A clear graphical representation of Neo wave Neutral triangle in crude futures . Target price and time are the exceptional advantage of EW trading for long term
Go long in crude oil only above 7584 with targets of 7666/7834/8192 , maintaining stoploss at 7376 Be Bearish in crude oil only below 6907 with down side targets of 6722/6398/6186, maintaining stoploss at 7087
So as we know Crude has been pumping passed few months especially last few weeks. Ever since gapping up to 130 about 2 weeks ago we created a head and than A right shoulder and fell down. We do have a gap need to be filled highlighted below. Especially if the rest of the Indices like SP500 and Nasdaq push up Lets see! I had 107p and 105.5 contracts i closed...
looks like a wedge being formed, we are in a downtrend and we have got a bearish rvi cross, good time to short.
Oil looks primed to sell off on higher timeframes. as you can see the market structure in place with bearish divergence.
i think my first two ideas were not upto scratch. i think looking back on 4h chart we can inverted head and shoulders with a pullback to the neckline, what is confusing right now though is the 4h pinbar and overbought accumulation on that particular timeframe. I personally believe the daily chart is still pretty bullish after making higher highs. so i love price...
Updated for current affairs.
oil has a big divergence on weekly chart, the lower timeframes could follow suit frome here
Not a high probability. But with tight stop loss and risk to reward ratio of 2, it might be good time to short Crude Oil futures. Target is 39. More than likely it will go to 38.40 some time next couple of days.
The recent sell off in crude oil broke below a rising trendline dating back to 1999. Although this line has held up as support numerous times, it was broken in 2015, which lead to a subsequent fall all the way down to $25. After bears made a convincing move back below the tendline in October of last year, bulls rallied back, but were rejected at the newly support...
FOREXCOM:WTIUSD COT Reports Show Bearish Price Forcasting in the Near Future. Will Crude Break Below the $60 handle shortly? Techincals Suggest yes as well