Oil has closed in the red, giving signals that it is willing to seek lower lows, as it is was being traded in a flag, during the last two days, which breaking out will send it seeking 34.22, with 35.55 as a primary objective. The 38.18 level will be Oil's resistance for today.
The rejection of the flag will send it back to re-visiting 40.26, should it breakout...
Oversold on Bollinger, but Indicator momentum in line with new lows.
I am looking towards the extension of the previous lows this year to get to 34-35 for support, then 33 (old front month low of January 2009)
Until then, more of the effects of the OPEC meeting, which yielded more supply coming on line in the near future.
These levels are not worth shorting...
Oil finished in the red after the meeting of OPEC, as they didn't agree about any reduction of the production. Oil is currently around 40.26, which it has broken out last Friday, but couldn't go beyond 39.6. Oil's objective remains 38.18, with 39.31 as a primary objective, should the bearish market continue. Oil will have 40.26 as a resistance.
The trend remains...
This was the week of laid eggs. OPEC showed it no longer has any control. The oil production number was leaked earl in the day on Friday and basically said they will not curb production. With the current glut of oil, further production spells further trouble for oil. How far can she go? We think oil could flirt with the $30 area. At this point all pullbacks...
Oil is still selling off in-front the OPEC meeting this Friday. We are flat and staying away until after the meeting. At this point we think it tests the August lows, but if doesn't and OPEC has a bullish tone then we will see a massive spike. WARNING: DO NOT TRY TO GUESS THE DIRECTION BEFORE THE MEETING. That's gambling at best. For us to get long we will...
Crude Oil failed to continue the bullish market as it has failed to breakout 43.66, which would have sent it seeking 44.4. An opening in a bearish gap, coupled to a breakout of 42.29, will send oil seeking 40.26, with 41.72 as a primary objective. Oil will have 42.82 as a resistance, which breaking out will send Oil seeking 43.45.
The daily Pivot Point is around...
Crude Oil was flirting with the 42.55 dollars level on Friday, but failed to breakout that level. The trend remains bearish as Oil was not able to breakout 42.55.
An opening in a bearish gap will send it south to seek 40.26, should it breakout 41.37.
An opening in a bullish gap will send it re-visiting the 42.55 level, which breaking out will send it towards...
Price has completed a bullish Ab=CD pattern. For a greater risk reward ratio we should wait in order to have the completion of a bullish butterfly pattern which is about to be formed at point D of the larger ABCD pattern.
Stoploss and profit targets are shown in the chart.
Thumb up if you agree :)
We didn't see this big of a move coming. We saw the break but expected a quick return to the wedge after getting more people short. It looks like they will squeeze Venezuela and Russia further with lower prices. August lows are a stones throw away. We will "nibble" short if we get a bounce. It will be with small size and tight stops. It won't take much to...
Yesterday, Oil ended its sixth bearish session. It is currently leaning on its 42.55 support level, which is a critical level. Oil will move downward toward 40.26, with 41.84 as a primary objective, should it breakout 42.55.
Oil will have 43.57 as a resistance level, today. Breaking out this level will send it back to 44.4, with 43.9 as a primary objective....
Will 2016 be the year of Oil and manage to recover some of the losses Crude suffered during the last two years?
Since I've posted here this weekly Bat pattern in CL, the price rallied and reached target 1.
It created a False Break inside the small structure zone that was created inside the PRZ and now about to re-test this zone again.. perhaps a Kiss Of Life...
GBPCAD looks to be headed south, with a potential weekly time at mode downtrend in the making.
The price action supports this thesis, and we apply the ichimoku cloud indicator, the chart comes alive.
Ichimoku paints a very bearish picture, confirming my bearish bias. There is clear rejection after crossing the cloud down
and retesting it. After this, price shoots...
Crude is ready to fire off short based on our signals...however she has been all over the place. We ONLY like the long side so we are looking for a false signal and reversal. IF she does take out the most recent lows and picks up speed we will PASS until we start setting up to the long side. Every time we get a dip on crude we get more suspicious of the move so...
A quick move outside of the channel was short lived. We wanted to short after a close outside of the channels but the FOMC announcement kept us away. Regardless, there was no way that we would have triggered this trade. Crude blew back into the channel and could start chopping around. We will NOT get involved in this area. We will watch Crude and see how she...
Analysis is simple, we have a bearish trend continuation trade, or at the very least a pullback in an uptrend.
USDCAD has encountered massive overhead resistance and might give a great short here.
I'll be hosting a webinar today, explaining how to enter this trade, and how to manage the position once in.
The stop loss can be at a few different places, we can use...
Crude is testing the lower channel area. We are watching this closely. We want to see a clean break of the lower zone before look for trigger zones. Keep her on your watch list.
