AMID THE FEAR OF A GLOBAL PANDEMIC AND GROWING OPPOSITION AGAIN FOSSIL FUEL USAGE, LOOK FOR $USOIL TO TAKE ONE FAT DUMP. SUPPORT COULD HOLD STRONG NEAR $45 BUT IF NOT, YOU CAN SAFELY ASSUME THE 'WORST'.
Rough sketch but you get the picture. I'm fairly new to trading so I'm not sure of all the fancy wave names and the technical nomenclature but this is what the chart is saying to me. I'm just listening to what its saying (or moreso what I see). It's damn a near flip flop of how the directional trend got started.
Lets eat. Amen.
I'm looking for USOIL to soon drop down to the $52.10 area to finish out the descending wedge and also test the bottom of the overall trend line . Look out for a spike up to retest the $59.90 price point afterwards. If the price point fails to pass this point, I'm expecting a drop back to $52.10, maybe lower. If price surpasses the $59.90 mark, I expect we'll see...
Looking at the long-term analysis on the 1D view of Crude Oil, it looks like it is headed downward. Swing trade wise, it could still go up to 67/68 region, which you can swing trade if the opportunity presents itself. However, long-term view Oil is headed downward from it's July's high of 74, prices are below ichimoku cloud which is bear market indication. Now it...
I'm expecting a short here but either way, if it a 1 hour candle closes outside of the box I will enter a short. For best results, watch for it to close outside of the zone and then re-test the break.
Possible trend change longer term as well so you may be able to hold long term (Much longer than the three TP's.
USOIL I have dedicated this entire week observing its action. And why its moving as it has.
47.34 is a strong support field. Consolidation was observed for some time. The aggressive bullish activity has shot the price; back into the consolidation field where it previously was comfortable in consolidation for some time. So First selloff in (about 96days)
As...
PRICE CAME DOWN AND RETESTED THE MAJOR SUPPORT TREND LINE AND THE 0.618 (43.00) FIB LEVEL.
PRICE SHOULD BOUNCE BACK.
ENTER WITH A BUY STOP JUST BELOW THE 43.60 PRICE LEVEL.
STOP LOSS JUST BELOW THE 0.618 FIB LEVEL AND THE MAJOR SUPPORT TREND LINE.
PROFIT TARGET IS 46.70 PRICE LEVEL.
STOCHASTIC/RSI IS GOING BELOW THE 20 LEVEL.
Wait for the confirmation on the 15 minute 50% fib at $45.01 or just put a limit order, Fib gives a good success rate when use with the current direction of the market, 1hour fib also makes good entries such as today fib 50% $43.88 on the 1 hour to confirm Bull trend NYMEX:CLM2016
Overview:
Crude futures were relatively flat on Monday in thin post-Holiday trading, as investors continued to drag their feet ahead of next month’s highly-anticipated meeting between OPEC and Non OPEC members.
On technical chart, Very short term trend of crude oil is bearish on chart. On its, Daily chart, market is taking resistance of 200 SMA . Crude oil is...
Overview :
Crude oil futures for delivery in March traded below $27 per barrel for the majority of the trading session, marking the second time this year that crude has traded around this level. Prior to 2016, the last time that crude oil futures traded below $27 per barrel was in September 2003.
On Technical charts, Major trend of crude oil is strongly bearish...
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...
