Price seems to be consolidating between 48 and 54 after hitting key support of 44. It does seem like this market has formed a temporary bottom. Last Friday, price broke and closed above the downtrend line, signalling potential reversal or deeper correction. A break and close above 54 is key to confirm further upside. Waiting for either scenario (a) or (b) to happen.
UKOIL Crude Oil (Brent) - Daily Chart The break of the accelerated down trend and the new tentative up trendline may suggest that there is a change in trend with a turning point on 3 Jan 2015.
CL is stil range bound and now has formed a small ascending wedge. This si on our watch list. CL could break for a nice move soon.
We are now completing wave 4 of the motive wave that started its development back in June 2014. Wave 4 is likely to touch the top of the wave 4 of one lower degree and then we will proceed to the final wave 5 development. It looks like oil price tends to make most of the movement in wave 1&3 leaving little to wave 5. Therefore I assume that the current development...
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Crude oil is making new grounds with it soon to come with its reverse pull back, same thing happened in 2009 although there is a possibility that crude can slide to support at 40$. either way i will be easing my way into a positions using the ETF UWTI which is priced very cheaply at 3$ a share. also a big shout out to @Ricker for showing me UWTI
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Crude oil is almost bottomed out, now price of $43.5-46.5 became a very strong support and main area to watch for future price projection, Closing below these levels will might raise a doubt of further price slashing till $40 or below but in my view this is very unlikely. Stochastic is also indicating the reversal sign and behavior of indicator is very much...
Buying Dec'15 Crude Futures Selling Dec'16 Crude Futures * Spread done@ 5.45, target is 3.69 for a profit on half the position * We are near historically depressed levels of the 12 month crude oil calendar spread. In the near term, there is a risk that storage becomes scarce, which would force producers into "shutdown economics," as Goldman Sachs terms it....
Short Crude oil and enjoy huge profits $$$$$$$$$$
Go Long and enjoy this pull back rally $$$$$$$$$$$$$$$
Go Long and enjoy huge profits $$$$$$$$$$$$$$$$
Short Crude Oil and enjoy huge Profits $$$$$$$$$$$$$$$$
Go Long and enjoy huge profits $$$$$$$$$$$$$$$$$$
CL is range bound for now and could go sideways for a few week. We are still trading inside the monthly trend line and we will favor the upside for now. Watch more CL commentary: youtu.be
Potential last break before the end of the week