Be careful that the momentum in the Oil price will likely change to the downside.
Bearish Divergence is here.
This could be opportunity to short.
We see prices around 66 USD, representing the median for oil price forecast by Q1 19.
Looks like Crude Oil (WTI) will be falling to 60's as it has broken a long term trendline, It depends pretty much on the key support at 64.60 area.
If it breaks I will enter a SHORT, otherwise I am going LONG till 70-s.
Us crude oil - H4 timeframe. I see a pull back move in play on the weekly timeframe with targets of 52.60. On the H4 chart, I have identified a break-out pattern with a demand zone holding. Target is 52.50 and stops at 50, risk to reward 1:5
UKOIL (and USOIL) are both at critical positions on the daily charts. The 200EMA shows that there is a rising trend, even if a slow one.
Price has reached an obvious point of decision. Prediction is not my business, so shall not get into which way price will go. The only issue is whether an acceptable risk position (i.e. stop-loss) can be taken and what logic...
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.
Using the Bill Williams system on this one, we still haven't got a signal so we are neutral here.
As you can see there is a highlighted area. This is the Support and resistance from the daily time frame.
It looks like we got a false breakout. of course price cam back into the neutral area.
What are we wait for?
Awesome Oscillator is near zero ( At the...
Bearish pressure since the 20th should continue. Key resistance at 50$ price keeps on being tested but doesn't hold Target one at support should be hit at $49 mark. If price goes below 49$ I'd take further shorts. Price is retracing and touching both EMA's too