IN this update we review the recent price action in the Crude Oil futures contract and identify the next high probability trading opportunities and price objectives to target
watching for a test of 77.07 for resistance in this area right now to confirm lower prices. $45 is a long term break even for most producers inflation might have messed with that so possibly could support in the $50 - $55 range as an inflation adjusted target USA injected as much FUD in the market as they can, my guess is to confuse, and create volatility in...
UKOIL Brent (Gulf oil) is still to rise. Monthly ATR is is 107 pips. And this month we did only 39 percent so far. I believe we will end the year at 54.33. But there will be BIG reaction at yearly low 52.28 from where price released in March. I would exit there. Close with daily bearish candle below 8 daily ema on daily chart will be a signal of trend...
Today not even going to talk direction or targets, we are inside the red zone consolidation until we are not, and when we are not that is very important information. So i will be looking for trades using the sloshing of the market until one end of the tub over flows.
oil is finding new lows it has not seen in a very long time and for now will not post any lower targets below the ones on the chart, however look out below if the blue lines do not hold. Will be seeing if the up side can gain any strength today on inventory numbers at 10:30
we are in a big range and will widen the red zone to the outside of this consolidation and until we move out of this range will look for small trends inside the big range, and no clear direction until this clears this zone. That said the down side looks the most likely in the big picture.
Well we hit my 56 area and things got interesting. I will be stalking a long term long side trade if it set sup, but now that we are under 56 for today the Red zone is very important and looks like lower we will go. So today will be leaning on any short set up, however a move back above 56 dot 25 I will look for day trad longs back into the high 56's to low 57's
Everything about today in oil was said yesterday. so linking below. Oil has been very good as of late putting in a few days of balance and one day of break out, so keep an eye for red zone break or rejection!
A good time to update the Oil chart after the OPEC desperation leg. Those following the previously posted long-term macro chart will remember the breakout we have been tracking: On the demand side, manufacturing remains sluggish and we are again outguessing signs of the effects on the demand side. Equities wont be able to hold Oil up for too much longer, this...
Oil had that breakout of the range as I expected was coming soon and now the important level is if we hang out above this prior level top or move back down inside the prior range. This is the area we are testing as of this writing and is also the level I will be looking to trade long off of. It is a good level due to the defined risk reward levels.
oil is currently trading in a transition zone between two recent distributions and will have to make a choice between one or the other. if oil breaks from the red zone today then the first blue support or resistance will be a very likely target for either break. I will be looking to trade a range day inside the red zone until a firm break of this zone is established.
oil has moved to the bottom of its bigger range and we get to see if that is support or further weakness steps in. The test off the bottom of the red zone or a break above red top both could be good trades back to the 57.5 area and we will still be in the consolidation. As of this typing a bigger up move is happening and will give a clue as to further strength...
the short term trend is short but the bottom of the red zone will either stop that trend or confirm today's direction so that is where my focus is
Nice bounce in oil keeping it inside a big range, creating what i think will be a very sideways day. A break below red zone low should see a move to 56.65 that is about the only edge I have today in oil.
after close oil has remained in a balance consolidation and now looking at the Red zone to be very important to the next move for oil. Will look for a range bound trade inside the red zone and only lean the direction of the break out after it happens.
Today due to oil inventor report at 10:30 and interest rate announcement at 2:00 the red zone will be larger, And this also makes since seeing that after RTH session yesterday we forma big balance zone. I will be careful today but until we clear this zone will be looking for trades back and forth inside the red zone.
we are moving in a downward direction and could see this continue to at least 54.25 area. I would like to see a bounce up to short but will see how we act around the red zone. a move back above 55.60 should take us back into the upper distribution and have us enter chop around 56
The current move is long in a balancing consolidation and will need to move above the red zone for further up move . If we can not get back above I will be looking for oil to consolidate and then test lower prices again, and as a guess only I thin the 56 area could be oils happy area for a while.