WTICOUSD before 15% rise. The exchange rate corrects. Main order decreasing. However, we are looking for long entry points for intra-day trading. The target price of the exchange rate is 53.3 usd. The current level is 15% increase.
WTI (Crude Oil)
But what if?Broken through support and will probably close below it at this point.
Massive sell-off.
Bears are still in control but what if 50.00 is a good support? Is this a false breakout?
I'll look for selling opportunities as it retraces to 50.00 or 54.00 but I'd need to see a good reason to keep selling when it looks like this trend is running starting to slow down.
WTICOUSD before 18% decrease in motion... Keeping the previous analysis continued, we slightly modify our expectations for the motion track and the target price. The slowdown in the exchange rate decelerates. Movement will look like a widening but downward-looking band. Correction and main waves can be the same size. Therefore, the trader may be a winner with trailing strategies. The target price for declining movement may be around 41. A further 18% decrease from the current level.
WTICOUSD up to 40 usd free fall...WTICOUSD up to 40 usd free fall. The exchange rate builds a second downward wave of a dual wave structure. Its size may be similar to the first one. Therefore, the current decrease could be about 23% from the current level. The exchange rate drops close to 39-40usd. Correction is made when the exchange rate is in contact with the axis of the wave axis. No further major correction is expected. You can reach the 40Usd target price within a week.
WTICOUSD was wrong...Not only did I rate the exchange rate movement, but I made a mistake in calculating the correction level. That is why I re-evaluate the course of the entire exchange rate movement. Based on the current data, it is assumed that the exchange rate will continue to decrease. Currently, a correction has begun which may last up to 58usd. Then we expect another downward wave. We expect this to be half a wave distance, so the level of the correction level is 52-53usd level. From the correction level, we expect a larger move, with a primary target of 67.2 USD.
Oil reversal likely hereOil is about to bounce off the weekly support. 11 days of non stop selling, we just need one capitulation event and swift reversal to set a temporary bottom here.
WTICOUSD exchange rate correction may end at around 73 usd... We expect further increase from this level. Before a larger lift we expect a triangular movement in the triangular shape. In case of an outbreak of this form, the exchange rate is expected to be close to 89 usd levels.
2nd retest. Will it dive?So this is the second retest from last month's selloff. Is there sufficient supply to push price back down?
R:R target - 1:3
SL - 71.85
Entry - 70.85
TP - 67.85
Big Decision Time for West Texas Oil - WTICOUSDWe are at an important decision for WTICOUSD, here are two very possible outcomes . The first is illustrated with the green arrows, and the second is in red. I trade triangles as a continuation pattern rather than a reversal pattern, so I am looking for an upside breakout of the triangle with a retest confirming we will move higher. If we break to the downside of the triangle and the long term support trend-line we could see some serious downside action.
WTICOUSD double rising wave structure...WTICOUSD double rising wave structure. I expect the exchange rate to rise further. The rate of rise may be equal to the size of the first wave structure of 0A. The target price increase for BC wave structure is 79 usd. Then I expect a correction, the size of which is close to the structure of the AB wave. At this point, the exchange rate may fall back to the USD 73 level.
OILUSD WTIOur preference: sales position below 46.28 with targets at 45.65 & 45.25 in extension.
Alternative scenario: exceeding 46.28, aiming for a continuation of the increase with 46.80 & 47.57 in line of sight.
Comment: The RSI is mixed and calls for caution.
"Walk on the wild side" - Oil long.The daily chart has spoken! Not really though, but who am I to question a second bounce on the April 2016 trend line? Apparently despite all of the mayhem (and lots of wicks) we seem to have settled for now and I have added some more to my long term oil position.
Longs:
46.738 - TP: When we run out of oil ;)
47.141 - TP: 50.17x
Stop loss down at 46.544
Hidden divergence on the 1D coupled with oversold RSI and a converging MACD are the main factors influencing my decision to double down here.
Furthermore, as the trend began last April, a month that is generally bullish, it would be more than mere coincidence for this to be the start of another summer bull run.
While there are many fundamentals that could prove this idea wrong in the near future, only time will tell if this trade was in fact a bad idea.
For those following this idea, guard your stops and play as you see it, lots of volatility in store for the near future!
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.
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Quick Oil short Oil hopefully heading down now but could easily continue up , invalid on new highs
first target down 35.80
