Crude has been strong and left the building without us. The magnet is the 200 day EMA. We will wait for a consolidation on a pullback look for new trades.
August 2015 lows as resistance to USOIL at 39US$
As we all know USOIL mainly reacts to markets' moves, so we will have to see how markets pick up the
doom & gloom news from the ECB on monday/tuesday.
Technically it clearly is a short, with growing bearish divergence in the H4 between RSI and the curve.
Decline is possible down to 34US$ (0.382 Fib support +...
Last Week WTI reaches $26 which happens to be an important level. AND RSI has a Bullish divergence which all indicate the Correction phase is reaching an end.
Left Char: A weekly line chart, on log scale, shows downtrend breakout along with bullish divergence on RSI .
Right Chart: A daily chart shows down trend breakout and is about to form an inverted H&S.
Update status
While Oil has made a short term recovery from recent lows around 26.00, a classic Wolfe Wave pattern is forming pointing to possible exhaustion and a drop lower later in the week into next. If Oil shifts above 35.50 it is time to watch for signs of weakness with defined resistance at 36.20 offering nice point to accumulate short entries.
Wolfe waves will...
Crude is developing a fairly big range. A close above the 36.25 area and we could see a move up to 38.50. If this level doesn't hold then $44.00 is on the radar screen. Below 28.50 opens the door to the 24.00-25.00 area. Be patient with Crude.
The Geo-political situation has improved for oil as of late and a recovery from the lows of $28 has been gathering pace in the last few days. Eyes now turn to the $35 handle however Fridays candle signals a bearish reversal, most likely to the $31 handle before price will either break lower or bounce back.
Overview :
US oil surges 6.2%, closes at $31.48 a barrel after a group of oil-importing countries said energy stockpiles will grow at a slower pace on monday.
On Technical charts, Very Short term trend of crude is bullish, it has given upside breakout from downward sloping trend. Now market is making higher top and higher bottom formation on chart. Market is...
THIS HAS BEEN ADDED TO MY WATCHLIST - PRICE LOOKING EXTENDED OVER A NICE PERIOD OF TIME.....LOOKING FOR PRICE TO SET UP AS MY TRADING PLAN SUGGESTS AND GO LONG...
LET PRICE DO THE TALKING,.....
Crude got away from us on the break and didn't get the entry. It as a nice move! However, we are seeing a pullback. We will be looking for a trigger to get short. This will be with a VERY SMALL position. Any lows can be short lived and crude could be forming a bottom.
35.80 USD: 2.Target (292 Chance)
33.97 USD: 1.Target (109 Chance)
32.88 USD: last Price
32.21 USD: last Support (67 Risk)
You can use the support levels as stop-loss price level.
And both targets also even as take profit price leves too, if you want.
But take care! Think about it - and create your own opinion! It`s your own decision...
Change/Risk Ratios...
35.80 USD: 2.Target (292 Chance)
33.97 USD: 1.Target (109 Chance)
32.88 USD: last Price
32.21 USD: last Support (67 Risk)
You can use the support levels as stop-loss price level.
And both targets also even as take profit price leves too, if you want.
But take care! Think about it - and create your own opinion! It`s your own decision...
Change/Risk Ratios are...
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...
Saudi Arabia controls the price of oil. Once you understand that, all technicals need to include variables for real world political manipulation of the worlds most important commodity. .... "Church of Krümel"
Back in the day, there was a King, he turned off the blood supply to the industrial world. The world went into chaos, wars started... wars stopped. In the...
