Opec to cut or not to cut?
* I trade Oil seldomly however this binary position caught my attention.*
1.This trade derives from my view regarding cartels - a view which follows the logic that they only work when the cartel makes an arrangement that is beneficial to all parties, wholly from a profit perspective.
2. Formal action of Reducing output is unlikely to...
USOIL (1D) has formed a butterfly pattern and I would expect a downtrend in the price to follow, this theory is also supported by a change in MACD. There will be a test on this trend at around 49 (fib 0.786) which forms point B in the pattern. There will be a further test along the barrier indicated in green which the price is reached, which I would expect to be...
As you can see we have a trendline that's been tested on several occasion. It's safe to say to go short here - we've also got support by 100 bar weekly MA being a resistance. Watch for false breaks TP when price get's around the lower violet trendline
Looking pretty harmonic here!!!! $42.70 looks like good support on the 4h chart. Might look for a bounce off of the.618 retracement or a move down to point d with a potential reversal zone of $41 to $41.75
1) Oil has been making lower swing highs and and swing lows
2) Expecting a new low to be formed around 46 zone @ daily resistance zone
3) A Break and restest of the trend line will warrant short entries
4) Downside Target 1 42.50 zone
A bullish gartley-type formation has been posted on USOIL (although ideally the CD move would have been greater for an exact Gartley). However, this pattern has been accompanied by daily candlestick reversals (Bullish hammer, inverted hammer and Bullish outside bar). This ties in nicely with a MACD reversal expectation and the Commitment of Traders report showing...