OIL (WTI) minor consolidationOil looks to pulling back some of its recent decline but I think sellers are still firmly in control. I think we consolidate temporarily and then go for $40-$39
WTI-OIL
more OIL weakness could present a good opportunity to buyOil is really getting a beating, but I think there could be a great buy-side opportunity on the horizon.
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Support Area 42.82 - 43.37 $If the price goes back to the area under 42.82-43.37 $ then the quotation may decrease for more 4 dollars..Area of support is basically for a good reboot towards area 47$
WTI Bullish DivergencePrice diverges with MACD and RSI and it gives us bullish divergence. It's a reversal signal which is at the support level. We could open long trades, but DMI still confirms down movement. We should wait when ADX line starts falling. After that we'll have a good buy signal. Entry for long trades should be above 45.00 with stop below 44.00 level. Profit target is MA100 or we can use trailing stop for exit.
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WTI Buy SignalWe can see that the market bounced from 45.00 level. RSI confirms price reversal and it's buy opportunity. We can place buy-stop orders above 47.00 with stop below 45.00 level. Profit target should be near the downtrend line.
Crude oil repair to the downside this week before longCrude oil repair to the downside this week before long. Repairs needed in the 46.60 range as usual. Looking to rebound in the 48's. If we break through 46.40 we will see 44's that need repair. Very nice risk reward on this.
WTI Long OpportunityPrice bounced from 44.00 level. It's confirmed by a reversal candlestick pattern and RSI which is in oversold zone. We can buy if price breaks 47.00 level. Stop orders must be placed below the support level 44.00 or the local swing low. Profit target is at a downtrend line.
WTI Entry Level Price passed through the kumo and it gave us a signal for opening long trades. DMI confirms trend market conditions. We can buy above 48.20 with stop below 46.00 level. Profit target should be at 50.00 level or we can use trailing stop for exit.
WTI Crude Oil looking at 50On the daily time frame WTI has broken the upper range and is now also breaking the 14 EMA. This along with a Stoch Rsi showing high buying pressure and Adx showing a bullish reversal makes a clear case for buying into oil strenght.
Stop loss: 48
Take Profit: If 50 is broken follow the price with a 60 pip stop loss.
WTI Longs get in!!WTI looking good for a high probability trade.
Look for lower time frame confirmation (Double Bottoms/Pinbars/Inverse H&S) for entry.
A daily candle close above the 200MA will be great confirmation to ride this to the previous structure high of 52.73.
Let me know what you think.
Goodluck
The price is breaking down the down-trend channelThis OPEC agenda looks really interesting. The price goes down, but there are some key supports.
WTI Trading IdeaPrice bounced from Bollinger Bands and the resistance level. RSI confirmed price reversal. MACD confirms down movement and DMI allows open short trades. Entry levels are below 52.00 and 50.00. Stop orders must be placed above 54.00 level. Profit targets should be at 48.00 level.
WTI June Oil CLM7 Short/NeutralHello Supporters and Viewers,
Here is new month Oil chart.
Currently there is an "in-neck" bar forming which suggests further downside.
Indicators are also suggesting more downside, as is the bulk of TV opinion.
Looking at the main players, this view may be borne out.
Call volumes are sitting 55-57 with a weekly change of +13k.
Put volumes are at 50-52 with a weekly change of 33k.
These will expire circa May 17.
Futures volume is rising +300k OI with MM at net 277k long basis April 11 and Commercials net 244k short.
Contrary to other TV opinion, I do not believe recent geopolitical events have had much impact on Oil.
Syria does not produce much, and China, Korea and Japan are all importers. Oil needs supply interruption (OPEC) to start moving around, so nothing much to see here.
If I was short, then I would look at sub 52 to 51.50 over the next 2 weeks and see if this pattern develops into a flag/triangle.
... just my 2c worth
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possibilitiesOPEC bullshit coming to light, found strong monthly resistance and uptrend resistance, respecting trendline beautifully
EUR/USD short for 100 pips to 1.0500Another short I just entered, this time on EUR/USD. This has pulled back to the 1.0630 daily resistance and looks to be continuing lower. Targets are at the 1.0500 monthly level for 100 pips and 1:2 risk/reward
WTI Oil – Watch out for potential falling top formationYesterday’s bearish inverted hammer candle and a failure to hold above the 50-DMA and 100-DMA suggest the bulls need to be cautious.
A bearish follow through today would put in place a falling top formation. That would be followed by a bearish 50-DMA and 100-DMA crossover and re-test of support at $49.59 (Mar 16 high).
WTI Short OpportunityPrice bounces from Kijun line. If RSI confirms price reversal, we'll open short trades below 49.80 with stop above 51.00. Profit target should be at 48.00 level or we can use trailing-stop for exit.
May WTI CL K LongFeb 17 18:00 AEDT
March Futures expire next week hence I am using "K" May 17.
As at Feb 7 Net Long CoT Managed Money stood at 360k open
interest. (Source CME Group)
I commented on the Weekly Chart last week, but thought
I would add my view on the Daily, since I am now long oil.
I believe this chart shows a bull flag on the late Nov 2016 rise.
I have an up sloping channel, with support at 53.10, 53.43 and 53.74.
The 53.10 support is formed from the breakout and now re-test on
the Jun and Oct highs.
The lower flag boundary met good volume on Feb 8 .. 10 as did Jan 11.
The last four displayed bars is consolidation of that volume push,
and at the time of writing this my 53.50 area is holding.
I have observed that breakouts generally never reach their last extrema,
but commence mid channel, therefore I will accept a move down to
my marked 53.10 line and add positions at my support levels.
The long upper pins (Dec 12 and Jan 3) indicate heavy selling pressure,
but validates that boundary as a resistance level and profit target.
A valid Flag upside breakout will add $8.30 targeting $60+
from the Flag low ... whatever that turns out to be.
It then needs to take out the 54.76 and 54.97 pivot points.
So this is contrary to the current bearish view, but that is my current view and
... just my 2c worth
