I have been running a correlation between the Energy Select Sector SPDR ETF (XLE) and the Oil Vix (OVX). it is running at an interesting multi-year support and resistance level. We can see the formation of a double bottom at this level. The move on the price of oil will be determined by what happens at this level in the XLE/OVX chart. This correlation has been...
ON A 4H CHART. USOIL Double bottom+DOUBLE bullish butterfly pattern
Short Crude in this range bound session $$$$$$$$
Oil markets are ready to turn. I have highlighted in the purple box a bullish Hammer formation on the monthly chart of OIH. As we know patter or chart formations on long term charts are a very powerful symbol of what is to come. The hammer formation we are witnessing also happens to come at the tail end of a long term down trend Hammers are very powerful tools...
Short Crude Oil and enjoy Huge Profits $$$$$$$$$$$
Looks like there is still some downside in WTI. Bears have been reinvigorated as price are falling below the S1 pivot towards the S2 pivot. Volume Profile is showing much action towards the lower range of prices. As volume is showing positive divergence with the move towards the downside. Bulls are fighting to bring prices back towards $52 which I see as the true...
CL made a new low in the March contract. The continuous contract is within a few ticks. Regardless of what contract you are trading CL is still weak and standing in front of this train wreck is bad for your account. We will stand aside until we see the first sign of upside volume then we will place it on the watch list. Watch more on our Weekly Video Update: youtu.be
I see a bottoming process here for crude. For the first time since the june 2014 decline began the ma's are flattening and even the 50 ma is pointing up now (50ma not shown) The bollinger band is narrowing in and todays price actually stopped at the lower daily bollinger band. I'd say price has set in the low on the 13th of jan and has completed it's first wave...
Oil continues to fall amid a strong US Dollar and environment where capital flows are heading for safe havens. Bonds in Europe are being snapped up, even the Yen has attracted buying. The economic recovery in the West demands cheaper commodities, so it is unlikely we will see Oil buying soon. I won't be suprised to see Oil $35 a barrel.
The C-leg in a Gartley harmonic pattern seems almost done and D-leg ready to go. In the very short term I'm bearish... but will become almost "all in" bullish with a decisive move off the bottom. If you cast a glance at my other chart on $USOIL l've made by using the Elliott Wave technique - you'll see that the 1.618 extension of wave 1 comes in around the ...
I think there is further room to go down, though if we see the coming week ends positive gains, we will take a position to buy with a $20 target profit. If you are interested for the Alpha Generator to buy crude oil on your behalf and manage those positions, please feel free to message me josh@thealphagenerator.com. We estimate a profit of 75% to 100% within 1 year.
USOIL has been in a downtrend and after a pullback to $51 it is attempting to break the uptrendline shown in the chart. Target is previous low and support at 44.20
The oil continues to drop and it is very close to the weekly PRZ