USL might make a strong move up at the starting this coming week. It has breached the previous high and closed above, and has entered a new zone in the bullish Gann Fann. Also the momentum is strong and above the value bands. The next medium term target can be 36.30.
USOIL is at a level that if broken it could break down to 52.10 Pending order set at 55.70
Looking at a bear gartley pattern on USOIL 240m chart. The pattern completion was at $54.41 and the initial target area would be $50.16. For those looking for an extended bearish move this "D" point also represents the ":C" leg of a bigger bullish bat pattern.
Crude Oil is at the same technical juncture as many Dollar correlated assets. It has been ranging since the start of the year with the Bears desperately trying to make headway to the downside but have been thwarted thus far by Crude Oil Bulls. A few temporary excursions below 44 have resulted in neck snapping whipsaws and currently the technical picture in Crude...
Scenario #1 Breakout & Retest of TL has happened, but no continuation. So a possibility of another B.R.C could happen. Scenario #2 Bearish B.R.C, cloud serving as support/resistance could offer a break to the down side. Standing neutral until b/o and retest of triangle. In addition Moving Average & Base Price line have merged but not crossed.
I am in once it crosses 5 cents over the 5DMA Entry at 13.67 Target: 14.62 : 7% Stop: 13.15 : Loss: 3.6%, A Profit/Loss ratio of 3 : 1 regards, Jason | Tbltraders.com
Crude Oil Forecast
Crude has broken down and we will look for pull back triggers to get short. We will look for crude to visit the 41 area. REMEMBER: NO TRIGGER, NO TRADE
Crude is still bouncing around and not finding a direction. Stops are building just above the 54.20 area. If we take that out we will most likely see a nice move. In the mean time we sit on our hands and wait for a good setup. Nothing yet. Keep on the watch list.
We were hoping for a CL break to the upside over the last two weeks but we got nothing. It's been chop city. We will be very cautious with trades to the downside. So we will sit on our hands with Crude and wait for something to setup.
The OPEC discussion In November 2014 has ultimately confirmed the formation of a triangle on the monthly chart. The WTI crude has replicated somewhat the momentum of the 2008 crash. Giving way for a probable bullish correction in the net 1/2 years. Rejection at the supporting historical TL will push price back upward toward the 50/61.8% FIB levels where...
CL is stil range bound and now has formed a small ascending wedge. This si on our watch list. CL could break for a nice move soon.
Oil is hanging on a box in h4 chart. This time it has been bounced from bottom and might retest the topper.We can see some good resistances between the box.We have seen the breaking of 200 EMA already between the box.We expecting it will test the topper of the box and most probably it might break the topper with the resistance.If successfully break the topper of...