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UWTI

My current long term view of crude oil. All predictions are just guesses as you know. Frequently wrong I might add. But I personally like to anticipate but usually wait for a "sign" in price action to act. (ie candlestick pattern, trend line break, etc). We have a long term positive reversal in the RSI (rsi to new low but not the price) combined with a shorter term rsi bullish divergence (price lower but not the rsi) This combination often leads to a new high or a significant retraction. We'll see. Have a great rest of the week.
FX:USOILLong
by goodguy
Too slippery to fallPretty clear by now, Western Texas Intermediate (WTI) have been developing a megaphone-like consolidation since January, 2015. The new lows made just a week ago is positively diverged, without having new lows on RSI which is a big buy signal. Open: 46.61 S/L: 45.20 T/P: 54.11/ 58.77 Dollar analysis: In my opinion, the Baker Hughes Rig count is nothing more than a distraction of what the market intends to do. I'm bullish in oil in the short term and long term. It does not matter if the rig count decline in speed/velocity or not, the market will always have their excuse of why its going up after; when technicals have long confirmed that.
FX:USOILLong
by LastBattle
35
Bearish Bat-man or a piece of crab?The pattern has been fulfilled ...out of market but looking for a potential short On the monthly chart WTI has reached a 88.6 retrace (See link underneath) I'm expecting some back and forth with the lady and tap dancing on the spot. This possible bearish bat could turn into a crab instead... but follow the notations on the chart. Take profit along the way Safe trading ladies and gents! @BLawrenceM If you find my charts useful - consider following me on Twitter. I do updates there on my TV-published charts and annonces quick scalp plays whenever found..
ULong
by CoinedByCrypto
10
Became never a valid pattern !Became never a valid pattern. It was made in the early minutes after little swing up. B Leg exceeded the 61.8 and later the 78,6 and went for a test of latest swing low. ------------------------------- It's in the early minutes of a possible Bullish Gartley.... BUT... and there are several BUT(T)s that still can twerk this pattern apart. Nothing is for sure yet! We have to see where the C-leg ends and for that matter also counting in the B-leg as well. We don't know if the B-leg is in yet ... but if it is ...a Bullish Gartley could be the outcome or at least a bullish harmonic pattern with a deeper D-leg. Safe trading ladies and gents! @BLawrenceM
ULong
by CoinedByCrypto
2
Natural gas or oil provides more return in this recovery?One of the great feature I like with TradingView is the ability to compare different ticker via arithmetic addition/division/subtraction. From here, I'm comparing between UNG and USO. Since both are directly related to energy, tough choice huh? Charting it out helps a lot and we can see a clear breakout trend between the ratios! Clearly Natural Gas (UNG) might possibility provide the best return for your money on energy as compared to Oil (USO) over the long run. ------------------------------------------ ** Note: USO have been severely under performing since 2008 after the recovery of oil price due to the price difference between each month's oil futures contract. It will not be a clear reflection of the actual market. This is only if you're considering between USO or UNG. Try it out by charting other ETF/ETNs/stocks by yourself!
BATS:UNGLong
by LastBattle
2
A Possible Bearish Shark ....No longer! See Comments why!If reversal here at the 2.90ish and a gap close there is a possibility of a Bearish Shark ------------------------------------------ Have sold at the second spike at 2.14. Entry was at 2.89. It looks more bearish now. No follow through and a full retrace of spike. I doubt we'll see the Bearish Shark. Next possibility is a Bearish Cypher. That will retest the 1.272 or a test of recent lows at the 1.618 fib. I could see that coming with a close under 2.89. I'll will re enter on strength ! Safe trading here ladies and gents! _________________________________ Time will tell Safe trading ladies and gents! @BLawrenceM
U
by CoinedByCrypto
8
Oil "Going higher" ?First of all Bull flag! Many E-wave combinations right now .... this is though what I see the most ... "We're going higher" testing red overhead resistance So the chart is subject to changing wave count! Not altimate count! Have to clear EMA 34 and the the sky is open for the test, but price will maybe stay there for ½ to 1 hour before ema13 have moved closer to a cross over. Price can even retest the blue line again! So nothing for sure ... but my best guess right now. Positive divergens on RSI and AO indicator Safe trading ladies and gents! @BlawrenceM Music at work: www.youtube.com open.spotify.com
