Wtiusd
Oil 4H Chart: Passes short term supportThe price for crude oil has passed the previously described support line, which kept the commodity up during the most part of July. Due to the event a couple of updates can be mentioned.
First is the fact that the rate is heading to the lower trend line of the most dominant ascending channel pattern, which represents the surge of the oil price that was caused by the OPEC production cuts.
Secondly, a medium term, about to be broken channel down pattern has been charted. This pattern is set to be broken in the future. However, it might provide notable resistance until the middle of August.
Crude Oil Chart for week starting 20th August 2018 [BTFD]As we inspect oil prices after last weeks strong USD forcing Oil to come down in price as well as some news effecting this too.
gotta few key levels after using a fresh Fibonacci retracement on the previously formed lows from last week
for the bulls we really want to see Oil come up and close above $68.6 with support from the 0.386fib level, this could push up if the DXY/USD starts showing weakness after its recent rise and targeting $73+ as an exit price, we see a trendline possibly stopping any further increases
on the bears side, i feel the price needs to fake out on going above the fib levels and showing clear resistance on price, if it falls under $67 and cannot get up over these levels then its possible especially with a strong US dollar forcing oils price downwards breaking the trend lines to possible bottoms of $58-$56 to eye up targets on a short position....
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WTI Long EntryYesterday’s analysis: Support Cluster from Ichimoku Cloud, Bollinger Band, and trendline. Visible range > monthly 9. Just noticed that a monthly 9 preceded the last bubble.
Patterns: Pitchfork
Horizontal support and resistance: S: $67.10 R: $69.28
12 & 26 EMA’s (calculate % difference): 12: -4.41% 26: -3.21%
MA crossovers: Bearish cross on 1h preceded sell off. Recent bullish cross on the weekly.
FIB’s: 0.381 at $77.28 | 0.236 at $60.72 | 0.5 at $90.67
Candlestick analysis: Waiting for consolidation
Ichimoku Cloud: D: fully bullish, expecting cloud to act as support at $68 W: Tenkan at $67.68 and starting to develop a c clamp
TD' Sequential: 3d has called the last two tops. Shows major support at $66.13 and resistance at $72.37. Red 8 on the daily tells me to get fully positioned before tomorrow’s close. Currently bouncing off red 9 on the 1 hour. If we break back above $69.50 then it will be time to seriously consider entering.
Visible Range: Good support at this level with very little built up resistance until $90.
50 & 200 MA’s (calculate % difference): 50: -1.65% 200: +8.22% 50 just started to angle downward. 50 period MA on 3d chart has been a final line of support for the bulls.
Bollinger Bands: 1W: MA at $67.55. Bottom band lines up with 50 week MA very nicely. 3D: just cross MA to the downside. 1D: Wider than we have seen it in years. Bottom band is angling sharply upward.
Trendline: Bottom end up bull trend at $66.23
Daily Trend: Bearish since 7/5
Fractals: DOWN = $63.6 UP = $74.75
Volume: Lowest volume we have seen since 11/23/2017
“As for me, I have no desire to carry the football from end zone to end zone. Just give me the territory between the 20 yard lines.” @PeterBrandt
Yard line of trend:
Start: $42
Target: $90
Field Lenge: $52
Current Price: $68.35
Yardline: 50
Conclusion: Volume has sharply decreased since 7/12 as price has pulled back. This indicates a dwindling amount of supply at these price levels. Visible range volume profile shows very little resistance between current price levels and $90. Recent bullish cross on weekly is a very good confirmation that this trend has room to go.
There will be a support cluster from $67 - $69 due to: trendline, kumo support from daily Ichimoku Cloud, Visible Range Volume Profile, prior horizontal resistance turning into support. Bottom band of the daily BB, and the MA from the weekly BB.
Red 8 on the daily TD' Sequential tells me to get fully positioned before tomorrow's close. Order currently set at $67.51. If price does not get there then I will be buying the next consolidation.
$bxeLike the look of the EMA ribbon, very aesthetic
Doubled my position at .98, still looking for another bullish drive up.
no SL... letting it ride for now, as I say... scared money don't make money
WTI Crude oil. Don't miss this Bear Flag!Crude oil broke below long term support (white) and we see the healthy pullback in the making.
This move shaped the favorite Bear Flag pattern with a Low Risk / High Return potential.
Wait to sell on the breakdown.
Target area is set within the orange box per Fibbo levels.
I guess it's 5 of (1) in terms of EW.
Take care!
WTI further downside.. crucial week to test long-term trend..Last week, market is concerned on additional crude oil supply from OPEC and Russia in 2H18. We expect WTI will pose further downside next week. And we expect next week is crucial to the medium-term uptrend of crude oil because:
i) WTI has never fallen below 100MA since early Sep. Currently, 100MA was around US$65.1.
ii) WTI has been growing under an uptrend channel and the lower boundary was around US$66.0.
Thus, we expect WTI will further go down and test the US$65-66 range, which is a key support range. As crude oil inventory remains below 5-year average, we remains our medium term positive view on WTI and expect WTI should find support at the US$65-66 level.
Bearhish flag in 30m and bull flag in 4h, which one !Hi,
I wish oil will go up, but there is a great chance for this bearish flag to play out, also there is another higher chance that the bull flag formed in 4h will dominate the scene. Honestly, oil price was under high manipulation in the last few weeks. there is 50/50 we go down to 65.56 or will push high to 69.88
Good luck
Possible Long - OIL/WTIUSDWe could be looking at a new high close to $70. We are following the trend in this trade.
H1 is complemented with divergence.
R:R > 1:5
Good Luck :-)
US OIL TP1 Hit + 125 PIPS/1.63%We have reached TP1 from the OIL analysis.
Trade 1 closed.
Trade 2, SL Move to Break Even and await TP2
Good Luck :-)
WTIUSD :: Correction Imminent! Bonner says buy high!!Bonner & Partners CEO of Research recommended buying into WTI.. it's on the rise, right!
I disagree. Correction is imminent.. buy when it hits a support.. if it comes off it to the plus side! It has yet to have a break into bull territory..it's just been in "going up because nothing is stopping me" mode. Like crypto.
#USOIL possible h&s build upTVC:USOIL - possible h&s build up.. upper resistance is a stronger one. short order with a stop loss $67 i would say.
UKOIL / USOIL / WTIUSD / BCOUSD and other OIL related.I think that two-year uptrend (2016-2018) is over and now the market is crafting initial waves of a downtrend.
P.S.
Please do not be confused. This is not pure Elliott Wave Analysis. This analysis is based on my fork of Elliot theory. The simplified concept of this fork is published here: plus.google.com
Crude Oil (WTI), long from correction to 63.81.A volumetric analysis based on the X-volume indicator indicates active purchases at lower prices and an inefficient distribution at a low volume. Therefore, the growth to the resistance level of 63.81 is most likely. Levels by X-Lines indicator. Both indicators you can find in my list of scripts.
WTICorrection coming for US Oil? Seems that the DJI may have met its peak with a correction on the way. Seems to be a slight decline based on moving avg. Could see a small rally followed by another sell off.
This is not financial/investment advice. Please do so at your own risk.
