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Crudeoilshort

Short Crude Oil at Key Resistance zoneFX:USOIL had been retracing its bearish trend the last two weeks. It is now currently at key resistance zone. Short order set up for the following reasons: Overall trend on daily chart is down Price resisted key resistance zone at 47.00 to 47.75 (previous April 2016 to June 2017 channel support now became resistance) Forming a shooting star candlestick patteren (bearish wick protruding surrounding price action with bearish close) Sufficient confluence to support a short, but due to recent higher low that formed, stop will be moved to breakeven at around 45.00 Minimum of 1.5 RR but potentially > 2RR Stop Entry: 46.73; Stop loss: 47.81; Take profit: 43.72 (2.79 RR)
FX:USOILShort
by cobusvdm
USDWTI Daily. Being 2 steps ahead.Hello everyone. I hope it goes all well for You. I have been working this set up out this evening. Crude Oil seems to be struggling and is not giving us a wild rally eventhough we had two consecutive very bullish stockpile reports. The first one that came out on July the 6th has not endured the bears pressure and session closed much lower than the days high. Have a look Yourself and please share Your view at this idea with us! It may be a little bit too optimistic and too far ahead reaching, but what makes us successfull if not being endlessly positive about our own ideas? As You can see above we have a bullish butterly forming out in the space of the next several weeks. The trend has been respected as well as supply/demand levels along with fibonacci have been accomplished. I hope the idea is well explained. Should You have any questions, advises or even different, more sensible idea? Feel free to message me!
FX_IDC:USDWTI
by coast2207
3
CL - Crude with three potential targetsThis is a wild ride, but we are not unhappy don't we ;-) The prior LT chart gave us a great indication about the fall. A closer looks reveal that the drop from above is the logical swing that markets do. Targets? Well, we have a couple of them as you see on the chart. See the circles? One at the A/R-Shift, and two other ones at the different centerlnes. First I even expect a pullback, since markets swing. The yellow, thin down sloping mini Forks centerline is key! If price jumps above it, we can expect a bigger pullback. If price just test/retest it, then another entry is praying to be taken. So, let's be patient, ride the grumpy bear and see if we can load up some. P!
NYMEX:CL1!Short
by Tr8dingN3rd
3
Is Crude Oil going to give a false breakout (Elliott Wave)Crude seems to have given a clear 5 Wave up move from the 47 low, it seems that it is in a corrective phase now and is most possibly moving as an Irregular Flat Correction. If it is actually progressing as an Irregular Flat then it is very likely that it will give a false breakout of the most recent high and form an Unorthodox top, it seems to me that it can go till 52 mark and then give a reversal from there, trapping the breakout traders. If this pattern plays out as expected then we can see lower side targets for Wave C as T1: 51 T2 : 50.20 I will update further as this market progresses.
TVC:USOILShort
by NeeravYadav
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.
NYMEX:CLH2017Short
by Daban