CL 12-14: Light Sweet Crude Oil CL is forming strong bullish move during November 2014 off the weekly bottom being formed this week. Aggressive traders can go long on any pullback move to the critical black lines. If weekly bar closes above 81.16-20 zone, this will be great confirmation of starting uptrend at least during first two weeks of November before the...
I think crude has overshot fair value and is now oversold. It is below the linear regression (ie Trading range) and CCI is creeping upwards. I would make this call with more confidence should the MACD crossover occur with more enthusiasm but I'm getting in before the market does. Of course the moving averages are against us, but if we see Europe start to gain...
Question is which way. Daily price action this week has found itself extended past a Fib level of 2.618, yet bouncing off the 3.14 (Pi) level AND past a very strong point of magnetic force, both pitchforks 2.618 deviations have already crossed and it appears price is trying to respond by changing its trend. So it is trapped and basically waiting for direction. ...
Crude seems to be forming a bottom so our thoughts of getting long is valid. We will drop down to a smaller time frame to and watch for a break to get long.
Crude is now in a bounce area and we will be looking for any dips to buy on the 60 minute chart. We will look for shorter targets expecting a retest of the recent lows over the next two weeks.
SIMPLE CHANNEL SUPPORT BUY TRADE. If this week it gives a close over 87, shall be very bullish and attract massive up move towards the neckline levels of $91 and then few corrective pullbacks to 89, and the next move shall head to $100 in the medium term. Protective stop loss can be placed either just below the weekly low or at $77 levels. Lower risk and Higher...
If there is anything that many years of trading has taught us, it's to STUDY charts (1,000's of them) and understand when and why to trade. Look at the post of CL prior to this. . The larger time frames show you where the big boys play and the smaller time frames will help you enter the trade. Then study this chart. Ask yourself...where has price come from...
We are now watching CRUDE (Weekly Chart). If we see the break 90.50 are we could see another nice leg down to the 88.00 area. We tried to test the long side and were stopped out so we will avoid the long side for now.
Above i have drawn out my thoughts on time symmetry and bearish cycles in the Crude Oil market. Though in a long term bullish structure on the weekly and monthly, at the tops of these weekly bullish cycles, we see extended bearish cycles, or an "Unwinding" of long positions. We are currently in the process of another of these unwinding cycles. The Willy21MA13...
I thought i would chart out this study and show how previous highs and lows in the crude oil market can act as liquidity pockets for reactions and possible reversals. Highlighted in blue are previous levels where you could expect traders to place their stops. From these stops we have seen numerous reactions in the past. Crude oil has shown on the weekly and...
We are short...and taking heat. Our targets are posted. 92.50 (continuous contract) is acting as the line in the sand.
We are out! We took a small lose on crude based on a bullish pattern. The dollar is in charge and we are not fighting the fed...so we will revisit later. NEXT!
Bottom targets are still waiting to be visited. 93.75 resistance can be key to reversal down.
This is one of our favorite patterns and we were shocked to see it today. But hey...were traders and trade what we see. Even with the bullish dollar, Crude got bought up when it slammed into the Major Support level. This is bullish and is telling us to expect a short term bottom. There is is ample oil supply in the market and the dollar is bullish so we...
This is a year-to-date chart scaled on a percentage basis that outlines the relationship between the US Dollar, 20 yr+ Treasuries, Gold, Energy (think oil, gas etc), the Euro, and the US Real Esate Index. These represent the different investment classes in the market (rate-sensitive instruments, earnings sensitive instruments, and hard assets). As you can see...
Current development should be corrective and we should visit 91.20 before go up more stronger
We are trying to hold that trend line on some early sell off this AM. We will be a buyer above the 97.20 area. We will look to a 60 Min chart to enter and define our stops. Our first target is 99.00.
The bullish harami at support may be the beginning of a reversal. Tension in Ukraine will help crude oil go higher. The broader momentum is still negative but a bounce may come here.