US oil output in decline, rig count data dropped below 500; these are the two main fundamental drivers of WTI crude oil. I expect to see profit taking in oil longs around the 41-42.50 levels. In FX watch out for CAD and NOK directions.
Last Week WTI reaches $26 which happens to be an important level. AND RSI has a Bullish divergence which all indicate the Correction phase is reaching an end.
Left Char: A weekly line chart, on log scale, shows downtrend breakout along with bullish divergence on RSI . Right Chart: A daily chart shows down trend breakout and is about to form an inverted H&S. Update status
Breakout off short-term resistance at 35$, and a more significant breakout off the June 2014 downtrend line, is positioning WTI Crude Oil Futures for a great long opportunity. Buying this breakout, targeting the next visible resistance target (Yearly Pivot and 50-week MA, also overlapping with the 200-day MA), and placing stops below the downtrend line, makes...
You got to love Mr. OIL - It's moves are not that enigmatic come to think of it - play safe haven if you will. Up to 35.21 and then south
Target around 38$ Bold. Wont stay long for weekend. Alternative counting would be (A) = (C), which already happened, then fall for a X or (1).
Traders have seen this before, and it continues to play out as the global economic climate breaks down. Although these pullbacks in the SPX are often lofty and swift, it is important to realize volume is the most import factor when considering the validity of a pullback. Here , we can see that the move in SPY is volumeless. The entire squeeze from the Feb. 11...
Now oil in strong sell daily zone. On H1 we see begun range of liquidation Volume is dropping on up trend(mark in ellipse) SL 34,86 TP 32,32 This is preparing to one more big drop to 26,00
under 31.45 short TP 29.71 SL 32.64 if the price rejection with a good setup going long to the channel
Bearish pin bar showing rejection of key resistance around 34 and the long term downtrend line. In short: 1) Downtrend 2) Price level 3) Signal all checked.
The impulse is at the bottom of oil. We are currently in wave 4. If you look at the daily inverse hammer in wave 1 you can see we had a very bullish move after that. We had a consolidation Friday February the 26th. Expect a long move up in the 5th wave. (The fourth wave holds the characteristics of being a fourth wave - it retraced less than 38.2% of wave...
The recent risk rally has encouraged commodity currencies higher. As crude ignores the globalized downturn in economic output and ongoing "pump at all costs" mantra of producers, the Canadian dollar has hit a three-month high against the dollar. Crude aside, traders have also factored in the fact that the potential for a rate cut from the Bank of Canada had...
Crude oil failed to close above 200, 100 and 55 MA plus it also failed to cross previous high of 34.79 The only support is between 31.5-31.9 , Closing below 31.5 will fade the up run from 26.03 to 34.66
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...
AUDUSD BULLISH ABCD PATTERN
Target 27.22 SL 34.00 Efforts by OPEC have been a complete failure, no production cuts. Oil remains bearish in my eyes until actual cuts start happening. Happy trading!
Hello friends! We are in a last wave down. Lets catch it! Entry 30.60 Stop 31.51 Target 23.00 Risk/reward 1:8 Best wishes! Aibek