Short-term consolidation is underway, with Crude Oil prices currently balanced around the USD47.20, (61.8%) Fibonacci retracement.
However downside risks remain in force as bearish weekly studies deepen.
Further weakness is looked for, with a break below the USD47.01 low of 22 March opening up the USD45.28, (76.4%) retracement. Still lower is the USD44.82 low of...
Crude Oil prices have begun their anticipated corrective pullback.
Prices have broken below the USD50.71 congestion base and reached the USD48.35, (23.6%) Fibonacci retracement of the 2016-2017 rally. Falling momentum studies and the bearish Tension Indicator (not shown) anticipate still deeper reactions towards the USD47.18, (61.8%) Fibonacci retracement of the...
All of 2017 is in 4 trading wings.
We are about to go from bottom wing to the 2ND one.
RSI developed a strong positive rally and every time he dose we have a strong clime.
MA 50 is there to support just before the breach.
A very bullish open to the new week of the back of NOPEC news. There is still plenty more room for upside, as at the last OPEC meeting we did $5 in a day. So a potential upside target for oil is the support/resistance level from last year at around $56.67.
How we get there will be a matter of debate, some traders see a pullback, other traders think we'll carry on...
Even us die hard bulls were questioning the validity of this elliotwave 5 wave sequence earlier in the week which gives USoil a potential butterfly pattern to 59 dollars , but now it has shown its true colours.
I will be looking at 48.30 as its key resistance for a short...and a potential retest of the 46.60 support....before it takes off again...
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