The USOIL, symbol CL, is in a Bear Market Rally with price trading above the 50 ema, which is below the 200 ema, which is below the 800 week ema. The 50 week ema is currently slightly up trending, but by and large the long term emas are mostly flat. This implies an accumulation/distribution zone. The intermediate term Elliott Wave implies a rally above 66.58 to complete this b-wave.
The Market is in a Bear Market Rally on the daily, with the 50 ema above both the 200 and 800 emas, but the 200 ema still below the 800 ema. Price is above a long-term trend line and has been trading in over-lapping corrective waves above the 9/13/30/50 emas. A likely upside target for this rally is $64.5. We’re still in an uptrend as long as each day closes above the 13 ema at 61.07 and the uptrend line.
The Market is in a Bull Market on the 4 hour, with price above the 50 ema, which is above the 200 ema, which is above the 800 ema. Price would have to close below 62.30 to be considered in a correction. The Oil Market is rallying as a result of all the FED Repo and Not-QE money creating a Risk On environment, as well as US tensions with Iran and the potential for war.
With the assassination of the Iranian General and the threats of terrorist acts against Americans in the Middle East, Crude Oil should open up, especially with all the break out traders and retracement traders eyeing the 63.33 prior resistance level. Price should then consolidate with stop hunts up and down, and then pull back into the later part of the week.
This is my USOIL look ahead for my own trading purposes. FUTURES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
The Market is in a Bear Market Rally on the daily, with the 50 ema above both the 200 and 800 emas, but the 200 ema still below the 800 ema. Price is above a long-term trend line and has been trading in over-lapping corrective waves above the 9/13/30/50 emas. A likely upside target for this rally is $64.5. We’re still in an uptrend as long as each day closes above the 13 ema at 61.07 and the uptrend line.
The Market is in a Bull Market on the 4 hour, with price above the 50 ema, which is above the 200 ema, which is above the 800 ema. Price would have to close below 62.30 to be considered in a correction. The Oil Market is rallying as a result of all the FED Repo and Not-QE money creating a Risk On environment, as well as US tensions with Iran and the potential for war.
With the assassination of the Iranian General and the threats of terrorist acts against Americans in the Middle East, Crude Oil should open up, especially with all the break out traders and retracement traders eyeing the 63.33 prior resistance level. Price should then consolidate with stop hunts up and down, and then pull back into the later part of the week.
This is my USOIL look ahead for my own trading purposes. FUTURES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
Trade closed: target reached:
This last week was pretty wild in the oil market. The prediction was pretty accurate in form, with a lot more volatility than I expected. ME tensions = oil volatility
