The crude oil market was kind to us on the downside after we broke through support level time and time again. We were originally looking for shorts to continue however the upside opened up on Wednesday and didn't stop. The fact that we broke above a key resistance structure at $58.10 suggests the longs are out to play and there could be move upside if they hold...
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...
there is a clear trend, the red arrow is what I'm more confident about 70%, the cinnamon arrow is less likely to be 30%
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 .
in the price range, the price is at a very low level currently born reversal pattern