ON THE DAILY WE HAVE A STRUCTURE WHERE PRICE HAS BOUNCED BACK FROM THE 43.00 FIB LEVEL.
ALSO THERE IS A SQUEEZE MOMENTUM PATTERN WHERE PRICE WILL MOST LIKELY FALL TO PROFIT TARGET 40, 8 AND PROFIT TARGET 33.63.
ENTER TRADE JUST BELOW THE 43 FIB LEVEL WITH A STOP JUST ABOVE 44 LEVEL.
PRICE SHOULD AFTER THAT TEST THE RESISTANCE TREND LINE AND FALL TO
PROFIT...
Mark for me to make the decision
IF bullish, it may bullish to 52.22-52.78 first target, and 55.21-55.96 second target, then 59.46 third target.
IF bearish,it may bearish to 41.46, first target, and 40 second target, then 36 area third target
Im on Long side, hope good luck!!
In this chart I feel oil is bearish until 37.95, we have here on the daily what seems to be an inverse Head and Shoulders Pattern. if prices do reach 37.95 and stay above 37.95, we can see a rally towards 50-51$ and possibly even beyond that.
thus possibly breaking past the downward channel.
keep your eyes peeled for this one.
This does not represent a trade...
In looking at the recent weeks data and the way the price of Oil has reacted to the 15 EMA I am very very interested in a short, potentially from tomorrows open. I may have a look at the price in the early European session to see if it pushes up to even touch the EMA - just to get the best price. But I would predict a strong decline tomorrow based on the...
Pivot: 44.40
Most Likely Scenario: long positions above 44.40 with targets @ 46.00 & 46.90 in extension.
Alternative scenario: below 44.40 look for further downside with 43.85 & 43.30 as targets.
Comment: a support base at 44.40 has formed and has allowed for a temporary stabilisation.
As posted earlier i think Crude is on a crucial junction here. A closeup look at the structure revealed a nice short set up. Price action at the Orange Excursion line we zoomed on friday will tell if it is just a scalp or something bigger. If we rebreak that line, the short could be kept open for a bigger downside move. If we bounce back up i will be looking for...
Overview:
The Crude oil market had a fairly negative day on Monday, as market continue to worry about all things European Union and United Kingdom related. The primary trend of Crude oil is bearish on charts. On its 4 hourly chart, market is trading below 100 days moving average. It is having important resistance at the level of $48.12 and support level at the...
Pivot: 47.75
Most Likely Scenario: long positions above 47.75 with targets @ 49.30 & 50.20 in extension.
Alternative scenario: below 47.75 look for further downside with 47.30 & 46.80 as targets.
Comment: the RSI advocates for further advance.
Pivot: 47.50
Most Likely Scenario: short positions below 47.50 with targets @ 45.55 & 44.50 in extension.
Alternative scenario: above 47.50 look for further upside with 48.50 & 49.30 as targets.
Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
Pivot: 48.72
Most Likely Scenario: short positions below 48.72 with targets @ 46.50 & 45.55 in extension.
Alternative scenario: above 48.72 look for further upside with 49.30 & 50.00 as targets.
Comment: the RSI is mixed with a bearish bias.
