Not much context here needed, rejected neckline, but pattern is not broken until it breaks the bottom of the right shoulder. You can see that this bear-move was already foretasted with the RSI breakdown from yesterday. OPEC / Non-opec meeting this weekend for some headline/algo fun. Good luck all.
Crude has been negative 3 times a row due to inventory data. Now again US rise their drilling and is expected to be little more bearish. But technicals suggest that if crossover of macd and stochs is completed, it may make a new high. Lets wait and see. If crossover happens in a day or two, then 1st target would be 46.11 and 2nd target would be 49.71 (if lucky).
In my opinion this is a clear reversal on 4 major indicators; 1. 200DMA 2. RSI usually reverses around 30 when the price is retracing and not crashing (our case) 3. MACD bullish reversal 4. STOCH RSI bottomed for a week now. Furthermore, the general environment for oil is good with OPEC talks about extension cuts (even rumours are good to make profits) as well...
Short Term Crude Oil Long Opp with good risk reward.
When I drew the tramlines and fib, they matched. I then noticed the gap between the 61.8% and 50% fibs. If you add in support and assume OPEC will agree cuts next week, then you have five pieces of evidence which point to the same thing.
Despite the title, I take this trade with 100% seriousness. Oil has been heavily oversold in the past days and despite bad fundamental aspects, it has to "rest" before selling off more. Today (11/3/2016) we saw a quite rare phenomenon where a candle opens outside the lower BB and holds. NEVER in the past 2 years has this happened, without a "correction" in...
I will buy crude oil at 45 to 46. T.P : 51.25 STOP: 44
Crude Oil made a strong move upwards today after the Cushing Inventories data release. It coincided with a strong support area. We should see higher prices in the coming days and weeks.
- IMO key take aways from the report was the highlighting of brexit as a downside risk and readjusting global growth as a result - despite the UK being only 4% of world GDP. Nonetheless OPEC went on to stress that oil supply side is likely to abate over the next year with demand excess reducing supply stocks - this is likely going to see an increased price in oil...
We broke down a little overnight for a small pullback surprisingly I was expecting price to retrace to the lows, held a one hour fib to the upside, buy the pullback at the 50% small fib for the 15 minute chart be careful with the top of this channel it will be heave resistance.
I have my fib drawn different today and also I have been analyzing a bit more before I post here. $44.61 is a very strong support and a possible good entry wait for the confirmation, $44.22 is also a good buy with heavy support at that level as well. NYC open my show the direction of the Market after gap is closed. This also may be a good short term short.
I was wondering why oil had bounced at the level it did and I could not figure out why. 1hr fib shows a perfect bounce at the $45.28 level like it did a few days before that. It has to hold 45.53 on the 15 minute in order to go higher. Stochastics looks like they may be lined up for a good push to the upside do not expect more than .50 cents but it may continue