Yesterday WTI Crude Oil (/CLM4) completed an MACD divergence crossover on the DAILY chart. This signals a start of an intermediate downtrend (Less than 1 Month) for the Oil Futures. Trade Idea: SHORT /CLM4 at current prices and add more up to $103.45. Stop Loss is at a break of new highs at $104.20. Profit Target is $98 to $96. If you like trading Options,...
We have resistance at 105 and upward sloping support. This converging levels will pinch the price and we should expect a spike up or down in the upcoming day or so. I have a bias for taking a sell position due to supply news and geo political events. 1. Increased production with Russia has recently begun producing fuel from the arctic and made its first...
Here is a really nice example of the BoT in action. Price had been basing through the overnight session as a wide double bottom was confirmed through the pre-pit open. That bottom setup long ideas and sure enough the BoT came alive when prices corrected to 103.26. I watched price action closely and was very fortunate to act when given the opportunity (wtg Brian). ...
After declining in 5 waves in the start of march month, it has now corrected the delince in 7 waves to the upside where wave w has reached equal legs to wave y. The market needs to take out wave x low at 98.84 to confirm that a top is in place. As 105.20 high remains in tact, look for new lows below 97.3. You can follow all my demo FX trades at...
This was a great move on crude and now we look to establish a position on an pullback to our "Buy Zone". The WEEKLY is setting up for a large move.