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I've been chasing this bearish move on Crude Oil (WTI) since 76's Political turmoil has sent it quite deep but it looks it has achieved a oversold state which means it can see a bullish trend in the short term. I want to see how deep this move goes, ideally generating a divergence to set a rally. Remember that Sep-Jan is the bearish period for oil according to ...
This 1W chart of WTI Crude Oil gives a great example of many confluences of support.
- Hitting trend line support
- Hitting 0.382 fib from Feb 2016 low
- Hitting 0.5 fib from June 2017 low
- Horizontal resistance possibly turning into support
- 100 MA support
- 1D RSI of 20, signalling oversold after 23% drop in 27 days
Sentiment in this 27 days has flipped ...
The move down from the 3rd of October high is currently at the 50% retracement level of the entire move up from the 21st of July low. Should this level hold and we see prices push higher the 32.8% retracement of the move down from the 3rd of October high would be at $74.4. This would be my upside target. Stochastic is in oversold territory and has been for some ...
Wyckoff/Supply and Demand Based Directional bias, huge opportunity. Trade safely! Break of support trendline would be confirmation to take to LPS/demand level.
OIL - Simple trade , based on S/R
Arrows on the chart highlight former turning points in the market.
After falling into a zone of previous congestion, price looks like it may break out higher.
However, with conditions entering overbought territory on the RSI and a weak reversal pattern on the ADX-DMI, I am looking to sell if the shorting conditions are met.
The current move up looks strong, so ...
Looks like Crude Oil (WTI) will be falling to 60's as it has broken a long term trendline, It depends pretty much on the key support at 64.60 area.
If it breaks I will enter a SHORT, otherwise I am going LONG till 70-s.
The idea is buying at 64.70-64.80 with stop at 64.20 . If today we have at close a price higher than 64.80 $ we will follow the trade on daily basis.
Last post: June 4th. See chart.
Review: Price was pulling back to retest a previous pivot support level.
Update: Price attempted to break through support but failed producing a potential indecision candle today.
Conclusion: Looking for support to stay strong and for the bulls to make a move back up to $80.
Any comments or questions, do not hesitate to ...
Crude oil is trading just above a significant resistance level - there has been a few closes above and given the recent momentum we can expect the upward trend to continue. The risk/reward ratio looks favourable. Order put in for 71.40 with a stop loss at 70.90 and a take profit at 75.70 which is just below the second horizontal resistance line.
I have been chasing a down movement, most of my charts on WTI are bearish although I put a good LONG some weeks ago. (See my twitter feed taking about a triple divergence)
Next week I am seeing a high chance of WTI going down hard, next jump may reach 80's but it has to go down and get some impulse before we get there. The question is how far will it go?
I am ...
Crude Oil at resistance level, going above 61.535 opens the upside to 63.60/64. Buy on daily close above 61.535. Attention to fundamentals, inventories, and OPEC before decision is made.
We were calling an up and down move since last week for WTI (Crude Oil) so we entered a LONG position targeting at 62.30 for a first.
We expect oil to move around 64 and then go back to 55-56 levels. As you can see in the chart, a downtrend channel is probable.
Let's wait for confirmation before doing anything.
WTI got it's uptrend broken and a new bearish channel is starting to show. We must watch for that 58.50 level, if Crude Oil cannot pass that point, we are entering a short position looking back to 54.30 on a first target.
We also got a nice resistance that supports my theory.
One of the economic releases of the day was the U.S. Crude Oil Inventories which helps measures the weekly change in the number of barrels of commercial crude oil held by US firms. The way it works is that the amount of inventories helps influence the price petroleum products which can have an encounter with the inflation rates. Traders have got two things which ...
Oil - Daily chart - Shorts in play as im expecting a pull back before going long at 52.60 with targets 60
Brent Crude performed a massive increase in the past couple of days. The previous analysis is still valid, long positions are favorable as long as the price does not break the upward trend. The chart was updated with the different Murray Math price levels, which fits very well the price movements. I think that Brent Crude will rise further since the refineries ...
Hello everyone. I hope it goes all well for You. I have been working this set up out this evening. Crude Oil seems to be struggling and is not giving us a wild rally eventhough we had two consecutive very bullish stockpile reports. The first one that came out on July the 6th has not endured the bears pressure and session closed much lower than the days high. Have ...