davidb31

davidb31 Updated 

Tp hit at 33 and 22k as posted before. Next stop 19k, on the way to 14k and 8k.

davidb31 Updated 

I spotted BTC hit its head on the slanting support-turned-resistance line at around $40k and posted on 28 Apr that it would go to 33k in a week. To me, that bounce down was the clearest bear sign since Nov. last year. Well, only a couple of days late, so it was spot on in my book. What's next for BTC? If monthly candle closes below 32k, it would be game over for...

davidb31

Not quite a heavily short day yet, as sentiment points still strongly towards bulls, but for the first time in weeks, oils correlation shows bear promise. I expect sideways to down today, with the emphasis on ranging. Tomorrow or next week could be better for bears. 129.44 and 130.50 might offer a resistance zone . On the downside, support may rest at a break...

davidb31

I'm an oil bear, for all sorts of reasons and at the moment I'm not very optimistic when looking at the charts. If what I see is a Cup and Saucer formation, the price could potentially hit $140 in the near term. I'm really hoping that's not the case, and WTI would touch the the ascending trend line and bounce down soon. Everybody's talking about the Russian...

davidb31

Crude oil prices remain in a fairly consolidative state. A bearish Evening Star candlestick pattern formed last week, offering a preliminary reversal signal. However, downside follow-through has been noticeably absent, undermining the Evening Star. Immediate resistance appears to be the 113.72 – 116.61 zone that was established in late March. Recent consolidation...

davidb31

Even though the slanting resistance line is being tapped, the path less resistant is above. Sentiment and oils correlation show bullish pressure. I only want to post when it's down, but it is what it is. Hopefully I'm wrong.

davidb31

The chart shows bear, but sentiment and oils correlation say up. Very tricky. I think NY session might see upwards movements.

davidb31

Down from noon to 3pm London time. Sentiment points to down. We'll be visiting 100 again soon. Saudi A has just announced price cut. Toldja they would try to kill off rivals especially the parmian basin is now up and running again.

davidb31

WTI couldn't break the $111 ceiling, promising more of the sideways consolidation/stop hunts.

davidb31 Updated 

Reclaiming the 40-week moving average on the upside will be the first hurdle to cross, along with the Feb. high at 45850 and yearly high at 47989. From there we should get a better idea of whether or not interest is going to show. On the downside, taking out the yearly low at 32950 will have big support in play at 28600. This is considered a major threshold for...

davidb31 Updated 

Price might want to go up to 109 and 112, but this morning at least, it's going down. Again, this is for entertainment value only.

davidb31

A break lower the 50-day Simple Moving Average would open the door for prices to test the 100-day SMA

davidb31

April has been an indecisive month for oil, closed with a green but spindle-shaped candle (the up and down wicks are of equal length). On the weekly, daily and 4 hour candle patterns are all bearish, suggesting the bears are gaining momentum, however WTI at the moment is not traded at a discount compared to Brent, hinting it might go up before going...

davidb31

We'll back inside another symmetrical triangle, sentiment is short but oil correlation is near equilibrium. Calm before the storm? ?

davidb31

WTI prices appear to be on the verge of breaking a supportive trendline from the December swing low. The next level of potential support below the trendline is the rising 100-day Simple Moving Average (SMA). The 20-day SMA crossed below the 50-day SMA last week, a bearish sign. The Relative Strength Index (RSI) and MACD oscillators both crossed below its...

davidb31 Updated 

Might be some retracement between 10am and 1.30 pm (UCT+1).

davidb31 Updated 

1940 is an area that had restricted upward momentum in the latter half of March and becomes the next level of support followed by the significant 1915 level – the level that has supported spot gold for multiple weeks.

davidb31 Updated 

According to my H&S manual, we have the confirmation for a nice shampooing.