Not a lot to mention to this post. Crude oil is in a corrective structure with price testing a support level (watch image below) At that level price has formed a bullish ab=cd pattern which will probably push price higher. I am planning entering this market with two long positions. Stoploss and profit targets as shown at the chart. If price reaches the first...
Target on chart, you can see how the different time at mode signals work together to give us a good idea of where price is headed. I'll place my short orders now, hopefully I get a fill before it's too late. A retracement here would be terrific. Good luck, Ivan.
Researched and found a similar technical pattern to todays Crude bear market that ultimately ended the Bear and turned it into a rally. In 98-99 Crude entered a strong bear market, dropping over 50%. Market made 3 new weekly lows in that time before rallying back. In 2015, a similar pattern is being produced. 3 new lows, in Jan, April and August. A sort of...
As the correlation shows between USOIL and USDCAD, dollar cad beginning to make a new run to break highs at 1.35, thus allowing the short term bulls of USOIL to drop off and fall down into the 43 area! Price rejections at EMA therefore expecting a swift fall from here!
We are avoiding Crude. It's in the middle of the range and there is NO edge. It's coin flip in this area. We will revisit when she perks up.
Oil is about to breakout the flag, which will send it south, back to 42.95, with 44.4 as a primary objective, with 46.49 as a resistance. The flag will be rejected, should Oil head to 49.39, with 48.38 as a primary objective. The flag will be rejected once Oil breaks through 48.09. The daily Pivot Point is 46.19. The daily support levels are around 45.45 and...
Crude made a quick move and got new longs stuck which fueled the sell off. We triggered long this morning and got stopped for 50 ticks which is a win in our book. We learned long ago that a stop is the beginning of a story. This story is telling us that there may be more downside. We are technically back in the consolidation area and we are sitting on our...
We were taken out of our Crude trade today as crude had a large down day. This is why we use stops and proactively manage the trade. This is also telling us it's time to reassess. Crude is NOT broken technically and we still like the upside and will look for triggers long but now we will keep a tight leash on new trades. So what is the take away...manage your...
As we mentioned on Friday Crude has acted well. We waited for this trade and it was a nice gift. WE ENCOURAGE you to review our chart setups. You will notice we don't take trades everyday. Trading is about stalking your trades not forcing trades. The BIG money is made on BIG moves. There will be plenty of moves throughout the year so be patient for them. ...
#2 is in the bag and we will push this trade as long a we can. Ideally we want to see the 200 Day EMA at around 56. This is a long way away but if this move is for real we should be able to stay with the trade. As price moves we will adjust stops to follow. We like what we see with the whole energy complex. Stay tuned.
More follow through for crude today. We pulled stops up a bit to lock in more profits. Price kissed the August highs and pulled back a bit. However, crude is still strong and is being supported by the energy sector. We expect price to blow through the August highs an continue on to the 52 - 53 area.
Two days ago, Oil broke out the triangle it was caught up in, which has propelled it to 49.72. Although the bollinger bands were still spreading up, Oil was traded outside of those bands, suggesting a very bullish trend, and a higher volatility. Nevertheless, Oil should re-enter its bands before it continues its rally towards 50.14. It mostly explains yesterday's...
And the long side is the winner. Crude triggered a few minutes after the RTH open this morning. If you missed this opportunity you were sleeping. There was 25 days of prep time. She moved far enough to give us our first target. Stops are now at entry at $46.71. Tomorrow we have the Petroleum report so we don't want to puke out a good trade. We are hoping...
Oil is starting to break the consolidation it has been caught into for the past week. The EMAs are converging upward, which means an undergoing uptrend. Cutting through 47.10 will make the breakout scenario more secure, after the long consolidation Oil has been going through. If it happens, Oil will rally to 51.54 the Triangle's objective, with 50.14 as a...
CFTC non-commercial net positions for WTI oil rising for fourth week reaching 231k net long contracts. In the past similar repositioning among futures traders was in March of 2015. Goldman Sachs recently came out with unrealistic price target (20USD).Usually also a sign of reversal. Remember Gold prices in summer of 2011 what did Goldman say?
WEEKLY VIEW of Crude. We have been hearing a lot of predictions about crude and we have even stated that we like the upside...but if you take a close look at the weekly chart it illustrates how crude tested each side of it's range and then closed in the middle for 5 straight weeks. Lots of indecision. The weekly pattern screams more upside but the indecision...
After week of a compressed consolidation, Oil finally made a considerable movement towards 47.10, only to close in the red, back in the same consolidation area. The main challenge remains breaking out of the consolidation and witnessing the emergence of a trend. Re-visiting 47.10, today, and crossing this level would be promising for a bullish market with 51.54...
There's an active daily time at mode uptred at play here, and the price seems to be forming a pair of nested impulses in EW terminology. This is secondary in my analysis but I suspect that we will see a correction take place, allowing us to enter a long position with excellent risk/reward tomorrow. The fibonacci retracement levels or the low volume support area...