Short term chart mapping/analysis of CAPITALCOM:OIL_CRUDE for developing Intraday Trade strategies. NYMEX:CL1! NYMEX:CL2! TVC:USOIL TVC:UKOIL
Med-Long term chart mapping/analysis of CAPITALCOM:OIL_CRUDE for developing Swing Trade strategies. NYMEX:CL1! NYMEX:CL2! TVC:USOIL TVC:UKOIL
Well well, H&S Short Position was there ready to be taken - but unfortunately Price Manipulators were also ready to defend.. First warning sign was wick reversal beyond 38.2% Fib. Second warning sign was another reversal just underneath previous wick for the Stop Hunt. Price action has since rallied above neckline, consolidating just under 23.6% Fib. In...
CAPITALCOM:OIL_CRUDE capitulating under pressure from Macro-Economic headwinds. Bearish H&S development. Waiting for price action to either break/close below (higher timeframes), or break & re-test Neckline Support to trigger pattern confirmation. Extrapolation = Golden Fib target zone. Notes: - Neckline + 50WEMA/100WEMA crossover confluence - 38.2% Fib +...
Upon closer examination of the near-term wave subdivisions, I call back the statement that initial wave (a) of the remaining 2023 uptrend might be complete and replace it with a diagonal. Again, I have to cautiously mention that such projections are very speculative at this stage. I shall be ready to alter my view at any point if I receive new information.
The count is revealing itself and by the look of the decline is not over yet. My analysis tells that we are about to experience another wave of selling. This is somewhat confirmed by what I see in precious metals and US stock market.
Following my earlier count, I expect the price to start going sideways in wave iv without exceeding the top of wave (5) of of iii. So far, the count has proved successful, and I am not actively looking for alternatives.
The chart is non-tradable (though I did enter some cheeky shorts). Natgas is tracing out something really intricate, as is its typical behaviour. I suspect (and this is only specualation at this point) that the market is undergoing a compex [ w] [ x] [ y] correction as wave b where [ x] is a flat with an expanding diagonal in wave (C). Then there has to be...
If I elaborate on my earlier scenario with unfinished correction, Natgas might perform a spectacular drop over the next few days before resuming the uptrend. Before this, I expected a triangle, then a flat with an ending diagonal and now a classic expanded flat in wave b. Since wave a was a contracting diagonal, there is an 80% chance that wave c is a quick...
Despite the fact that the price moved almost exactly as outlined in the prior report, the short term subdivisions are difficult to read at this stage. There is no cause to close long positions at this point. I'll just have to be patient. Gasoil appears to offer a more clear picture.
Oil looks weak. It seems extremely weak, mainly because production hasn't come down. Chinese demand is still low and might never reach its ATHs, but this, along with the US refilling its SPR, can potentially send higher oil prices. However, this is unlikely to happen before the market takes out this quadruple bottom. Until all the lows are swept, and potentially...
We suspect volatility may be on the quiet side with a US inflation report looming, but this provides the opportunity for markets to consolidate and traders plan trades. Should we see the pace of inflation to continue slowing, it could strengthen oil prices for two basic reasons. 1 - A weaker US dollar, as traders bring forward rate cut bets / solidifies bets of...
Crude just made a double bottom and made a massive reversal from last crash. Short term further bullish momentum can be expected!
WTI Crude Futures Rebound, Brent Crude Futures Rise On Wednesday, Brent crude futures rose above $78 per barrel, rebounding from three-month lows as OPEC raised its forecast for Chinese oil demand growth in 2023 due to the country's exit from the zero-Covid policy. However, the group left its outlook for global demand unchanged, citing potential downside risks for...
I stepped to the side on this one until I see this pattern resolve.
WTI suffered its worst day in 30 yesterday, with a combination of a stronger US dollar, recession concerns and weaker natural gas prices all playing their part for a bearish session. A bearish outside day formed which markets a double top around $81.20, daily volume was above average (and its highest in 14 days) which adds weigh to the bearish reversal candle....
In my opinion, the global energy crisis isn't over; hence there are many reasons why being bullish on oil makes sense, and in this idea, I will try to analyze most of them one by one. First of all situation between Russia-Ukraine doesn't look any good, and it also heavily affects Europe, which is essentially directly involved in this war. Currently, gas from...
Oil has pivoted from lows and made another run for the $90's. We have broken through $88.74, and fallen just short of $90.06, the barrier to the $90 handle. A strong rally in risk-on assets has benefited oil. If we are able to continue the rally, we could hit $94 again. If we retrace, expect support at $87.21 or $85.55.