Crudeoilforecast
Thursday Trouble Crude OilWe are nearing the end of the week and have had some nice movement heading lower..
I have marked out the Previous Day Wick ( PD Wick ) If price is to retrace today for NY this is where I would expect it to stop and head lower / consolidate at least.
The Draw on Price are bellow :
Daily +OB
Daily EQL'S
DAILY FVG
Monday evening Pondering - Crude OilSo as I stated in my last post, we would have a short range day as per previous large ranged day.
We did attack the SSL as target 1 however Im looking at price heading higher to the BSL and 1hr FVG before we head down...
Lets see what Asia and early London does..
Will update nearer to NY for Turbo Tuesday...
Crude Oil upward trajectory !!NYMEX:CL1!
Crude oil is moving upwards by marking HH @ 95 and HL @ 81.5,
81.5 is .786 fib support from previous low),
Curved parallel channel suggests that max downward should be around 79; which is .886 fib level from 77.71),
97 & 104 will be crucial level in coming weeks as resistance.
Crude Oil - Bullish long-term - Bearish short-termCrude oil moved as we expected. Now in the next days we can expect it to follow the red scenario and reach the $75 area. If we see prices around $75 I'll put another update.
Context is BULLISH for Crude oil and DXY is showing weakness after yesterday's FOMC meeting and the market is more confident about the rate cuts in September than last week. SO BE CAREFUL with your short positions.
Crude Monday Drab Bias and ForecastI am HTF bearish on Crude OiL
I have PD arrays marked out that should be respected if market was to retrace and take some BSL.
The targets for today are Lows marked out.
Pretty simple.
Stay bellow 1hr fvg and 1hr -OB = BEARISH
Close above the 1hr FVG start looking for short term BSL
Crude oil trade analysis
International oil prices fluctuated slightly on Thursday (May 30), with U.S. crude oil currently trading around $79.13 per barrel. Oil prices fell about 1% on Wednesday on worries that weak U.S. gasoline demand and economic data could lead the Federal Reserve to keep interest rates higher for longer. High interest rates aimed at countering high inflation could drag on economic growth and reduce demand for oil.
Crude oil persisted despite the headwinds yesterday. Both short positions at 79.4 and short orders at 80.2 made profits. Today's white market resistance is 80 and yesterday's high of 80.6, while support is 78.5 and 77.7. At present, the 4-hour SAR indicator has completed the top-to-bottom transition and appears at a high level. Today, Thursday, the trend continues to rebound high and bearish. Crude oil strategy: short after rebounding at 79.7, covering short positions at 80.3, stop loss at 80.7, target 78.5-78, hold if it breaks below;
Wednesday Forecast Crude OilWe had a very expansive two days From the Bank Holiday Monday and Tuesday.
I do expect the market to slow down a little before we start to move higher to 81.50 as long as price stays above the 1hr fvg and the 1hr +ob my bias will be Bullish.
If we close bellow these pd arrays then a retracement is in order and different targets will have to be looked at.
Pretty simple
Friday retracement?? Forecasting.I am looking at crude to make a retracement today after couple days of down movement its been nice but can;t last forever.
So the arrows display where I think price will go today as a first target and second PDL
Keep it real simple on Fridays you got the weekend coming and you don't want to go into it with a loss or a win stay neutral.
Crude Wednesday Pre NewsSo this is the forecast for Crude pre 1030est news.
I'm favouring some BSL to be taken if the 1hr FVG gets disrespected.
With 1hr fvg above and the BSL that is pointed out with the arrows.
If we show rejection from the 1hfvg we are currently near then PDL will be the target.
With news there is no certainty.
Overall I am HTF bearish however a sweep on BSL could be on the cards today.
Crude Oil Tuesday ForecastI Have in Mind that we will be BEARISH bias mostly this week as we have Tapped into the Premium Daily FVG yesterday and rejected lower.
My two targets shown in the forecast are the arrows.
Daily PDL
Weekly SSL
Now it is important to realise that the market is moving in London and a straight sell into 0830 or 0930est wouldn't be the best move.
Waiting for a retracement and then finding your model to get into the market is what we all strive for and to do couple times a week as intra day traders if the market gives us the opportunity.
Lets see how this plays out !!!
Crude - Testing the waters...We saw our weekly target hit yesterday,
I have a hunch as on the Daily we are constantly going back to the middle of the range that bsl of some form is in the eye of the market before we would want to move down.
I ask myself.... Why would we want to go all the way back (weekly ssl level) if we have been here and raided Sell Stops... If I was the market I would want some breakfast first before I head down for lunch and dinner right?
So for PRE 0930EST im watching to see if price respects the 4hr FVG's.
This will indicate some bsl to be taken.
Monday Crude Oil ForecastWith no news injections today I would stay on the side lines.
We have Daily Wick level in conjunction with a 1hr FVG which if Crude Oil is substantially bearish should respect leading upto NY open and CME open.
The overall bias for me is still bearish with weekly ssl in the lower half of the charts marked with a magnet. This is the draw and what I will be waiting for / a setup to form.
You do have to stay dynamic however as the Daily candle on Friday took BSL inside of a Daily FVG.
This is respecting the bias.
EQH's where left in its wake so if the 1hr fvg and Daily wick is closed above on the 1hr TF we should start to consider that the market has other short term plans.
Stay Dynamic and if your bias doesn't match you can always stay out of the market!
Money preservation is very important.
GLGT- ;)