude hit its ceiling last month
long target is $50 range
extension target is frankly ugly so I wont speculate...
Confirmation of the AB .618 retracement.
See chart for CD 1.272 extension (target zone).
Might actually buy some BTC this year if the pattern proves worthy!
(fwiw) AB=CD are confirmed with an AB .618 retracement but an AB .786 retracement is always a possibility.
So if the AB .786 is confirmed then the CD 1.618 extension is an official target.
It doesnt get much easier than these!
USD or DX is our price driver but the pattern remains none the less.
Price target is $62 for profit taking, then hunting for dbl bottoms or unusual fundamental shifting in crude to spot the support reversal above $62
If anyone new to futures is playing test or real funds also look into trading 1 mini crude contract.
Please see chart for detail. CL has satisfied the technical's for the AB=C pattern with the Asian/Euro session price jump.
Watching for the D move down now.
If anyone noticed the price point bars are using candle body only. This is a Duomo method tactic that I prefer after seeing how time profiles work.
It is personal preference for tighter entry/exit strategy...
When considering cypher patterns more than one is possible at the beginning. For now we are looking at a Gartley Bearish or AB/CD Bullish cypher(S). If the 1st retracement in this study jumps from a .618 to .786 reading, the Gartley is negated but the AB/CD still has legs and also A Butterfly bearish pattern is possible. Will update accordingly and negate if the...
Looking back over previous few years price action we can see a sharp trend this time of year for natural gas futures.
The technical measurement Williams%R shows a strong Bear trend is either in play or is pointing to a very strong reversal.
The prior 2 days of movement NG printed a nice spike upwards followed by a strong retracement hitting new lows.