Oil’s failure to take out $41.86 (38.2% of Feb low-June high) and a slide to $40.80 despite having bounced off from 200-DMA on Friday suggests the bearish force remains strong and prices could test and actually break below 200-DMA level of $40.47.
Such a move would expose $40.00 handle.
On the higher side, only a day end closing above $41.86 would...
there is a nice play short on usd cad with a correlation with usoil , wich are both are overextanded as the moment , wich live us with a nice ugain the trend possibilitty with nice r / r ratio ! i ll chart the oil chart on the link bellow ,
we are back so don't hesitate to come by our group just to talk chop , make any comment , share chart anyting !
cheers...
USOIL just pierced through support area around 44.50 and is now heading towards next support, which is roughly close to 43.00 (previous lows from April and May 2016). When the price enters this area, I'll be looking for signs of reversal and try to enter long there.
After the top around 51$ oil is making lower highs and lower lows. The first red impulse and the purple ABC correction show a possible change in the trend with the breakout of the long term rising trendline. Now we are in the middle of a corrective structure and i'm expecting the completion of the red ABC pattern.
FX:USOIL NYMEX:CL1!
Big surprise! In today reached my goal it was for the week as shown in the graph listed below.
Looking at the indicators and ociladores we see the possibility of the market continue to grow, I believe that to $ 50, but stay tuned to market changes in the next days, I'm optimist about the bull on the market.
