FX:USOIL   CFDs on Crude Oil (WTI)
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Saudi continues to cut.
Im thinking rebound to 47 and then down to 43 before possibly heading up again.
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jolu pipinsight
@ccsalway, I agree , conflicting analyse . It seems to be a risky trade with all that mess..
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jolu jolu
@jolu, we may jump back into the trendline according to Garetly pattern . but it is not obvious and there is also something like h&s here ..
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HIGH CHANCES WE ARE HEADING UP

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@jolu, Looks like strong resistance at 43.03 on my chart too. Think I drew my support line a little low. However, OPEC and the oil sector have a tough balance on their hand. They want to put Oil prices up but more cuts are in the grapevine as well as Shale prices are coming down. Around 43 will certainly be an interesting price.
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jolu pipinsight
@ccsalway, I had like to see the last collapse on Friday touching 42.9 but it managed to stop exactly at 0.78fib which seems to fit the perfectly the pattern.
Indicators are just trying to take off of their oversold territory.
Yet, 47-47.5 is tough resistance. we should fast with high volume above the broken trendline to confirm a false break down.

First target 0.38fib
second 0.68
then point C (53$)
after that we can even go higher to 60 , difficult to know right now
+1 Reply
@jolu, We also sitting on an upwards wedge which is a continuation pattern down, granted, over several years! https://uk.tradingview.com/chart/3JtUBe1p/
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pipinsight pipinsight
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