Oil - Daily chart - Shorts in play as im expecting a pull back before going long at 52.60 with targets 60
Long term downtrend Current correction should end before level of 60$ per barrel. If we saw price above 60$ it could test higher prices but only for short term. Price in long term should go down, below level of 50$ per barrel in next 6 months maximum.
This is an update-that my short position at 52.10 from last week is going well in my analysis direction. I am looking to bank my position at 50.08.
Rebuy around 49.20-77 for a medium term target of 53.94 over the coming days, stop below 48.10
US OIL* NYMEX:CL1! has formed the major bearish Wolfewave. RSI Divergence on Daily/H4/H1 along with consequently lowering volume may signify the upcoming trend change: With the SL slightly above the recent peak and potential TPs laying much lower, the risk/profit ratio makes this sell quite an attractive opportunity. Opened 6 lots at 49.81/49.91, SL 50.82....
Crude Oil has been in counter uptrend since june 21st 2017 and will reach a strong supply zone around $50 to $52. I am expecting a reversal from there in 1-2 weeks from today. After the market opens on monday, the crude oil is expected to trade above $47.70 for a few days till it come closer to $50. As it comes closer to $50 expect sellers to step in, and slowly...
Following on with the Bearish Count it looks like we are still continuing down with the Wave 3 (Circled). It looks like the lower trendline will be broken as this Wave 3 down continues. I will update further as this market progresses.
The current bar could be the re-test of the L-MLH. This would indicate a further drop. Taking the prior angle of price flow to find the potential target, the number would be around $43. P!
This bearish count seems very less likely to play out however is still a possibility and hence should be considered as an Alternate Count.
This is a wild ride, but we are not unhappy don't we ;-) The prior LT chart gave us a great indication about the fall. A closer looks reveal that the drop from above is the logical swing that markets do. Targets? Well, we have a couple of them as you see on the chart. See the circles? One at the A/R-Shift, and two other ones at the different centerlnes. First I...
Crude Oil seems to be moving in an 3 Wave corrective structure. Hence I expect it to achieve atleast T1 : 53.30 if further downside is seem then it can drop till T2 : 51.80 Even lower levels uptill 50.80 are possible but that is something we can only talk about later on. From a positional perspective this market is a buy on dips as I believe much more upside...
From the low of 47 it seems that the Oil market has reversed, atleast for the short term. As of now it looks like the 3rd leg up is complete, however the placement of the double bracketed 5 is certainly questionable. Therefore I'm discussing setups for both directions, please keep in mind that the analysis is for short term. If this market goes below the black...
Crude is in correction mode. It's beautiful trading within the Pullback-Fork and has broken the L-MLH of the smaller blue PB-Fork. The actual pullback to it is textbook like...which I like! ;-) P!
Looks like the previous post will become true. Sitting tight and wait for the Bus to the centerline hehe... Peace!
The real last high was on 2015/08/31 - with a very low close, basically a give-up. From 2016/01/08 price started to stair-step in big swings. The prior high, from where buyers gave up, was the exact point where they once again ran out of power, failing to break north and go higher. OPEC brought news in the last days - they would even lower prices much more to...
Little bit LONG to TP:53.45 after a big SHORT to TP:48.62 THIS IS MY OPINION!!