Tweezers pattern at the 61.8% Fib level of the recent breakout suggests bullishness. I would look for opportunities to get long intraday.
This instrument has been ranging for some time, so I would be conservative with targets.
The 38.2% Fib, the recent range highs and then the last swing high would be areas to watch.
US Crude WTI Trade, looking to go long from the recent uptrend, currently pulling back from a monster rally, I believe it will test 61.8 fib, once we have confirmation after crude API and EIA numbers this week, I will be looking to enter once results have been confirmed and consolidation is confirmed on the 0.5 or 0.618 fib.
After a steep fall in price in today's session price has found support between the 50% - 61.8% Fibonacci levels.
With all the recent sideways action, it is harder to predict the moves in this market, but I would tend to go with the direction on the lower timeframes in these markets.
It looks like there will be a little bullish relief going into tomorrows session.
Keeping in with the last 2 month trend line, Oil again appears to be over bought, i'm taking this as a low risk trade because i prefer to increase my holding on a long position rather than short as oil is likely to go up this year. my risk to reward is 3.41 and i have set the stop loss just above some previous spikes, i'm looking to achieve 200 pips from this trade.
With a show of Crude Oil Inventories adding 13.8 million barrels oil rallied due to the dollar weakening, after a big rally over the last few days the dollar started to strengthen again due to the bloomberg consumer confidence being strong so i see a short to the recent support and resistance line, expecting a pull back.
Price has been consolidating/ranging between $58 - $53.
Following recent tests of support levels around $54, price has formed a morning star candlestick pattern on the daily chart.
Although this pattern is not at the end of a trend, price could see some bullish follow through in the next couple of days.
I will be looking to get long on any pullbacks intraday,...
A huge bullish candle on 4H suggests strength in this market.
The small bearish candle is probably profit taking and consolidation. If price should break above this candle I will be taking a long position and targeting the top of the range around the $57.40 area.
A more conservative target is the $56 level which has confluence with the 61.8% Fibonacci level.
We have had a steady and well defined downtrend since the bullish news on Sunday
Today's inventory number was lower than expected creating a spike above the downtrend
Depending on how this spike holds above the downtrend line, we may have continued moves to the upside
On Sunday night we broke through the resistance level which has held the market for the whole of 2016 (red dotted line)
The rally was halted by a resistance level dating back to February 2015 (lower dotted blue line)
If we can now stay above the red dotted level (2016 resistance) and use it as support, we could move further up to the $60 mark
A very bullish open to the new week of the back of NOPEC news. There is still plenty more room for upside, as at the last OPEC meeting we did $5 in a day. So a potential upside target for oil is the support/resistance level from last year at around $56.67.
How we get there will be a matter of debate, some traders see a pullback, other traders think we'll carry on...
I'm looking to go short this morning, considering there may be more profit taking, and a risk off attitude before today's oil inventory data. Using the downward trend line as my stop, if we hold below, will look to target $50.
If we break above the downward resistance trend line (shown on chart), I'll reconsider for a long trade opportunity
On the daily, we have a bullish pin bar. I expect the momentum from today to continue into tomorrow. With that, we have a lower high on the hourly and suggests a litle weakness. Should price fall to $45.50s, I will be watching for bullish signs to get long, targeting the highs in the $46.90s