Oil Bears are still outBearish consolidation has dominated the last few weeks.
The daily levels are 56.07-59.41
The weekly levels are 50.63-60.26
Expecting trade range for the coming week to be between: 54.14 - 59.51 with continued consolidation.
#wti#crude#oil#short
OPEC Failed to impress and the prices reflectFriday the price chart generated an engulfing bearish bar.
Monday the prices closed between Fridays prices suggesting either consolidation/turning.
Tuesday it broke through the floor of Fridays price, crossed the 21 MA and 55 MA and closed under the 34 HMA in "cover the long" territory.
Also, with the prices below the two trend lines - it suggests that the attitude has gone bearish.
A second close below the 21 & 55 MA will give a strong indication of what the attitude truly is.
HOWEVER.
Price projection was triggered on the bullish RSI indicator projecting a fall in prices between 54.11 - 53.89
wti fallit should be going down , the api weekly crude stock release is in a day, it should be another surplus enough to put the crude price down
ST Breakout or LT ContinuationConfirmed 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
only thing keeping me from shorting this is EIA in 5 minutes ;)Rising wedge coming up on upper tl big wedge and second warning line old downsloper. I would short but EIA is coming in 5
They broke the uptrend but are reluctant to sell it further.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 just a corrective structure (the overlapping price action would fit that) and are we coiling for a bigger move up?
As always, price will tell us.
I have marked out some possible scenarios.
Oil compressing before a "pop" down to $42It 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 isn't yet possible to denote the bottom trend line of the triangle as there is only one point formed, namely wave (b)... so please understand that the illustrated trend lines are only 50% correct, and the bottom is speculative for illustrative purposes.
But again... the key is that any rally up should NOT exceed wave (c) peak... and I expect a decline lower after this to target $42 a barrel.
Short WTI revisiting last summerlong term positional short trade based on swing structure and a median set
do or die for crude hereMonday 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 :)
the direction of oil will be decided in the next 4hr candleOil is set to break out. It will tell us which way very soon.
WTI - OIL in the range 60minWTI in the range. If cross above 48,41 look for buy. If cross below 47,50 look for sell.
CrudeOil Forecast!!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. I would expect CrudeOil to fall towards 40 levels as first targets and then expect atleast 61.8% correction around 35 levels as second targets. Lets see how it unfolds further from there..
Happy Trading!!
Siraj Hudda, CFTe
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Falling Stars and Rhino CatchersI had hoped to take a few days to get back into the water... But looks like we need to jump on this big Bombora.... It could play out for a while. Funny how these things form. We need to get a pretty good run from the first drop in. Bros with Rhinos will soon join the crew. We are going short with a stack of bones. Let's just hope we avoid a rail bang...
I see stars... Falling stars in the chart. We are going Short now, picking up stacks with each cut. Be safe bros.
WTI Technical $31- 26 next 12 weeks, then 75 in 2018Green Arrows at bottom are bullish forecast, red arrows are bearish. This is purely technical, I recommend to wait for Doha to see what happens.
WTI Season PatternAccumulation positions for a Big Short after May or maybe June, when the FED rise rates
$WTI #crude in #AUD fractal target d bottom in late April$WTI #crude in #AUD . Fractal target double bottom in late April
USD/WTI going short 4Hunder 31.45 short
TP 29.71
SL 32.64
if the price rejection with a good setup going long to the channel
Comex Trading Tips and Market Analysis - OIL SHORT!! H&S?!Overview :
US oil surges 6.2%, closes at $31.48 a barrel after a group of oil-importing countries said energy stockpiles will grow at a slower pace on monday.
On Technical charts, Very Short term trend of crude is bullish, it has given upside breakout from downward sloping trend. Now market is making higher top and higher bottom formation on chart. Market is likely to be further bullish, it has retrace its recent significant upward movement and still sustaining above the downward sloping trend line. It has been taking support of 50 DMA & 200 DMA on one hourly chart. Resistance is seen at high of $34.80, while support is seen at $31.25. On intra day basis Crude oil price likely to trade with positive biased.
RSI entered in negative now and trading at 47.48.
www.tradingsignalreviews.com
Short WTI - Head and Shoulders Confirmation & now 2nd Chance I think WTI has formed a Head & Shoulders Pattern which if I have read correctly is one of the strongest Technical Indicators.....
This should lead to Oil falling to at least 28 and maybe even 26 again....
Iran not agreeing to cut with OPEC is perfect timing to push it up enough so it hits the neckline as you can clearly see happened today.....
It's all algo trading anyways so I don't even think the Iran & Opec situation really matters and could possibly be just coincidental
Zero hedge shows March Contracts are the primary reason for todays gains with significant interest at Strikes of 31, 30 and 28.... which amazingly enough line up with this chart....
All the above I saw myself late January as the 2nd shoulder was forming and then a day or so later came across this video which confirmed what I was thinking
www.youtube.com
WTI CRUDE OIL OUTLOOK FOR Q1 2016YLook forward for further trend movement. Log scaled chart.
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WTI CRUDE OIL OUTLOOK FOR Q1 2016Y