ULong
by CoinedByCrypto
7
"Caught up" in MA's rhythm .. Dancing shoes off the shelves!!! For me...a lesson was learned today ... Have to do the TA on the security instead of the derivative. Oil looks ok see USOIL chart below: -------------------------- Futures are decisively lower after close of market than the lower trendline drawn in. So last chance for the E wave count would be to attach the lower trend line to the B-leg wick that gives a tolerance for a drop to the 3.20. See chart below It would take a "good" API report to bring it up closing the gap..... and go further!!! ---------------------------------------- Written yesterday before close ---------------------------------------- Seems like E is done today and wave C up can begin. Due to the negative sentiment.... we could see a gap up tomorrow. That would spark the short squeeze needed to get oil up to target.... wave 4 of lower degree. Low risk entry with a stop at 3.32 Safe trading ladies and gents @BLawrenceM Music at work: www.youtube.com open.spotify.com NB The white B is missing at the top of 4.13 (see chart underneath)
ULong
by CoinedByCrypto
6
Oil... U have "No Enemiesz" in those dancing shoes!A follow up (dance)chart to my other bullish ones. Here I see a potential ABCD setting up with a huge reward. Notation on chart...but ..: Entry at 3.56 Riding it to PRZ Stop at 3.33 Safe trading ladies and gents I'm not saying oil stop at the 127.2 or the136.2 extension. It could go as far as the 161.8 - but I make no promises. What I say is...take some chips off around the mentioned fibs. Time will tell..... as always @BLawrenceM Music at work www.youtube.com open.spotify.com
ULong
by CoinedByCrypto
5
"Somebody" sees Oil/Crude//UWTI has bottomed? Bullish EW-countOn the 4 hour chart I see the following bullish signs: Red W3 and W5 was made on a positive divergens Orange W1 was 5 waves up Orange W2 is a triangle that needs to make the last E-wave (That could be very brief back to the 50 fib line or less - the 61.8 that makes a 38.2 retrace (very common) EMA 13 has crossed EMA 34 The count above is the very bullish count We could as well just see an ABC up instead of 5 waves up - Time will tell! Safe trading ladies and gent! @BLawrenceM Music at work: www.youtube.com open.spotify.com
ULong
by CoinedByCrypto
1
A bit more downside to comeThere's a strong support for oil at $37.72 and I believe that will be the bottom in the coming months. It is only bouncing given the extreme oversold condition and that does not change the fundamental fact of an over supplied oil market and many more that are stored in offshore tankers. I highly doubt the long term log trend in black will hold. (Temporary bottom of $47) At this point you wouldn't want to be shorting, other than waiting for an opportunity to long once the confirmation is in. UWTI USO SDRL XLE
FX:USOIL
by LastBattle
3
Dancing (Blood) in the streets - EW on USOIL I see a bottoming process here for crude. For the first time since the june 2014 decline began the ma's are flattening and even the 50 ma is pointing up now (50ma not shown) The bollinger band is narrowing in and todays price actually stopped at the lower daily bollinger band. I'd say price has set in the low on the 13th of jan and has completed it's first wave up (in green) above the forme wave 4 in the 5th wave down at 49.58. That is significant and mean the downtrend has stopped by setting in a higher high - 2 days later on the 15th of jan. at 51.24. Fridays action completed wave 2 down. (We could monday see a little push down towards the 0.886 retrace for taking out stops). At the same time there is positive divergens on the RSI and the Awesome Osc. When the 13 ema making a golden cross of the 34 ema we have the conformation. I expect the price to rally to the 50 dma which in a week or so - will come in a little above the middle bollinger band around the 1.618 extension. If you cast a glance at my other chart on $USOIL l made with harmonic pattern tools - you'll see that the 1.618 extension of wave 1 comes in around the same handle as the 1.272 extension - the target for the D-leg. So 2 techniques are showing the same. Safe trading ladies and gents! @BLawrenceM Music at work: www.youtube.com open.spotify.com
FX:USOILLong
by CoinedByCrypto
6
A Gartley Butterfly Dancing in USOIL?The C-leg in a Gartley harmonic pattern seems almost done and D-leg ready to go. In the very short term I'm bearish... but will become almost "all in" bullish with a decisive move off the bottom. If you cast a glance at my other chart on $USOIL l've made by using the Elliott Wave technique - you'll see that the 1.618 extension of wave 1 comes in around the same target as the D-leg 1.272 extension. Safe trading ladies and gents! @BLawrenceM Music at work: open.spotify.com
FX:USOILLong
by CoinedByCrypto
9