Simple analysis, still in a bearish trend, counter trend line break, retracement to 50% fib + mijor daily resistance at £50.47 + ctl retest + 50 ema resistance + tweezer tops price action led us into the C leg of the fib. Expecting £42.46 then possibly new lows at $40 a barrel. We haven't seen price this low since the end of the 2008 market crash!!
Crude is ready to fire off short based on our signals...however she has been all over the place. We ONLY like the long side so we are looking for a false signal and reversal. IF she does take out the most recent lows and picks up speed we will PASS until we start setting up to the long side. Every time we get a dip on crude we get more suspicious of the move so...
A quick move outside of the channel was short lived. We wanted to short after a close outside of the channels but the FOMC announcement kept us away. Regardless, there was no way that we would have triggered this trade. Crude blew back into the channel and could start chopping around. We will NOT get involved in this area. We will watch Crude and see how she...
My fundamental view on this pair is bullish. Canadian Currency USDCAD depends on the price of oil like other nations Russia, Venezuela (atlas.media.mit.edu) The oil price is sinking due to political issues and massive oversupply. Sooner or Later Iran will enter the oil market (to secure their historical market share) and the oil will further drop in value. Crude...
LONG TERM OUTLOOK
Clear Long Term UT Still In Play With No Indication Of Trend Weakness
PA Above 20, 50 & 200 MA
*Preferred Long Term Buy Opportunity Would Be A Retracement To Key 1.95 Monthly Support & Buy The Rejection*
DAILY OUTLOOK
Head & Shoulders Pattern Formed Indicating Weakness In Daily Up Trend
PA Has Broken Bullish Structure Breaking Below TL,...
1. Divergence formed at 0.618 fib rettracement of the
recent move up(momentum/price)
2. Price retesting broken resistance (long consolidation
3. Missed daily pivot above the price
Golong at this level targeting:
1. Short term - missed daily pivot
2. Longer term - recent highs and above
SL goes below 46.00
Crude made a quick move and got new longs stuck which fueled the sell off. We triggered long this morning and got stopped for 50 ticks which is a win in our book. We learned long ago that a stop is the beginning of a story. This story is telling us that there may be more downside. We are technically back in the consolidation area and we are sitting on our...
Running into the 200 day MA at 51, which should give some resistance, as well as the upper Bollinger bands.
If it breaks a little to the upside targets at
If a correction takes place levels to look out for at 4780-4820
WEEKLY VIEW of Crude. We have been hearing a lot of predictions about crude and we have even stated that we like the upside...but if you take a close look at the weekly chart it illustrates how crude tested each side of it's range and then closed in the middle for 5 straight weeks. Lots of indecision. The weekly pattern screams more upside but the indecision...
