Cl1!long
CL broke the oblique resistance - Bullish trend CL broke the oblique resistance and made the retest of trend and PP, we see the accumulation on the volume profile in the area of 89.43 and 89.67. The 90.89-91.01 area is the resistance area (rather polarity area) for CL to continue the bullish wave it needs to break it to go long with intraday and swing targets. The retest again of the support area or oblique is still an excellent opportunity to go long.
Translated with www.DeepL.com (free version)
CL1! Oil has returned to the level it left in Novembre 2014.Hello world!
According to my technicale analysis, Oil has returned back to the level it left in November 2014, which is a very strong trading range.
We can also observe that oil is reaching the top of the Uptrend channel, which means that we may see a small correction in the next few days/weeks. It can go down to the red line (which is a strong market support) in the worst cases during the current global economic situation.
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Comment: We didn't break the "Support 1", but we had a very big rejection at that level with a big volume, which signifies a trend reversal.
However, it could be a fake rejection. As long as we are within the trading range, any decision can be risky.
Crude oil short term 29/12There are 4 signals that make you buy the oil for trading in short term:
1- Price near to MA 50 which acts as support.
2- The uptrend line shows considerable support for the price.
3- The decline lookalike a correction pattern based on Elliott wave theory making the opportunity to buy for another a rising leg.
4- The price is close to 38% fibo retracements.
%- At 15 min chart the correction wave (WXY) is about to complete at 75.12
Best price to buy from $75.2 - $75, Stoploss 74.55, the target is 77, Risk/reward ratio is 1:4
Good luck
Nymex Futures Long CL1!Wait for the pullback down to the orange box for a long entry
The support shown has confluence with the 100EMA, .618 Fib pull
from the last swing high and the bottom of a respected channel .
Expecting a bounce in the area shown but please be aware of
the numbers due today and tommorow .
The American petroleum Institute on crude oil stock levels
as well as official numbers from the Department of energy on the 17March.
Set a Alert for this trade and watch how the market reacts to the data with a solid plan .
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