After OPEC meeting in Saint Petersburg the hopes for meeting balance of supply and demand have grown significantly. Saudi Arabia is planning to reduce oil export in August. Nigeria may join the agreement on oil production cut.
The US data also supports the further Brent rise, as API Weekly Crude Oil Stock fell 10.230 M, and EIA Crude Oil Stocks change reduced by...
Price recently broke below range support but was unable to remain below and has retested the the range highs.
As it pulls back from resistance I am watching for an opportunity to get long.
The highlighted area is an area of support, which may offer a chance to get long before a bullish breakout.
Price is retesting a previous zone of congestion and support.
With a test of the 50EMA, this is the last opportunity for the bears to remain in control.
I will be watching intraday for a reversal in the highlighted area.
This is not the strongest setup, but in the markets, anything is possible!
A pin bar at the 50% Fib level gave price a little relief, but price action suggests this rally is over, with no bullish follow through in the days that followed.
I will look to get short on a break below the pin bar wick, and perhaps a little higher if price action presents an opportunity.
Targets would be next support/prev resistance at $49, where there is...
Tweezers pattern at the 61.8% Fib level of the recent breakout suggests bullishness. I would look for opportunities to get long intraday.
This instrument has been ranging for some time, so I would be conservative with targets.
The 38.2% Fib, the recent range highs and then the last swing high would be areas to watch.
After a steep fall in price in today's session price has found support between the 50% - 61.8% Fibonacci levels.
With all the recent sideways action, it is harder to predict the moves in this market, but I would tend to go with the direction on the lower timeframes in these markets.
It looks like there will be a little bullish relief going into tomorrows session.
Price has generally been consolidating and recently broke out to new highs, before falling back into the range.
Support around the $54.60 - $55 dollar range is holding. This area looks reasonably strong, and has confluence with the 61.8% Fibonacci level.
With an inside bar forming at support, a breakout trade is on the cards.
As we are still in an uptrend, I am...
GBP/USD has broken this highlighted area of resistance and pulled back to the area, which is confluent with the 61.8. We are seeing prices stall at this level and GBP has been strong recently and beat on both Y/Y and Q/Q GDP figures today. I am now long from 1.2595 with a stop loss at 1.2538 and take profit at 1.2776 for a 3:1 risk/reward
AUD/USD has pulled back to key weekly support. I see prices driving higher over the next week or so. As it stands, the monthly candle is a strong bullish candle and the dollar is losing steam, which supports my bias
Price has been consolidating/ranging between $58 - $53.
Following recent tests of support levels around $54, price has formed a morning star candlestick pattern on the daily chart.
Although this pattern is not at the end of a trend, price could see some bullish follow through in the next couple of days.
I will be looking to get long on any pullbacks intraday,...
OIL under observation for possible LONG positions.
The indicator in my algorithm has shown good results in this last month on the Daily chart (blue rectangles in the original post on my blog).
This ticker has been ranging in a box between 53.00 and 56.85 (apart from a couple of false breakouts long) which suggests - together with macro indicators - that the price...
A huge bullish candle on 4H suggests strength in this market.
The small bearish candle is probably profit taking and consolidation. If price should break above this candle I will be taking a long position and targeting the top of the range around the $57.40 area.
A more conservative target is the $56 level which has confluence with the 61.8% Fibonacci level.
Opec to cut or not to cut?
* I trade Oil seldomly however this binary position caught my attention.*
1.This trade derives from my view regarding cartels - a view which follows the logic that they only work when the cartel makes an arrangement that is beneficial to all parties, wholly from a profit perspective.
2. Formal action of Reducing output is unlikely to...
Brent crude looking like it is about to retest based upon the breakout we saw earlier in the week. I will be looking at the price action around the $47 handle to see whether we have tall wicks and other signs that prices are unlikely to hold above this level. Target will be $41.50.