Overview : U.S. crude oil prices pushed higher in early Asian trading on Wednesday, partly recovering from a 6 percent drop in the previous session led by concerns over demand and weak equities. Before that Crude oil fell for a fourth-straight session on Tuesday to settle $1.75 lower. On Technical charts, Major trend of crude oil is strongly bearish and market...
Overview : Oil dropped below $30 a barrel in New York as equities tumbled and no agreement emerged from Venezuela’s tour of crude-producing nations. Speculators’ short positions on crude were near a record and Crude oil Futures fell 3.9 percent. On Technical charts, Major trend of crude oil is still negative and market is making lower top and lower bottom...
We are sitting on a prior consolidation level (230-235). These are the possible outcomes: 235 holds, we break up, inverse H&S resolves, target 280-290 235 breaks resulting in a meassured move down to 180 Last time market retested such a major consolidation level from above, OBV was in a downtrend, thus price continued the downtrend. Rightnow we have a...
The Euro looks bearish here along with oil. It has been in a macro downtrend or downward parallel channel since 7/08' which only accelerated the downtrend in 9/14' with the accompanying rising dollar and falling oil prices which the rising dollar is inverse with most currencies and oil. Right now.......the Euro is consolidating along w/ Oil & USD. When USD starts...
Impulse leg XA followed by AB=CD correction into 0.786 level. Typical Gartley pattern. Expect a bullish resolution the next days. 1. Target 262 is very likely 2. Target 275 becomes likely after break of yellow neckline Stop Loss bellow the current double bottom at 235 Don't go all in 50x on this one, though. Cheerz : ]
Price bounced off the 0.236 fib several times forming a evening star and then several bearish pinbar candlestick patterns in a row. This is indicating selling pressure, we could see price advance to the downside soon. My preference is a rally up to the 0.5 fib in confluence with some structure but advancing up to that level is looking less likely. RBA meeting on...
**UPDATE** **WE ARE NOW IN A DOWNTREND** See: With more information I can say that the green triangle was already the (short) uptrend after the inverse head & shoulders completed the right shoulder. Because we broke through the neckline at 600 US Dollar, when Bolivia announced that they ban Bitcoin and meanwhile Bitcoin exchanges like BTC-E and Bitfinex have...