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?
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...
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...
CRUDE OIL- ADX / ADM-TS V. 2.8.4 - Intraday Levels for 13/07/2017
ADM-Average Daily Movement - Intraday Levels
Entry on close 1H (hourly candle) ... if exceeded the indicated level
on the future CLQ17 - Aug '17
LONG it> 45,946
TP1 = 46,553
TP2 = 47,227
TP3 = 48,576
Stop Loss = 45,034
Stop Loss = 45,946
Crude Oil has plunged around 5% today following an OPEC meeting where OPEC members and its allies agreed to extend their oil production cut deal for another 9 months. This move was widely expected by traders before the meeting but they were disappointed that deeper cuts were not announced. The current deal has production cuts of 1.8 million barrels a day but...
Price recently broke below range support but was unable to remain below and has retested the the range highs.
As it pulls back from resistance I am watching for an opportunity to get long.
The highlighted area is an area of support, which may offer a chance to get long before a bullish breakout.
Price is retesting a previous zone of congestion and support.
With a test of the 50EMA, this is the last opportunity for the bears to remain in control.
I will be watching intraday for a reversal in the highlighted area.
This is not the strongest setup, but in the markets, anything is possible!
A pin bar at the 50% Fib level gave price a little relief, but price action suggests this rally is over, with no bullish follow through in the days that followed.
I will look to get short on a break below the pin bar wick, and perhaps a little higher if price action presents an opportunity.
Targets would be next support/prev resistance at $49, where there is...
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.