Crudeoilwti
123 low fail?One important thing is false breakout. 123 low or 123 high at 90% can't do breakout. So now, I must keep in mind a fundamental analysis and speculation rules... there is no reason for breakout to 49$ and it can be a possible trading range at 49 and 44.30. So I try to keep short to 44 or lower and long when test the first important support. Have a fun.
Short covering...I try short covering at 47.30 or 47 because weak trendline is near this price... so on confirmation I cover my long.
123 low seem resistYesterday I was looking for 123 low confirmation. So.. now I'm short from 47.30 and long from 46.50. The last support for this long il 46.40 under this price could be rail short... but for long rail the first resistence is 47$ breakout could be the next target at 47.30, then 47.60 and 48 and the last 48.38. The price 48.38 is in touch with the trendline. Have fun and have a gain!
123 Low confirmationI take a look on 47 level... because the rail long could be very important. At this price I open long, we are talking about test of 48$ or 48.53. If broken the rail become strong long...
Looking for short confirmation or long coveringIn the last view I have opened long and covered with short a 47.50. Short confirmation is price under 47.26. If in the next hours the price is over, I try to cover with long to protect my position.
Long waitingI'm watching 47.50 area now... if close over this price I open Long position and close short in area 48.
Long Crude Oil on Daily supportCrude Oil made a strong move upwards today after the Cushing Inventories data release. It coincided with a strong support area. We should see higher prices in the coming days and weeks.
Short coveringAs expected the trendline was resistence. Now I cover with short to protect the gain of my long... I close long if price going under 45.55 and increase long positions if the price stay on this price.
Buy crude in dipsBuy crude in dips till 40.55 levels. Cmp of crude 41.75. we bullish in the crude for the above tgt of 50 and much more in days ahead. Avoid shorts and keep buying in dips till the blue line and expected tgt is the red ling
US OIL - ELLIOT WAVE IN CHANNELOil seems to be favouring wave theory of late with fib and technical analysis being secondary , its just completed a 5 wave pattern the big red candle confirms the end of this rally as its broken the neckline.....we should now see a corrective ABC pattern before it resumes its uptrend....... RSI is overbought......This is how I see it going....trade your own plan with care
Long continueOk, Trend seem strong.. the next target for short covering is 48.80. Near this price I cover my long.
Small short on oilMarket entry 45.7
Sl: 46.1
TP: 43.5 (Near PP bounce)
Technical purposes:
- Channel resistance
- Divergence in RSI
- R1 Weekly Pivots
Short Crude for $36Crude is at 618 retracement, Buying Volume is low, is hitting 288 MA on 4 hour chart, speculative positions are declining , dollar is at its lower channel, go short with the target of $36
AB=CD ending at downtrendline and upper MLHCLU's recent price action hints at prolonged bullishness (which vibes with iea's assessment of a deficit in Q3).
However if we look at the structure there is a very real chance of a drop at 45.50 area where AB=CD ends at both the last downtrendline measured from the top of the advance at the beginning of this year and the upper MLH of a mod schiff that has been capturing the path of price.
Copying BC onto that point projects to the bottom of that same mod schiff (around 43.13)
In the short term i am also weary for bulls as we are at the end of a rising wedge atthe upper MLH. When i copied a minor swing from the AB structure it projected right to the median (at 43.39)
I will be buying that for a target of 45.50 and monitoring to see if we make it past that.
Bearish Gartley/Butterfly FormationWith increasing # of US oil rigs and subdued global oil demand, I am expecting the retracement strated from 40.00 to lose strength between 46.00 - 45.00 area and eventually another leg down towards 40.00. This formation supports my idea on technical side with a caveat; the price could go little bit higher and turn gartley into butterfly thus manage your position/risk accordingly.
Recommended to go short at @ 44.70
SL 47.50
1st TP 43.00
2nd TP 41.00
USOIL 60 min LONGUSOIL there is a little bit power to goes up, (TP:46.04) after down, then up again, this is my opinion!
OILGlobal news can say whatever you want . It is not physical oil . This are futures . and future's price is constituted by those who trade these futures - banks. There are 3 major traders in the market of oil - JPMorgan , Goldman Sachs, Citi, in their turn they are getting money from the Federal Reserve System . And the Federal Reserve System has only two targets - to keep holding dollar as a the world's reserve currency and to make it stronger. That why in the first quarter of 2017 the oil price will be 12
Continues rally
Elliott wave +fibonaci
Way to 12
Short term Elliott downside cycle, imminent wave 5 ...I think that wti short term down trend can resume soon with a reversal in the area of the rectangle in the chart (end of wave 4). Thus maybe wave 5 can complete the down cycle at about 36 (or above too, but at least 39 to a double min) before the main up trend can resume its way to the upside.
Oil EOW Outlook Target objectives (45$- 50$)Crude Oil is currently trading around the 38-39$, as weekly bias for this week remains bearish as long as we are below 42.14 - 42.83 Pivots as Crucial Point with fibo50%.
a move up above 43$ would be a bullish signal and indicative of a resumption of recent bullish gains.
* Im not trading this , just internal use*
USDWTICrude is in a critical junction. It will take some time for oil to develop a good support line before it can go up. Think it is a very good time ti buy and hold it for several months to gain some good profit. Once it comes out from the triangle pattern and the RED COTTED lines and BLUE SOLID line RESISTANCEs it will be a gold for BULL Chasers.
