We see the completion of an ab=cd pattern on the 1 hr chart for Crude oil. The completion of the ab=cd pattern signaled us to sell the pair and price action has already started moving towards our target.
Update- Our positions are currently running in a draw down, but we are predicting the formation of a crab pattern. Our strategy is to sell it at the completion of the 4th leg. TVC:USOIL
Looks like we are having a possible bearish three drive. First bullish wave from 50.38 to 55.75 First bearish Pullback 55.75 to 51.23 ( less than 0.9 retrace of first bullish wave) Second bullish wave from 51.23 to 57.88 ( 1.47 extension of First bearish pullback ) Second bearish pullback from 57.88 to 54. 52 ( less than 0.9 retrace of first bullish wave) Third...
Oil made a nice breakout of the 58 area, apparently it is setting up for a run into probably 60 and higher technically. However, this the 59.1 to 59. 9 zone has some historical resistant. It doesn't mean this up swing from 42 maybe ending, however A break of 54 zone will definitely put it on a reality check. I would suggest the long position to be as close to 55....
Good morning all. I'm currently looking at U-soil for a nice swing trade to the down side. Currently we have broken our daily trend line from December swing low and failed to find buying support around my marked zones. I will be looking to enter a short on the retest of 55.50 - 55.75 area covering short back at January lows. Any ideas or concerns? Cheers.
USOIL is unable to push higher up. It has a weak foundation as support and we can expect it to drop further down below to find a good support before continuing its long term bullish trend, if still strong. Leave your SL above the last high for enough space to move before the breakdown below.
Morning everyone! I hope you all are doing well. Following oil this week, we should continue to stay rangebound with the 50-EMA and the 200-EMA offering support/resistance. No news yet has triggered a push in either direction. Alarms have to been set to trigger at 55.20 and 57.10 to signal upward or downward momentum. If the market continues to stay range bound,...
Morning everyone, So it looks like oil is still in the chute for a price movement. Typically after an Inverse Head and Shoulders pattern, we see the price go up the same distance that can be measured between the head and the right shoulder. There is room for a follow through, but we are finding resistance in the $58.00/bbl area. As I've stated before, oil does...
Based on technical analysis alone, we should approach the R1 level this week, and see a down trend. Based on the Day candlesticks, we should see a slight retracement back down to the indicated level of 56.19 (-1.75%) if the trend line is broken. Since the RSI is hovering near the 70 marker, this indicator could point to a negative week. However, on the weekly...
USOIL Oil reveals a strong signal to us when it back to 56 again, so we should consider long it with no doubt. By the way, its time close to EIA data release and it may cause oil become volatile. In my opinion, consider buy limit at 56.20 and expected oil test 56.65~56.79 resistance area. If oil retrace at chart time 13:00~14:00, then will be a nice chance...
In my previous analysis I mentioned watch the top for a possible short, So Price action tested the top of the expanding channel, tried breaking out but failed, leaving a double top here. It has broken down the trend line so I am executing my shorts here. Trade Safe!
TVC:USOIL Time frame: 4 hours Trade idea description: Crude Oil have been trading in a multi-days expanding channel, so far it is just few points away testing the top of this channel. Over all trend is bearish and market is in a corrective structure, momentum on higher time frames is bearish as well, so keeping bigger picture in mind, i am waiting for this...
USOIL EIA is coming today in US trading time, and be ware of the data impact, it might cause oil unstable today. For daily trading purpose, try to short oil for setting small SL right now around 57.5, although oil still very strong in uptrend channel, but it already rose for 7 days. Therefore, we must be on the alert of oil retrace suddenly in this situation. ...
Watch price action before taking a tradeWatch price action before taking a trade
Current price has hit my bottom trendline, as well as a double bottom, stochastic oscillators also shows its oversold
Last week's rally indicates that two events will occur to support the current rally. Firstly, the United States and China must continue to make progress towards a trade agreement, and OPEC must continue to adhere to its strategy to limit production. This is due to the US goal of becoming net exporters while reducing dependence on foreign oil. Despite the series of...