The price have completed the previous correction with ending diagonal marked as wave of ii and now is tracing impulse waves on 15 min timeframe.
Preferred direction: BUY Comment: Oil has been trading in the range of 72.36 - 77.39. The most pleasant entry points are certainly located at the extremes, however, the current price attracts those formed by accumulation. Accumulated selling can well push the price up to the level of 76.30. Thank you for like and share your views!
Brent - 24h expiry A level of 72 continues to hold back the bears. Daily momentum has stalled and our bias is now neutral. Expect trading to remain mixed and volatile. We look to buy dips. The hourly chart technicals suggest further downside before the uptrend returns. We look to Buy at 72.13 (stop at 71.13) Our profit targets will be 74.63 and 75.13...
🔸Today let's review the 1 hour chart for brent oil . Previously strong downtrend in progress entire 2023 so outlook remains bearish until we can daily close above 80 usd. 🔸OPEC production cuts have low impact on prices recently due to lower global demand. Technically, we are in a distribution pattern setup since May 2023 and expecting breakdown and new/fresh lows...
Oil prices remained stable on Monday amid volatile trading as investors weighed global demand concerns against political instability in Russia, which could worsen supply disruptions. Brent crude futures rose slightly to $73.88 a barrel, while U.S. WTI futures fell to $69.08 a barrel. The withdrawal of Russian mercenaries in averted clash raised questions about...
I continue to expect a sharp, short-lived rally in the near term, despite the recent drops in oil prices making me feel uncertain. The weakest point of my charts is - waves wxy of (b) and [w ] [x ] [y ] of ii are too complex. Nevertheless, it is my best scenario for now. If the price exceeds $83.4 or wave high I provide a couple of alternatives in my Weekly...
I do not have a good explanation of what has happened in crude and have to fall back to the previously outlined expanding diagonal scenario. This is weak, however, because it is supposed to be rare. If it proves to be the case the price will take off with acceleration and the move up will be a 3 wave move like illustrated.
I suspect that wave ii (red label) is not finished and we may be seeing a triangle in the making to finish it off (black labels).
I think the take-off should happen today in a few hours
Preferred direction: BUY Comment: Closing the price above the local resistance 76.30 creates a potential movement for buyers towards 77.39. This will be another major buying hurdle as it is medium term resistance. Given the context of the price movement towards this resistance, there is a very high probability of a breakout to the upside. Perhaps this will not...
Here is my latest structure analysis for WTI Crude Oil. Resistance 1: 74.19 - 75.00 area Resistance 2: 76.60 - 77.00 area Support 1: 66.84 - 67.30 area Support 2: 63.58 - 64.00 area Consider these structures for pullback/breakout trading this week. ❤️Please, support my work with like, thank you!❤️
The move in oil is just starting, and I expect the price to wobble early next week before surging to the $80+ zone. The larger picture provides for the short-lived surge and the price ranging until the end of summer-early September. All this comes from a bigger picture of unfinished correction that started in March 2022. Such an outlook broadly coincides with...
I think I just decoded the oil chart. I have been contemplating a rise to $90+ because I expected ABC flat where I now see WXY combination of zigzag, zigzag and triangle. The chart now perfectly aligns with Brent where wave [ B] did make lowest low presumably shaping a symmetrical triangle whereas WTI is working on a running triangle. That means that we have...
I probably sound desperate as I keep drawing lines into the sky. However, I am still convinced that we are in a first correction of a bull move that will run until the end of summer or something. The count has got simple and more aggressive now without stops until 80+. Ok, now you can call me a dreamer.
Similar to WTI, I expect gasoil prices to take off almost immediately and through the roof.
Which way will you choose? Buy? Or sell? Tell me your opinion in the comment section below.
Gasoil Elliott Wave story is less controversial than Crude Oil story . The price rests on Moving Averages support and Gasoil crack appears to be on an upward trend too. This suggests that refinery margins are likely to improve. In practice, this means that Gasoil prices are likely to grow faster than Oil prices, perhaps due to unsatisfied demand for diesel...
Wow oil has been very tough lately. Many times I jumped the gun with long calls. I am actually bearish into the end of 2023. The reason I am so stubborn to pick the local bottom is that my charts just do not make sense without this last big jump to 90-100 range that I expect any time soon. The chart is a complete meat grinder. The price is actually trading under...