On 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 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
This OPEC agenda looks really interesting. The price goes down, but there are some key supports.
Price 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.
Hello 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...
OPEC bullshit coming to light, found strong monthly resistance and uptrend resistance, respecting trendline beautifully
Another 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
Yesterday’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).
Price 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.
It should go down from 49.50 as far as I'm concerned
Feb 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...
Oil failed at $48.94 (23.6% fib) on Wednesday, faded spike above the same on Thursday and witnessed a rejection at the key fib level again in the Asian session today. The price action suggests potential for a fall back to $48.00. The short-term averages- 5-DMA and 10-DMA look overstretched, hence, prices may not drop much below $48.00 levels.
simple setup, gold back below this weekly 1206 level. Short to 1185. 1:2.87 Risk/Reward
When price moved below MA100, we got a signal for opening short trades. Entry level was below the low of the bearish candle. Stop orders should be placed above MA20. Profit target is at the support level. MACD and DMI confirms down movement. If ADX line starts falling, we'll have to close all short trades and wait for new signals.
GBPUSD is currently testing a key area, having reacted nicely off this zone recently. I still see bearish pressure for GBP and with the MA's about to cross alongside recent weak UK data we could see a nice decline to 1.2350 or lower. I see two possible scenarios...either a break straight down to 1.2350 or a retest of the 50 fib/ 1.2550 level before falling to...