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Consolidation Capt At 60.65; Fllor Opened To 21.02 | $WTICFriends, Predictive/forecasting model suggests a limited upside with a potential retracement target and cap as follows: 1 - TG-Hi = 56.79 - 04 FEB 2015, representing a low-probability, high-reversibility target and 2 - 60.75 -- 04 FEB 2015, representing a "terminal velocity" capping value. The taut value in RSI at 4.8489 corresponded to the recent nadir in price at 43.56. At this point, one would expect a recoiling of RSI back to its 30-line. Were to to occur, there would not necessarily be a proportionate range traveled by price, as bears are likely to continue weighing on price action in a way that may correspond to the Model's defined target overhead. In fact, a higher low in RSI value would be sufficient to throw price to a lower-low value, at a level that would correspond to the model's target-low at 21.02 - This nominal target carries a low-probability attainment, but high-reversibility potential, if and once reached. This overall price action is similarly anticipated in the $Brent's chart, posted recently with its own bearish target - See analysis/forecast here: - . It now seems quite a distant past when last year, I offered this forecast off of a Wolfe Wave: - OVERALL: $USOil is caught within a bearish impulse, given a probable respite in the form of a consolidation. Model anticipates a capped reaction to levels defined in the chart, with a lingering bearish bias until the vicinity of 21.02 is reached - At which point, it will be time to re-evaluate the true reversibility nature of this nominal target. Stay tuned, David Alcindor Predictive Analysis & Forecasting Denver, Colorado - USA ----- Twitter: @4xForecaster Linked-In: David Alcindor -----
FX:USOILShort
by 4xForecaster
77
Comex Trading Tips and Market Analysis - OIL SHORT!! H&S?!Overview : US oil surges 6.2%, closes at $31.48 a barrel after a group of oil-importing countries said energy stockpiles will grow at a slower pace on monday. On Technical charts, Very Short term trend of crude is bullish, it has given upside breakout from downward sloping trend. Now market is making higher top and higher bottom formation on chart. Market is likely to be further bullish, it has retrace its recent significant upward movement and still sustaining above the downward sloping trend line. It has been taking support of 50 DMA & 200 DMA on one hourly chart. Resistance is seen at high of $34.80, while support is seen at $31.25. On intra day basis Crude oil price likely to trade with positive biased. RSI entered in negative now and trading at 47.48. www.tradingsignalreviews.com
FX:USOILShort
by TheBanker
Comex Market Analysis and Trading Tips - US OilOverview : Crude oil futures for delivery in March traded below $27 per barrel for the majority of the trading session, marking the second time this year that crude has traded around this level. Prior to 2016, the last time that crude oil futures traded below $27 per barrel was in September 2003. On Technical charts, Major trend of crude oil is strongly bearish and market is making lower top and lower bottom formation in downward sloping channel on chart. Market is poised to be further bearish, it has gone below its recent significant low of $26.19. It has been taking resistance of 200 DMA on four hourly chart. Expanding of bearish gap of 200 DMA and 50 DMA dead cross on technical chart will fuel the down side momentum. Resistance is seen near the significant high of $29.55, while next support is seen at $26 a barrel 2003 low. On intra day basis Crude oil price likely to trade lower today. If it break the support of 26.00 then it is likely to show the level of 25.00. RSI is still place in negative territory below the mark of 50. ADS is also sustaining above 40 mark with negative DI place above the positive DI, which is showing that momentum would be bearish. www.tradingsignalreviews.com
FX:USOILShort
by piponomics