Long term idea from analysis here - could take a while to complete. Or not - we all know how ridiculous oil is!
Anyway, as you can see, there is a very, very strong long-term support trendline forming way back from 1999. It's apparent that oil rose in the late 2000s due to a booming economy and increased demand and subsequently a dramatic drop due to global...
The stock is certainly in a longer downtrend. A Turnaround is to early to tell - Even though, it can be time to start looking at a longer term Long position in the stock. Looking at the timecycles "Low to Low" from 2004 - present, It seems to come in a cycle Low every 76 to 81 weekly bars or every 500 to 550 days. We might now be at week 77 from an earlier Low....
Seems that the price touch the possibly bottom. Currently we closed upper than the 07/2009 support line and month downtrendline. I believe it should be strong support for the crude oil.. if the price break it - next level is 50 USD/barrel.. than 36.. let's see if the price can stop falling here..
According to this spread chart, current price relation OIL/SPX and price movement are nothing new, they resemble late 90`s - like many other things (e.g. dollar strength, biotech bubble = dotcom bubble, or check blogs.barrons.com)
The peaks corelate with turning points in Gulf War and Iraq War.
The bottom of the spread could be distant another 10% at minimum,...
0.764 retrace since the last highs of 69.5. This looks like a pretty good risk reward place to go long until 71.14.
Daily is relatively oversold & unsustainable along with clearer and clearer signs of seller exhaustion.
Friends,
While the predictive/forecasting model is posting an early bearish market reversal signal, there are also fundamental and technical reasons to consider a potential bearish downturn in this $GBPCAD pair
FUNDAMENTALS:
Central bank decision regarding UK is expected to maintain interest rates unchanged. This implies that $GBP won't gain rally without...
Hello Everyone,
After a long period of Consolidation in a Symmetrical Triangle, The Crude finally broke out to the downside and did a major drop. So big that it worried a lot of countries feeding on the black gold.
Nowadays it feels like people are no longer fan on commodities. They'd prefer more of the greenbacks than golden back-and-fronts. As you see...
Hello guys,
After the recent break of crude oil out of a really lengthy consolidation phase (Triangle), as anticipated we're seeing lower lows ever since.
This trending environment makes every Elliott Wave trader happier than any other time.
In the previous 14 days we've been sitting in the retracement of the recent down-move.
We're heading towards a sweet...
SIMPLE CHANNEL SUPPORT BUY TRADE.
If this week it gives a close over 87, shall be very bullish and attract massive up move towards the neckline levels of $91 and then few corrective pullbacks to 89, and the next move shall head to $100 in the medium term.
Protective stop loss can be placed either just below the weekly low or at $77 levels.
Lower risk and Higher...
