Crudeoilforecast
Crude Oil Forecast and Technical Analysis Nov 17thCrude Oil is trading on the let's wait and see mode. OPEC and Non-OPEC summit will be held on November 30th. Bearish consolidation is in action.
I look at “this sell-off” as a technical correction. Above chart is one of my longterm charts. Crude Oil prices broke above the longterm downtrend line and tested 58 USD ( a historical level as well )
Now it pulled back towards the upper line of the midterm rising channel. 55.50 is the resistance of the smaller chart time frames.
We can not talk about a trend reversal as long as the price stays above 52.20 ( the borderline of the ex-supply zone which will play a demand zone role now )
55.20 is the EMA 100 support of the 4 Hours chart. Crude needs to make an H4 closing above 55.50 to continue its upward movement. Price will remain under pressure until close above 55.50.
54.70 is the support of today. Below 54.70; 54.49 and 54.20 are the key levels.
Those levels do not change every day.
My midterm prediction is Crude Oil prices will meet 60-62 USD. I do not think Russia will let the prices go higher.
If the price breaks below 52.20, we may start to talk about a trend reversal. Right now, I do not get any technical and fundamental signal confirming this trend reversal. I will use pullbacks as buying opportunities.
Return of Oil?During the drop of the prices of oil after the OPEC meeting, several Oil ministers were not worried of the decline of oil prices as they say it is normal every after meeting and that it would recover. Is this is? Despite the formation of a fakey bar, the prices are still below the 8, 21 EMAs... not mentioning below the 200 SMA as well.
Riding Crude Oil once again.As i successfully mentioned in my previous article on 2017-02-15 Crude Oil is on an ascending channel which is creating a rising triangle with the strong resistance that exists at 54,50$-55$ level.
Once again after this previous artivle mentioned Crude Oil rallied until 53,74$ area and then came down to test the 200MA.
Technically we can see some signs of fatigue as Crude Oil failed to touch previous highs but it's still moving into it's ascending channel.
As we can also see there is good correlation signs with Stochastic RSI.
Taking into consideration the enlargement of the O.P.E.C deal and the geopolitical tensions which are in favor of the Crude Oil's price we can enter this nice profit/loss ratio long trade.
TECHNICALLY
FIRST TARGET T1 AT 53,00$
SECOND TARGET T2 AT 54,30$
STOP LOSS AT 47$ LEVEL UNDER 1)PREVIOUS LOWS-2)200MA-3)TREND LINE 4)lOWER BBAND
HAPPY TRADING GUYS!!
Crude oilCrude oil is in range 51-55.
It broke all uptrend support lines and now new bearish wave is coming.
TP1 51
WTI CRUDE OIL, DAY CHART, LONG (11-DEC-2016)Crude Oil is trying its 2nd attempt to break the
resistance zone.
There are 3 possibilities here:
1. If it break the resistance zone, wait for PB
to the resistance zone and a bullish signal to long.
2. Eventually, it might form consolidation near
the resistance zone. If breakout, can directly long
3. If there are 2-3 "2 BARS REVERSAL" to trigger
the BEARISH movement, we will change our
view to short!
A Risk to Reward of 1:3 for this trade :)
Fundamentally, the crude oil price rally is due to the oil production cut by OPEC and potential cut from Russia and NON-OPEC Countries. The production cut might not able to reduce the current global stockpile significantly. It might be the reason to hold the crude oil price trading in the range!
CRUDE OIL, DAY CHART, LONG (4-DEC-2016)If the crude oil price continues with the trend, there is high chance that it will manage to break the resistance zone.
After breaking, wait for pull back and long.
It will be a 1:3 risk to reward trade.
Crude Oil- B2C- An Exciting Experience 43$ to 52$ & What Next?Crude Oil- B2C- An Exciting Experience 43$ to 52$ & What Next?
B2C- (B2C) is a business or transactions conducted directly between a company and consumers who are the end-users of its products or services. Yes, Isn't that lucrative for end users why because products reach directly to the consumers - no middleman- no obstructions- no resistance & crude travels b2c from 43$ to 52$ with a double bottom- an important lesson from this crude journey.
