Hello Traders, Similar to CL1! we have a bearish Wolfe Wave in USOIL. I would cautiously enter a short trade here with tight stops.
Here is something different from my usual 2618 reversal setups, trend continuation traders will like this one. We have a trend continuation opportunity on USOIL coming in around $42. This level has been an important level for price action over the past month. You can see on the chart that price failed to break and close above $42 on two attempts, before making...
USOIL crude WTI bearish divergence in H4 RSI overbought SHORT With no real vision in sight to decrease the current oilpumping capacities, I expect USOIL to get back to reality and at least make a short move back to its uptrendline from february lows. 40 is surely in the cards. A move below might open the door for 38 and further 35.
Oil price may reach 46 area before it corrects down temporarily for bulls to take over once again. For details, check eeetradinganalysis.wix.com
I hope you are not short oil, because it just broke above a major line. Watch the lines.
There is giant rising wedge forming. This ratio seems to indicate the aggregate perception of the US economy - the higher the better. As you can see in August 2015, there was a huge leg down which was unprecedented in this chart.
Brent oil completed the 3rd wave in an Uptrend. According to me I believe wave 4 down as correction should be complete. Due to the meeting of today I consider this correction wave to be completed on Friday market close. BUT due to the NON Agreement on production this will have to be re considered. This whole move from the 37.32 up to 44.91 COULD be considered as...
The Department of Energy reported that U.S. commercial crude oil inventories increased by 6.6 million barrels from the previous week. Gasoline inventories decreased by 4.2 million barrels last week. Technically,Crude Oil is manages to cross it is previous resistance of 42.25 but did not manages to sustain above the level and showed short term correction.In 4...
USOIL bearish divergence on H1 but maybe another drive up first on the hopes of a solution in the Doha meeting, USOIL might take another drive up, signalised by the stochastics in oversold territory, then wake up to reality and turn back down, probably towards 38US$ region, where it will meet its strong uptrendline. I am not trading this idea yet. twitter.com
Oil has an oversupply problem so it may not go up as much as some of the other commodities, but it should still go up because USD will go down more.