UWTI
US OIL: Setting up for a rise??If the dollar keeps dropping I would think that would support a rise in oil as well as the precious metals. I see the form of the current drop from 1 to 2 as a corrective form and with the yellow target box now being hit. IFFF it holds above the recent low of about 44.16 I am looking for wave 3 up to start with likely a total of 5 waves up eventually to finish wave C. Personally will be taking a small long position soon with addition if recent support holds and short term down trend line broken. Process your own way. Hope this is helpful. Feedback appreciated.
USO, US OILWith the trend line broken on USOIL, I have to expect further down side. Look for support at the 88.6% Fibo or more likely the retest of the last low, double bottom at $9.82. Indicators are oversold, BUT with the markets starting to sell off, its likely to find no support. I'll keep watching this one. Hopefully we get a good trade in a few days/ weeks.
Searching in Oil for something to trade. Long off of Butterfly DSorry, quick chart, shows my mess but dark green is fib if PA/RSI show retrace in action.
75 dollar target possible for this IHSIHS
Neckline as always has to be broken
Best to you trading
Wall St. Scalper
Shorting Oil at $50.5, Bearish Harmonic Shark, Target around $46Stops around $50.7 holding as support and then attempting to short the $51.77 area.
UWTIIm buying into this rally in Oil. I see us in a half cycle consolidation right now with an upside target of $26. TSI is bullish with a zero line crossover.
Short Crude Target below $44Longs from $43.15 closed yesterday at $46.40
Shorting from $46.15
Target below $44
US OILQuick TP1 44.65
From there I will show a short if it even reaches. I'm surprised it didn't stop out.
WTI Decending wedge and short term bearish prediction - CRUDEFeedback welcome! NYMEX:CL1! AMEX:USO FX_IDC:USDWTI AMEX:UWTI AMEX:DWTI
UWTI headed to $28-30 in a week if dollar doesnt strenghten muchToday's oil stockpiles report is bullish and possibly will have positive effect on the oil price. Not really sure what caused such a draw in the supplies, but looks good. OPEC talks this month also will affect the price positively if we see some good headings. Taking these in consideration $50 oil is not so far away, so is the $UWTI price of $30. Now the bad - USD is looking to strengthen, OPEC may not deliver with talks and we might go back to $43-44 oil.
Fund. will channel/squeeze until OPEC. Watching inv/rig countTA memo to myself charting possible contingencies.
USOIL to follow fundamentals/EIA/API/Rigs and channel/squeeze until September OPEC meeting.
Currently at 46.60ish. EIA report was bearish but less bearish than the API report. I am still tempted for potential break-out buy point is at 46.00ish? But another more realistic possibility for me--if last week was just a sign of major short squeeze and we are now at a neutral zone, then we may go back towards the another major short after a failed OPEC meeting. But, because of looming OPEC meeting and rumors of a supposed cap, we may have a little tug of war between the bulls and bears resulting in a channel.
Fundamentals point to bearish: As of today, EIA, API, Baker Hughes are bearish.
Technicals: The pullback is week compared to the jump; but again, the last few week jumps have been supposedly a major short covering and this pull back is likely a neutral pullback.
Conclusion: sideways movement again until the OPEC meeting as news goes back and forth.
Prediction: The week of the OPEC meeting, possible sell-off because OPEC will probably not fall through again.
CPECPE, met its earnings estimate and with oil finding a bottom looks poised to run to $17. The $17 area would complete the T1 pattern. Going long
DWTI Cup and Handle formationCup and Handle formation with an oversold indication on the RSI (Relative Strength Index). ~195 dollar price target.
Trying to Predict Oil Direction If oil remains under 48.8, a bullish bat pattern may be unfolding along with the abc Elliott wave correction.
