After comments from our Daily chart of Crude we decided to post a weekly chart. Note how Crude has been winding since mid 2011. While the swings can make for good trades be sure to consult a higher time frame chart in order to get a clear picture. Crude has slammed into it's support...will it bounce or keep sliding.
We will start watching lower time frames...
We missed it! After a nice head and shoulders pattern Crude broke the neck line and started consolidating for another leg down. We are not in this trade. We took this off our radar screen and unfortunately there were a couple good trades. We don't chase trades so we will wait. Take a look at a weekly crude chart. While it is moving...we are in the middle of...
First for the long term we've has an up trend from the start of this year.
Then it started to retrace and it broke through 38.2 with a gap.
Now it has gone sideways in 50-61.8% zone and it has a great confluence with a previous support from April which also was a 61.8 retracement.
In the shorter time frame (4H) we can see a head and shoulder pattern forming -...
We have a FIB 61,8% Level Rejection here and this could be worth to think about a reversal in the upcoming time.
This is technical a early stage for thinking about a long position. If a second Bullish Divergence structures on RSI it would be a buy signal for me. I am Waiting for the MACD to show a clear Bullish Divergence. At the moment it shows just a half one.
This is a critical support area for crude oil; if price holds then we could move sideways for a couple of days... However if we do get a close above the upper trend line then perhaps it is reasonable to assume that the bearish view is over.
If the price breaks below the support area then; there will be more down side...
It is still to early to know what will...
According to the current structure; it is very difficult to identify whether we are in an impulse wave structure or corrective wave structure...
1 can also be labeled as a and so on...
Oil as of this moment is trading between the 50 and 61.8% retracement level... if price does not move higher then we can move lower...
Crude oil tested a critical support level on the daily chart last session. This market has experienced such an aggressive sell off, it has forced price to accelerate away from its mean value - leaving that mean to price gap.
Generally when these gaps occur, the market likes to 'sling back' and fill the gap between mean and price which is knows as the 'elastic...
After the news about Lybian OIL production pressed the price low enough it should continue it's longterm uptrend particularly because the Middle East Crisis is not over yet.
On the long term the price is in an uptrend channel,but has been unable to get to the upper line of the channel. More over and as seen in the short term (uptrend channel red dotted lines), the price reached a oversold condition where was unable to keep going higher (under the two red arrows), furthermore was able to pass through the 105 support zone, with a...
After Lybia is now able to export more oil (totally +500.000 Barrels) it will show an influence on the Oil price significantly.
Next Targets:
104.25
103.65
102.35
Resistance broke and this is free way for Oil to fall back after the rise during Iraq crisis.
Technically, the oil prices are on a strong footing and a monthly close above $115 per barrel would only take the prices higher, towards $145 a barrel, which is near an all-time high. Oil is currently trading above the important Fibonacci retracement level of 61.8% and faces resistance in the price band of $ 115-120 a barrel.
For a detailed analysis, visit here:...
Since the beginning of 2014 the price fits into an uptrend channel (red lines), in the same way, from May to late June, the price is on an upward channel, and the price converges in a zone where the price getsto an oversold position, moreover, the price has already pass through the previous resistance, and now support, so we wait until the price goes to meet the...
Hello all,
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After break of key resistance at 105.00 I would not consider any fall-backs under that level as long as the Iraq crisis lasts.
Two possible scenarios:
1. it will hold a neutral sideways market
2. it will break through 108/109/110 for more upwards movement
USO continues to form a rising wedge which will ultimately create a larger selloff. Until the larger pattern forms, price's range will tighten in the pattern which is now poised for a selloff. The combination of the spinning top candlestick and the stochastic rolling over will bring lower prices in the near term but not for long as the distance between the...
USO is rallying in a rising wedge that will eventually setup its selloff. In the short term it is reaching the highs of ~10 days ago and near a rising line of resistance as well as a horizontal line of price resistance. A little more rally may occur but it should be capped under these lines wherein a short term selloff will follow. The stochastic is setup for a...
I see a top setting up as a potential H&S top based on the trend lines, levels, seasonality and inter market analysis. I'm going to go long into the sell area at the top of the channel, then look to short it back down to the trend channel, then go long into the right shoulder for a short on Massive size for the break below.
I'm going to time the top of crude with the top in the Canadian $. It is very clear where the Canadian $ will retrace to so i'll use that level for reference then look for clues of a top in crude. I'm guessing 105 area as its a nice round number.
