Crudeoilshort
Sell: 39.47
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Weekly Market Focus 09-28: S&P500, WTI Crude, OJ, EUR, AUD, JPY
======================================= September 28, 2020 -------------------------------------------------------> 10-02-2020
S&P500 Trade Setup --------------------------------
S&P500 Trades can be found in this post -----------------
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WTI Crude OIl Trade Setup -----------------------
WTI Crude Oil Trades can be found in this post -----------------
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Orange Juice Trade Setup --------------------------------
Orange Juice Trades can be found in this post -----------------
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EURAUD Trade Setup --------------------------------
EURAUD Trades can be found in this post -----------------
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AUDJPY Trade Setup --------------------------------
AUDJPY Trades can be found in this post -----------------
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Other JPY Crosses -----------------
can be found in this post:
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#CRUDEOIL - WAIT FOR A BOUNCE AND SHORTThanks for coming to this update.
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CRUDEOIL got rejected from the $41 resistance level and has fallen close to 10% from there within a comparatively small span of time.
Global markets like US30 / DOW JONES, SPY, SPX have also seen a good drop during the same time period and that could be the reason for the drop in CRUDEOIL prices.
Since we had a steep rejection from the $41 level, i would be more inclined towards expecting a fade off of the next upside rally.
Have the $41 level as a stop loss in case you try to short because if CRUDEOIL breaks above that level we can expect a teleport to higher levels (as a zone where we had seen good rejection earlier would now be broken).
If you look at the daily chart for CRUDEOIL, you will realise that it CRUDEOIL hadn't had a healthy pull back yet (see image below) and thus this drop can extend further downwards before we see a up-side rally.
The RSI, has also seen a steep drop in crude oil on the 4H chart which is a bearish sign.
Anyways, CRUDEOIL is correlated with GLOBAL MARKETS named above and trade along with them.
Please note: These are my views and not trading advice. Please consult your financial adviser before taking any trading decision.
DAILY RSI
CRUDEOIL - 58 ( bullish / neutral zone)
The market can stay irrational longer than you can stay solvent - John Maynard Keynes
Crude Oil Wave Analysis After a strong show in the last weeks, crude oil needs to make an obvious correction.
We expect the correction to be of ABC structure and it has already completed waves A and B.
Further, the structure resembles a bullish flag pattern and the price is at the upper parallel now.
Currently, the pair is forming a bearish flag pattern in the short-term charts and a break below could guarantee a safe entry to bears.
PS: Aggressive trades, refer to the resistance at 40.41 for the stop.
Crude - Short SetupHi,
Is crude going to keep sliding? If the move down so far was missed, a nice opportunity for a new entry has been presented.
Entry around $21.
Stop loss around $22...just above the recent highs from the 27th & 31st.
I'm targeting $12.50 for now on the downside.
Tomorrow could be a big day for oil. The current OPEC+ deal expires with currently no agreement to keep the Saudis from opening the tap wide open.
I'm planning to enter at $21 and then add to the position with a break below the recent low at ~$19.25. If this level breaks...it looks favorable to get ugly.
What's everyone's thoughts on this trade?
All bets are off if a deal with OPEC comes together.
Cheers!
Days Off
Crude Oil To Trade Lower After A Short-term RecoveryCrude Oil daily chart above revealed that the downtrend since January 8, 2020, high is unfolding as a five-wave impulse. The pattern is labeled (i)-(ii)-(iii)-(iv)-(v), where the sub-waves of wave (iii) is also visible. Wave ii of (iii) was a sharp pattern, and wave iv of (iii) unfolded as a sideways triangle pattern.
The Wave theory states that a three-wave correction in the opposite direction follows every impulse. So, the decline to $20 on March 18 must be the end of wave (iii) of the five-wave impulse pattern.
This, in turn, meant that once the recovery in wave (iv) ended, another selloff in wave (v) would be very likely.
Wave (iv) has the potential to find resistance around 38.2% Fibonacci level that lined up with a resistance zone, which will be a good area to look for a short entry on Oil.
What's your view on Crude Oil?
Crude oil (This is a chart i actually drew on 28th April 2019)So, even before CoronaVirus broke out, i already had a chart dated back to April 2019 drawn but made private that shows this might be leg C going to 32.
DISCLAIMER
Please note that this chart is an opinion based chart only. Please trade at your own risk