Oil Sells Off Tomorrow. Upside very limited.
/CL to test what May low gained first.
If ur long ur wrong.
Cl_f
Buy Oil H&S patterns that look so elegant usually break to upside in bull markets. Technically and fundamentally Oil is in a bull market. Look for price increases off of this $48/barrel level with price targets nearer $60/barrel into June & July 2017.
Bearish ETP-4 PatternLooking for the $USDCAD to drop here with this ETP-4 pattern. If pattern fails will wait until 1.46.
Oil hitting leg start. LONG 48.9x's. Buying crude again. 48.9x's. will add around 48.6 with a stop just below 48.4.
BIG SUPPORT LEVEL 48.8X/49.04. First touch of what was gained in March 2017.
Will get a BIG pop before below 48.50.
BIG LONG RIGHT HERE 49.04. (needs to gain 49.11 and it will POP HARD)
Adding at 48.8x. Risking more than usual but it will work. 49.8x the first long target.
Long Oil $49.50's. LOW NEEDS TO HOLD. Just bought /CL 49.52.
Stop below Fridays low. New highs the target.
Will add to the long at .38/.41.
The similarities cannot be ignoredIn 2013-2014 market touched rising support 3 times and rising resistance 2 times before 6 month down move. In 2016-2017 market touched rising support 3 times and rising resistance 2 times. If it is going to repeat the 6 month down move it is going to do so now.
$CL_F ($USDWTI) Multiple technical indicators say buy oil here after OPEC reaffirm cuts. 4.4:1 trade shown.
Crude Oil Preparing For BreakoutPlease refer to image.
Crude oil will breakout, just a matter of on the first try or not.
(D) Testing support near 47.50 and magnetized to S3Pivot. If bearish momo continues and 47.5 breaks, testing 45 for support is not far off. May even chop near 46 beforehand.
Patience if looking for a better price. Obey your rules.
(D) Support holding near 48 & S3 Pivot.If bullish momo comes in, S2 Pivot may be tested for resistance. Additionally, EMA200 may provide resistance as well.
Bullish on WTI CrudeNYMEX:CL1!
Crude has been balancing on a tight range since mid April of 2016. From a volume profile standpoint it has left the composite point of control at 53 behind and it has tagged the naked point of controls at 53.43 and 53.77.
I'm expecting the resistance at 54 to fail and then become support. With target at 55.00
At this point it will be on a strong rally once it breaks 55.
Possible SHS & gap play in Light Sweet Crude SHS & GAP play
Crude still having a gap in USOIL (the chart) to close.
Timecycle suggest primo february for break of neckline and for the S-H-S to pan out.
We are neutral after today's sell off and see a bounce here. Next trade will be at break of neckline.
More free charts on WALLStScalper.com/Blog including chart of todays breakdown in SP500
Best to you trading!
WALLStScalper.com
Massive inverse H&S in USOIL #CL_F $CL_FA massive H&S that has been in the making since 2015 is forming in USOIL. It currently resides on the neckline and a break and close above could see a large move in the coming months especially if the output cut deal works. Resistances come in on the Fibs at 57.20 area (38.2% Fib), 66.85 (50% Fib) and 76.47 (61.8% Fib). The 61.8% coincides somewhat with the H&S theoretical projection which comes in at 77.50 area. Very long term
Ascending triangle in wave B on weekly chart nearing break outOPEC reached an agreement in the weekend, which should imply a price move upwards. Still though my current wave count suggest another move downwards to point E of the ascending triangle in the corrective wave B of one larger degree. Further we should get a bigger corrective wave C up to around 60, which is the end of wave 4 where most corrections tend to end.
Comments are welcome:)
$CL_F (USDWTI) suggests one more pullbackTriangle suggests one more pullback, and possibly even to range low of 42.80. But it looks like it will break 52 next year.