What Next- Trading Strategy
Could be a start of the downside move from 52$ High & going below 42$ recent low -likely to continue down-which shall be a trading opportunity, but before that there will small upside push from last week's trading closed at
Crude from 43$ to 52$- Amazing -Later I took this as WXY pattern as it evolved
/CL - Comex Market Analysis and Trading Tips - 28th June 2016Overview:
The Crude oil market had a fairly negative day on Monday, as market continue to worry about all things European Union and United Kingdom related. The primary trend of Crude oil is bearish on charts. On its 4 hourly chart, market is trading below 100 days moving average. It is having important resistance at the level of $48.12 and support level at the level of $46.50. On its 4 hourly charts, MACD is sustaining in its negative territory and RSI is sustaining in its selling zone indicating the upcoming bearish trend in the oil prices. On an intraday basis one can go for sell on higher level strategy.
www.tradingsignalreviews.com
Crude Oil High Significance Elliott Wave Analysis
hi Readers,
The Chart deals with weekly time Frame
As we now Know that the wave Y in Grand Super Cycle degree & hence the initiation of X wave after Y has pushed it to new highs, say to the current levels. The important idea is that the W within the current X wave in one lesser degree has been progressing as w,x,y,x & z within which waves W,X & Y are completed. so , after an intermediate downtrend for completing the X wave, the market resumes its upper trend to the areas of 55.12 $
For analysis below this degree, that is on daily time frame click here ,
Thanks for reading
Feel free to contact us in need of any assistance
Happy Trading
Dinesh -senior Technical analyst
LeadBrains FSL - www.mytradingcourses.com Trading education & training firm
Crude oil - Is the bottom visible yet...? Resuming from previous Crude oil Post in the blog, check it here...
Obviously yes the bottom is in the visible limits
We at that time just had an idea that the developing correction could be a triangle but in the recent trading sessions, it is really very clear that the current correction is most possibly a triangle (Elliott wave Descending triangle) and within which the waves ABC have been completed and the remaining two legs D & E are about to be completed and as in a descending triangle the characteristics of the same is to test the support multiple times and which is what the D wave is going to do exactly and after that the E ( FINAL ) wave as dictated by the principle will be a multiple of FIBO numbers, with respect to Previous C wave rally and most possibly the .786 will be the target for the above stated E wave.
View the video as it also explains below one degree from daily charts to H4 charts.
visit the thread with video here,
www.mytradingcourses.com
What is crude oil's next decision...?
Resuming from previous Crude oil Post in the blog, check it from what's happening section...
We at that time just had an idea that the developing correction could be a triangle but in the recent trading sessions, it is really very clear that the current correction is most possibly a triangle (Elliott wave Descending triangle) and within which the waves ABC have been completed and the remaining two legs D & E are about to be completed and as in a descending triangle the characteristics of the same is to test the support multiple times and which is what the D wave is going to do exactly and after that the E ( FINAL ) wave as dictated by the principle will be a multiple of FIBO numbers, with respect to Previous C wave rally and most possibly the .786 will be the target for the above stated E wave.
View the video as it also explains below one degree from daily charts to H4 charts.
www.mytradingcourses.com
CRUDE LONGCRUDE is expected to rise now.
There are many reason why we feel it may rise.
01. It has bounced back from quarterly sell target 02 level.
02. Bullish Engulfing pattern in daily Chart.
03. To rise and clear quarterly targets it had to come down to gain momentum for up move.
04. Stoch RSI (3,3,14,Close) states it may rise.
05. RSI(14,CLOSE) Is also of the same view.
06. CCI(20,CLOSE) Is also rising.
Keeping all the above indicators in view along with the chart pattern we expect it to rise. Our buy call shall be from BUY above :29.60 with a SL @: 30.39 Tgt 01: 29.8 Tgt 02: 32.19 Tgt 03: 32.80. Chances are that it may even touch 40. We are expecting this to happen shortly. Caution: The above is our personal view. Neither a recommendation nor a tip nor an advice for trade. Please consult your personal financial advisor before investing.
