Looking to set longs on a pull-back to support ($56.00) for a more sustained up move towards 2019 highs.
Descending triangle has broken higher
Double bottom formation has formed
Price action above Ichimoku cloud
Middle East tension on back of attacks on Saudi oil facilities - Iran being blamed
Expecting further build of tension and possible...
The move higher is mixed and volatile, common in corrective sequences.
Afternoon dips were bought into and follow through bullish momentum resulted in the market moving higher.
Previous resistance located at 57.40.
The overnight dip has been bought into and there is scope for further bullish pressure going into this morning.
News events could adversley...
Crude Oil - Intraday - We look to Buy at 55.25 (stop at 54.50)
A bullish reverse Head and Shoulders has formed. Neckline comes in at 55.25. The formation has a measured move target of 60.40. We look for a temporary move higher. Preferred trade is to buy on dips. Further buying is expected to follow with the hourly Ichimoku cloud and our bespoke support...
Oil (spot) - Intraday - We look to Buy at 59.25 (stop at 58.75)
Previous resistance level of 60.30 broken.
The previous day's bullish engulfing candle led to further buying yesterday. This is positive for sentiment and the uptrend has potential to return.
This is positive for short term sentiment and we look to set longs at good...
Target 1 300 pips
Target 2 700 pips
These are big targets but this is because this is a swing trade so will be held over days/ weeks even months sometimes, I prefer these types of trades as the rewards are bigger and you don't have to keep checking the trade every hour or every day and you can just get on with your everyday life.
Now the reason I think this is...
The BRENT.CMD pair has been trading in a medium-term ascending channel pattern since the end of December 2018. The pair re-tested the lower boundary of the channel pattern at 66.50 during last week’s trading session.
As for the near future, it is likely that the Brent crude oil prices will continue to appreciate and potentially hits the $70 mark before the end...
WTI (Crude Oil)
A Head and Shoulders pattern was negated last week and now the uptrend is broken.
Looks like we have more room for a down move until the blue line gets hit. At that point we can see a reversal or a bigger move down.
We closed a Short position today marked with the arrow since we want to wait for confirmation on the next move.
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...
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...
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...