Crude-oil
Signs of weakness despite output cutsWTI failed to break new highs despite efforts to cut output from the Saudis. Iran and Russia has yet to fully comply with output cuts meanwhile US oil production gradually increasing week on week on the back of reports suggesting that shale production cost are becoming cheaper.
US Dollar remain strong in an uptrend after breaking out from its trading range, this will probably push oil prices lower.
Crude Oil Long Trade 200 Pips I have been waiting a few weeks for Crude to get to this point now, we have tested the 61.8 fib twice in the last few hours and seems to be a lot of buyers there, we are also hitting its uptrend support from back in December and i believe now we will see a continuation to $55 a barrel.
crude oil optimal price arrangementsSoon we have two possible action on crude oil on this week arroung the price of 55,15:
1) More possibly "a shooting star" appears getting bearish action toward 46,00 which would be a bottom or reversal price for bulls again. Bulls on crude oil during the summer is favorable for OPEC countries.
2)Less possibly crude oil price stays above 55,15 in daily candles and bullish action continues. i think this is less possible because any price above 55,00 during spring-summer time is not sustainable.
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
Crude Short Head and Shoulders Formed Price has not managed to break through resistance at $53.45 creating a head and shoulders pattern, now we should be looking to hit target of $52.20
Crude oil (usoil)Everything on the graph, due to my dyslexia :D
Generally feeling bearish. SIMILAR MARKET BEHAVIOR (FRACTALS) ARE PUT IN RED RECTANGLES.
Breaking above $56.50 might refresh the target up to $60 a barrel.
[Update] Crude Oil Elliottwave CountFundamentals still intact and with the release of OPEC monthly report strengthens the idea to go long in oil
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CLK17 WTI Weekly FuturesFeb 13 19:30 AEDT
CL WTI May Weekly Update
Consolidation and Seller Absorption Bars!.
Buy Area -sub $54.20 down to $54.00
(I don't think it will make $53.50)
Good Support at $53.10/20 (buy a few wells at that price)
Struggling with the T-Line at the moment,
but the 55 SMA is sweeping up nicely for added future support.
Text book Dow with a break out; higher highs / higher lows
and it appears to be now re-testing the breakout.
Looking at the big picture this really look like a bull trap flag, but the arithmetic doesn't work,
so I am bullish until it breaks below $53 then it could free fall back to $46 coz there is nothing
to stop it, then break below and back to double bottom at $37.
But right now I am with the CoT and Long with a tgt expectation of those upper body gaps.
Remember you are Adults and this is only my opinion, not a guarantee
... and just my 2c worth
CRUDE OIL SHORT i believe the price will be return from the resistance to the bottom of the uptrend canal and try to test break it
Crude WTI Short 1 hr Chart With a show of Crude Oil Inventories adding 13.8 million barrels oil rallied due to the dollar weakening, after a big rally over the last few days the dollar started to strengthen again due to the bloomberg consumer confidence being strong so i see a short to the recent support and resistance line, expecting a pull back.
BRENT CRUDE. Update. Triangle.We are in the last consolidation within the triangle ABCDE.
Wait breakup. Target 67-70 depends on Fibo ratios between A and C.
By the way, in USOIL there is no such a classic triangle shape.
Crude Wobble & RunCrude oil has been holding resistance at the supply zone just above $50 following a first wave, the correction moving the market sideways. We expect crude to complete a C wave of this correction and then encounter demand, sending the price upward.
With this in mind, we are short term bearish and medium term bullish. We expect the demand rush after this corrective wave to push the price of oil above its recent highs.
General plan for Oil in 2017I think the most probable scenario for oil in the first half of 2017 is to complete wave C in some motive but choppy fashion. Ending diagonal is a perfect candidate for this move. As it totally reflects the fundamental idea of two battling forces. On one hand we have rhetorics and measures from OPEC plus seasonality in first half of the year pushing crude oil price higher. On the other hand - commercials, hedging their production at this price levels as in 2014 before the plunge. After all it seems that another wave down is inevitable. But I guess wave 5 will not take us far as a truncation often occurs following a particularly strong third wave.
I will explain why I see wave C as an ending diagonal in the next post.
Brent Crude. Possible wave count. UpdatedI think it's a double zigzag.
The lower degree wave 4 at 69.59 could be hit.
