Crude oil will likely either turn around and hit bottom or keep falling of to new lows breaking supports.
Oil on this Pitchfan chart has broken support, but we'll probably have a clear idea at the end of the trading day tomorrow. Right now just the candle wick is below the support line. If this month, or next month, most of the candle body itself fell below support, that would flash a warning that, perhaps, a bigger price decline was coming. This level has been...
CRUDE UPDATE. After a couple more days of consolidating Crude is looking to make a move. We still like the upside for a short cover rally but we've been around long enough to know nothing works out perfect. Crude can fake you out quickly so here are two scenarios that could play out and we are watching. 1. Price blows through the upside wedge. We would be a...
CL 12-14: Light Sweet Crude Oil CL is forming strong bullish move during November 2014 off the weekly bottom being formed this week. Aggressive traders can go long on any pullback move to the critical black lines. If weekly bar closes above 81.16-20 zone, this will be great confirmation of starting uptrend at least during first two weeks of November before the...
We are trying to hold that trend line on some early sell off this AM. We will be a buyer above the 97.20 area. We will look to a 60 Min chart to enter and define our stops. Our first target is 99.00.
By looking at the CCI and Stochastic RSI and combining them with cyclical up and down movements of the price, we might start to imagine the price falling back to about $100 a barrel. In order for this to happen, we would need to see a slight improvement in the geopolitical arena of Libya and Ukraine. Perhaps the market is building this oil tension into the price,...