Indicators are showing rally today up from 19.80 to 19.15 then 18.20.. What do you think? Happy trading
It seems ready for crossing up the 54s and catching a major rebound, maybe we could hit 57.60 in a few sessions. Our last rebound objetive could be in 62.95.
A follow up (dance)chart to my other bullish ones. Here I see a potential ABCD setting up with a huge reward. Notation on chart...but ..: Entry at 3.56 Riding it to PRZ Stop at 3.33 Safe trading ladies and gents I'm not saying oil stop at the 127.2 or the136.2 extension. It could go as far as the 161.8 - but I make no promises. What I say is...take some chips...
On the 4 hour chart I see the following bullish signs: Red W3 and W5 was made on a positive divergens Orange W1 was 5 waves up Orange W2 is a triangle that needs to make the last E-wave (That could be very brief back to the 50 fib line or less - the 61.8 that makes a 38.2 retrace (very common) EMA 13 has crossed EMA 34 The count above is the very bullish...
This could break either way, I'm betting down.
There's a strong support for oil at $37.72 and I believe that will be the bottom in the coming months. It is only bouncing given the extreme oversold condition and that does not change the fundamental fact of an over supplied oil market and many more that are stored in offshore tankers. I highly doubt the long term log trend in black will hold. (Temporary bottom...
So far reversing from C point well. Will continue to gauge it with the SPY.
The reversal in crude oil prices on Wednesday added pressure to the stock, diminishing it’s appeal as an alternative source of energy; www.traderslog.com
Oil showing divergences on the 3.10 oscillator, on its lowest lowest, perhaps a reversal here.
USO backing off those highs. This rally could last two weeks; and I would still stay short. Something's just not right. The '08/'09 WTI lows are technically irresistible. And USO has depreciated from rollover since its inception.
WTI Crude, and USO by extension, continue to hit and bounce and break through three key sets of Fibonacci projections/extensions. Overall sentiment is bearish. I Included the Fisher Transform, Vortex Indicator, and the Ultimate Oscillator as other relevant predictors of price action. I believe WTI and Brent are headed much lower, even to a 'one-day-only' $15...
On a Daily chart We have a double bottom with Relative strength index showing bullish divergence, All Oil related charts are also all oversold. On the Monthly we are standing on a Massive structor support from 2010-05-31, 2009-06-08, 2005-04-04, and 2001-03-19. For the Past 5 years this level has never passed 28.00, I see this as a respected market level that...
I see a bottoming process here for crude. For the first time since the june 2014 decline began the ma's are flattening and even the 50 ma is pointing up now (50ma not shown) The bollinger band is narrowing in and todays price actually stopped at the lower daily bollinger band. I'd say price has set in the low on the 13th of jan and has completed it's first wave...
The C-leg in a Gartley harmonic pattern seems almost done and D-leg ready to go. In the very short term I'm bearish... but will become almost "all in" bullish with a decisive move off the bottom. If you cast a glance at my other chart on $USOIL l've made by using the Elliott Wave technique - you'll see that the 1.618 extension of wave 1 comes in around the ...
Posted this late... went in during premarket at 4.08 earlier. There's still lots of upside from this breakout...