WTI Crude Oil is on the MA50 (4h) again after a week. The Falling Resistance since the June 4th High is the critical level that will determine our trading plan. Trading Plan: 1. Buy if the price crosses and closes a candle over the Falling Resistance. 2. Sell for as long as it remains under it. Targets: 1. 74.00 (expected contact with the MA100 1d). 2. 67.00...
I think I just decoded the oil chart. I have been contemplating a rise to $90+ because I expected ABC flat where I now see WXY combination of zigzag, zigzag and triangle. The chart now perfectly aligns with Brent where wave [ B] did make lowest low presumably shaping a symmetrical triangle whereas WTI is working on a running triangle. That means that we have...
With today's vicious dip, Gasoil invalidated many alternative scenarios, and I am inclined to see a bullish trend accelerating.
Oil prices are trading quite erratically on the daily chart, making it a much less appealing market to trade on that timeframe. But that doesn't mean we cannot find potential inflection points at the intraday level. Monday's opening gap has been filled, and earlier losses on Tuesday were fully recouped to print a bullish pinbar on the daily chart which found...
I promised in the previous post that I would discuss medium-term charts. I've been calling for an abrupt rise in ABC flat for a while now. However, price movements develop much more slowly than the human brain expects. I believe I read about this bias in books by R. Prechter on the fundamentals of Elliott Wave analysis. This time, there is another layer of...
WTI Crude Oil is failing on the 4H MA50 and maintains a dangerous Triangle on the 4H timeframe on neutral technicals (RSI = 44.789, MACD = -0.040, ADX = 23.667) which can breakout either way. So far it is supported by an HL trendline like the March pattern but if this breaks, which would mean downward breakout for the Triangle, we will sell, after the 4H MA50...
I like WTI to the upside still ranging anyway but there is potential double bottom
Oil corrected massively due to economic uncertainty. OIL just touched the 0.65-0.7 major support area. This level is a significant order block where accumulation progresses every time it revisits this price point. Expect some bounce from here. The only question now if it can sustain the ascend or it will do another correction thereafter. SPOTTED at...
Hello traders, As you can see from the chart above, the low at 63 last Thursday was fiercely rejected for a bounce up into the long but we are not out of the woods just yet as far as bearish dumps are concerned. Tomorrow will be a crucial start for WTI in order to determine its next short to medium term direction with key fundamentals and geopolitical...
Thursday brings us a short update on brent oil. This instrument has been heavily bombarded recently by the macro data, not only for oil, but also the macro data for the USD. Let’s start with the one for oil. Yesterday’s inventories. Data came in hot (bullish for oil) as the number were significantly below expectation, showing a decrease of 4.5 mln barrels from...
TVC:USOIL Nice looking longs for the oil traders here..... Does that mean my gas going up for my car?
WTI Oil (USOIL) hit the last remaining targets as pointed out on our April 24 idea: In fact, this completed our long-term 3 target approach as presented on our analysis three weeks ago: That has come after a Double Bottom buy almost 2 months ago (March 16), which falls into our usual long-term swing trading approach that we apply successfully on our...
TP4 @ 113.90 (close all buys) TP3 @ 101.00 (shaving 50%) TP2 @ 91.50 (shaving 50%) TP1 @ 83.00 (shaving 50%) BSO @ 74.85 BLO @ 68.00
TVC:USOIL Interesting, tanking on the prices. Canadian pairs on a little holding pattern for the Feds
USOIL has been very volatile in the past 2 weeks due to news surrounding further cuts in oil production by OPEC nations. However there has been a large sudden increase in retail long positions and this likely means we see further downside before any resumption of upside. There is a lot of liquidity to be grabbed around the HKEX:69 - HKEX:70 level (H12 OB)....
OANDA:USDCAD Monday and very tempting to jump on a trade, after a weekend of staring at charts. Uptrend for the UC is at a pause right now, at several highs. The current RangeSentiment on the 15m is trying to form the first leg of a bearish move, and fighting the overall bull sentiment. Tough to sit on your hands on this USDCAD.....
WTI, is preparing again to reverse to the upside after a much needed correction. shorters are weakening at the current price levels. SEEDED L at 77.0
wti news say this chart should to fly first see gap and play on gap box and then go until 90. Maybe it will see the previous resistance before gap.