Oil definitely lower at this pointSpent too long flopping around below $50 here as well as broke a volatility contraction pattern to the upside then immediately kicked in the bucket and sank below the funnel level. Short term back near $47
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USO - Bull Flag in oilOil is consolidating around $49 at top of the last leg up. It is bullish especially with buyers stepping in mid-day.
Bearish oil price action.Chart had a bullish HVF breakout but did not reach target. Despite overlap of wave 1 and 4, selloff appears to be Elliot Wave bear trend. New target for price of oil is bottom end at $32
New CHANNEL New bullish channel in play. It's a small chart so not much wiggle room. Oil still making up its mind
LONG BREAK OUTThis is currently pushing up against and old fib to the downside %50 @ 46.22, this is the 3rd retest and it did not retrace by much looks like we could see a breakout to the upside possibly to 47.26 there is still resistance above at 46.49 and 47.26 look at the 15 minute for a good entry 20 cent stop profit of 50 cents or more.
Although, USOIL reversal next few weeks?USOIL looks to be showing signs of a trend reversal on the weekly, Overall still bearish long term on oil
OIL SHORT monthlyLast 2 times oil had 4 red bars on the monthly, it followed it up with 3 more. Potentially seeing hitting a low of 23-25 by possibly Fall of 2018. although a bounce off resistance and completion of inverse head and shoulder are still in play
Bullish AB=CD Bullish MAPE on USOUSO has completed the AB=CD Bullish MAPE, I'm expecting a bounce back to the .382 fib line or higher ($9.60 or so). Crude Oil Inventories Wednesday the 28th
Oil Bounce PlayLooking for a bounce in oil after hitting (near) a 52-week low. Looking for this one to play out over the next several months. $USO
SHORT OIL/ LONG DWTlooking for continuation in oil downtrend. strong buying in DWT past two weeks. Potential resistance in 33-34 area.
critical area for oiloil in descending triangle (or technically ascending? let me know) on 1hr chart. currently short, will exit with upward break, potentially add with downward break . $USOIL $USO
Oil Sells Off Tomorrow. Upside very limited.
/CL to test what May low gained first.
If ur long ur wrong.
Short-Term SELL, USOIn the energy sector, we have noticed a possible speculative short on crude oil as we expect oil to depreciate by -1.60% by the next week. In our opinion, sellers might put pressure on the actual price particularly near the intermediate resistance which might limit an upside move to no more than 6.80% from the last daily closing price.
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Buy Oil H&S patterns that look so elegant usually break to upside in bull markets. Technically and fundamentally Oil is in a bull market. Look for price increases off of this $48/barrel level with price targets nearer $60/barrel into June & July 2017.
CL1! - Oil triggered head and shoulders!Oil broke the neckline of a head and shoulders. Downside target is $37~$38.
USO - 1yr 4hr last shot in the wedgeThere's not much room left to trade in this range for "quick" trades. We can hit one last one with 2:1 risk/reward.
I have been opening a half short position at the top of the range after closing out the long to profit as much as possible off this pattern.
Looking at past summers and this wedge I can be optimistic for a big move.
