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Crudeoilwti

Oil CL remains under pressureShort-term consolidation is underway, with Crude Oil prices currently balanced around the USD47.20, (61.8%) Fibonacci retracement. However downside risks remain in force as bearish weekly studies deepen. Further weakness is looked for, with a break below the USD47.01 low of 22 March opening up the USD45.28, (76.4%) retracement. Still lower is the USD44.82 low of 29 November. Resistance is lowered to the USD49.62 high of 16 March. Any immediate break above here should fade beneath the USD50.71 congestion base, as investor sentiment remain bearish. If broken, not seen, prices will trade back into previous congestion, with USD53.00 to then attract.
NYMEX:CL1!
by Michael_Macdonald-XATSUK
Thoughts on USOil for the coming week of 2017-03-20I'm currently on the side with USOil but looking for a pullback to continue to the 49.9x-50.1x range before moving down further. 4hr chart since 3/14, has been correcting from it's drop from the 54.8x range. I'm looking for price to pull back into the 49.9x to 50.1x range before moving down to my next target of 44.7x. I'll be watching for the following confirmation and triggers: DMI: Does the ADX remain above 20 or does it drop below signaling potential price consolidation. Price consolidation not a guarantee if it does drop below 20 but could be a factor TSI: Begins to diverge with price as price moves up to 49.9x - 50.1x range TRIX: Remains above 0 until price objective is hit RSI: Pushes up to the 6x area Should these hold and play out, triggers will be a move below 0 for TSI and failure to pullback above 0 on price pullback. TRIX moves below 0. -DI of DMI continues to make new highs while pulling ADX up with it Daily chart with weekly channel based on weekly ADX. Current target is 44.7x Weekly chart I believe most indicators have moved negative. The TRIX remains above 0 but has crossed averages and heading in that direction. Scenario: Price continues pull back toward 49.9x-50.1x range this week then begins drop to 44.7x. Should this play out, I think there will be ~3 weeks of price consolidation while market decides what to do at bottom of the weekly channel in place. After this period, price continues down with possible targets of 40.2x, 35.0x, and 28.4x.
TVC:USOILShort
by mxb1961
OIL SHORT: Commercial hedging at multi-year highsCommercial hedging short interest is at multi-year highs - back to where it was in summer 2014 when oil topped at around $100. Hedgers are locking in current prices as they believe they are extremely attractive in the medium term. Speculative positions are also at multi-year highs - making oil prices prone to a downside squeeze. WTI may have set in a near-term top and, although we could see $60 tested in the next few months, oil will continue to be pressured to the downside. A stronger dollar, questions about OPEC compliance and weak global growth are all fundamental forces which support this view.
FX:USOILShort
by Exercise-Discipline