OIl is now suffering from the over-hyped bull effect of opec. Friday's non farm payroll numbers will have a dramatic effect on the US dollar as a high jobs number will put further pressure on the Fed to hike rates in September. Oil will feel that effect.
Suppliers may enter the market to bring prices down. Happy trading!
There is still the potential for oil to slip to test or drop below the recent lows. After the big drop we had a stutter step and a retracement followed by another big drop. If price disrespects the 4 hr trend line look for a retracement. It is not if, but when and how far. While oil futures are painting a rosy picture price may be being slightly manipulated. -...
Confirmed breakout on daily and intraday charts, but seems like a continuation on weekly and monthly charts, could turn out to be a LT head & shoulder though
Rising wedge coming up on upper tl big wedge and second warning line old downsloper. I would short but EIA is coming in 5
Crude did not roll over and die after breaking the uptrend. A BIG emotional candle after a disappointing eia report broke the trendline dating back to january, but what puzzles me is why it did not break down further after the retest of that line from the back. Maybe they are anticipating the BIG DRAW eia report on wednesday and therefore hesitant? Or is this...
It currently appears that the market is forming a triangle sideways correction. The key is that waves (d) and (e) of this triangle patterns do not make any new lower lows or higher highs as set by the preceding waves (b) and (c). I will be looking to trade this when we see a bounce towards wave (e), with stops places above the wave (c) peak. At this stage it...
As posted earlier i think Crude is on a crucial junction here. A closeup look at the structure revealed a nice short set up. Price action at the Orange Excursion line we zoomed on friday will tell if it is just a scalp or something bigger. If we rebreak that line, the short could be kept open for a bigger downside move. If we bounce back up i will be looking for...
long term positional short trade based on swing structure and a median set
Monday price action will be telling for the direction of Crude oil this summer. Will we repeat last years drop (started around this time) or has the balance truly shifted? Crude has no more room for messing around so we WILL know this week :)
Oil is set to break out. It will tell us which way very soon.
Battle Nr.1 Seems to have been won by Bears.
WTI in the range. If cross above 48,41 look for buy. If cross below 47,50 look for sell.
CrudeOil has reached all its target as per Previous Forecast. Crude has gone up in what looks like a 3 Wave up move where Wave A = Wave C after which it started to decline and made a bearish candle stick pattern of bearish engulfing pattern. There has been consistent divergence with MACD for the wave C up move indicating that this is perhaps not a 3rd wave rally....
BIG CRASH IS COMING I GUESS.. SO FED NEXT WEEK WILL RISE RATES I GUESS