Oil prices finally broke the key level resistance of 54.75's the other day and made a new high at 56.75's. Price is making a retracement back down to our minor support level of 55.40's (zone in green) or perhaps back to our key level resistance, turned support. We will be monitoring this area for a long entry back to 56.75 and above.
Crude Oil bounced more than 7% today, but we find couple strong resistances ahead. I would like to short this market once it failed to break the resistances. Set the stop loss and let's see what will happen in the next few weeks.
CL1 have potencial to go forward long, we have a H&S from Dec to now. Just have a look on it. Good luck everyone.
Hi, thanks for viewing. Just sharing my trade. Entered late on Friday because I saw wave (i) and (i) but was watching something else when wave (iii) started. Ended up entering on a wave ii retracement of wave i - as I was anticipating - based on wave i that wave (iii) was going to be extended (as it didn't reach 1:1 of wave (i). I was super lucky to catch it...
Thanks for viewing. I'm not into fundamental analysis - so we could have complete crushing overproduction and oversupply of crude and I wouldn't know. I'm just looking for a potential bounce to go long. So I just posted to point out a potential EW count and strong bullish divergence displayed by the RSI. It could go a little lower but the spring is coiling and...
Last week prices initially showed signs of equilibrium between 64.6 and 65.8; Based on last weeks close a Weekly Inflection has been created at 66.10 and if we see volume move above this level then I will look for my first target at the next high Weekly Inflection at 67.35; and then target near the next high Weekly Inflection above that near 70.51, with a TP of...
Currently got an outside channel test which even if it breaks above there's that huge downward trendline not far above which is bound to give us some resistance. Break above and then a test of that we could be looking at continued bullish action. Look for the cheap trade with tightest stops on the test of the trendline if this is the case.
Long Crude Oil @47.90; SL 43.10 & TP 50
Oil is in a range between resistance Camarilla S2 48,67 and support Woodie pivot and Demark 47,24. Until either is broken no long or short can be taken unless trading the range .
According to the first views that offers a possible administration (USA Trump system on) more favorable with russia in the punctual, to stabilize the price of the oil, it is also very possibly that his prices in the future.
CL is hovering around resistance at 49.18. Next levels up are 50.03, 50.87, and 51.80.
Possible LONG trade on CL D1 Otherwise we'll go down back to previous resistance @41.29
After the production agreement between Russia and Saudi Arabia, it is possible that the imbalance between supply and demand decreases and even set aside in coming months. Based on this statement and Fibonnaci retracemen of previous days rally, while the pet'roleo is over USD28 is likely to advance to USD38 .