Crudeoilwti
WTI Crude Oil is heading downwards after inventory report and it is expected to touch at least 48 in the coming two days.
Thoughts on Crude Oil Brent I haven't been too involved with Crude Oil, mainly because as I saw the trend moving up, I didn't enter when I wanted, and the last thing I wanted to do was chase a rally. So, I stood on the sidelines observing, see what my hypothetical entries and stops would've done.
Looking at it now, I see a longer term wedge pattern forming in the weekly charts. Now, when I go into the daily charts, I see Crude Oil falling towards its 50 MA. If it bounces off of this average, I am looking then at the resistance price line of 56.89. If It can break through that resistance line, we might have enough momentum to break up higher. Another reason for this would be the short positions would probably put their stop losses right at that level, creating a virtual short squeeze zone right above support. However, the reverse would be true in theory for the long side of the trade, with most people putting their stop losses right below that 50 MA.
Either way, it'll be interesting to see how this plays out. Trying to work more on investors psychology through the TA in charts.
All the best,
RC
Expecting drop in Crude Oil (Elliott Wave Analysis)Crude Oil seems to be moving in an 3 Wave corrective structure.
Hence I expect it to achieve atleast
T1 : 53.30
if further downside is seem then it can drop till
T2 : 51.80
Even lower levels uptill 50.80 are possible but that is something we can only talk about later on.
From a positional perspective this market is a buy on dips as I believe much more upside remains, positional traders should wait for the 3 Wave completion and then add on to there longs.
I will update further as this market progresses.
Crude Oil with Target $63??? At the moment, the level of $54- 55 plays the role of strong resistance. If the level breaks $ 55, then Crude oil can gather in the $ 63 zone.
WTI Crude Oil (USOIL) Syria Airstrikes = Bullish- Oil is fundamentally bullish as airstrikes in Syria threaten Middle Eastern supply, account for roughly 1/3 of daily oil production.
- Previous short trade cancelled.
- Cyclical demand driving up price.
- Closed above Bollinger band last Thursday, 6th April.
- Close above 61.8% signals a general uptrend.
Crude Oil Updated Count (Elliott Wave Analysis)I have changed the placing for Wave 5 as it broke upside the previously supposed turning point.
The Wave 5 now positioned has also hit an important resistance level, I'm expecting a break of the lower trendline for Wave 2 formation, once the trendline break is in place we can then look for the possible targets for Wave 2 down.
