WTI failed to break new highs despite efforts to cut output from the Saudis. Iran and Russia has yet to fully comply with output cuts meanwhile US oil production gradually increasing week on week on the back of reports suggesting that shale production cost are becoming cheaper. US Dollar remain strong in an uptrend after breaking out from its trading range, this...
This is bit of a contra call since fundamental news points to oil moving higher in near term. EW count is self explanatory; also note the RSI divergence. Crude is moving in an expanding wedge and has lacked upside momentum despite positive news flows. If the EW count is correct Crude could move to new lows in 2017 . SL should be breakout from the expanding...
Crude Oil Short between 45.00- 45.40 Tgt 42.70 Stop Loss 46.60.
Short between 46.40 to 46.80 Target 1 : 44 & Target 2 : 41 Stop Loss 47.80.
I will be looking to go long on oil around 44.10 with a target 1 of 49 and target 2 of 51.80 with stop below 42.80. lets see how it plays out!
How can we see, NYMEX:CL1! is rising and some indicators show this bullish move. If the trend revert and pull back by 23% this strategy will be invalidated.
Please see annotated chart for details on rationale.
This chart could provide short term direction for the crude oil price.
Oil price may reach 46 area before it corrects down temporarily for bulls to take over once again. For details, check eeetradinganalysis.wix.com
Oil is approaching an interesting juncture, after breaking the recent swing low, creating a reaction to the upside. I have shorted oil from between 42 and 41, and added on the way down, but recently covered when approaching the low volume support zone in light blue. I have added a quarterly speed line, connecting 2015's Q2's high with 2016's Q1 low, which has...
Waiting 884 to break to enter long on platinum for long term
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...
Yesterday WTI Crude Oil (/CLM4) completed an MACD divergence crossover on the DAILY chart. This signals a start of an intermediate downtrend (Less than 1 Month) for the Oil Futures. Trade Idea: SHORT /CLM4 at current prices and add more up to $103.45. Stop Loss is at a break of new highs at $104.20. Profit Target is $98 to $96. If you like trading Options,...