I suggest a sell on a break of the #2 point (72.14) with your stop loss above the #1 point (75.46).
Targets are 69.00 and 66.00.
Be sure to size your trade appropriately. Do NOT bet the farm.
If there has been such a large one week draw on supply, then why are WTI prices heading south? The big reason is news out of Saudi Arabia. Production for June spiked significantly, upwards of 500,000 barrels per day. Traders have latched on to this piece of news, predicting a glut of oil to hit the market in coming months.
As a result, we may get a shot to take a...
TF: 15 MINS
CANDLES: NA
TREND: CON. NEG
HTF TREND: NEUTRAL
MD CROSSOVER: NA
SPRTND BREAK IN LTF: NA
WAIT CONDITION EXECUTION: 10:06
ENTRY: 73.44
TP: NA
SL: 73.60
COMMENTS:
Crude Oil is still very much bullish. Despite the latest headlines on tariffs. We need to remember that commodities trend. So we have to go a fair way to the downside before that changes on a longer term basis. I'm a buyer above $72 at this stage.
Trading Signal
Short Position (EP) : 73.34
Stop Loss (SL) : 74.07
Take Profit (TP) : 71.32, 69.08
Description
CL formed Double Repo Sell at 1d time frame. Trade setup with Sell Limit at 0.382 Level (73.34) and place stop after 0.618 level (74.07). Once the position was hit, place take profit before an agreement (71.32) and 69.08
Money Management
Money in...
WTI is for some downside potential. that can be some sort of the second wave or ALT that can be a third wave of some degree.
Juric research indicators RSX+ DMX signals to the downside.
With current trade tensions between US and China, and the impending supply disruptions of Venezuela, Iran and Libya, the uncertainty is causing oil to whipsaw. I would recommend a small position short on WTI and long position on Brent because the impact on US oil exports to China will create downward pressure while non US oil exporting nations are less likely to...
Based on potential issues with Iran involving the Hormuz Strait I just published and quickly cancelled a chart looking for a run up to 76.5-77.5 and then a pullback to 74. But then thought - if this issue continues to unfold then prices may just continue to grind up over the next month without much in the way of prices pulling back. I am highly advising taking...
Potential 470 ticks: I am looking for a potential Long and Short play in Oil short term. I was recently bearish minded at 74.12 but following the price action this past week I believe we may have another run up coming potentially due to geopolitics involving the Hormuz straight. Trade on the chart is self explanatory based on 2014 Supply/Demand levels.
Note: ...
PRICE ACTION IS UP ON BOTH THE WEEKLY AND THE DAILY, WEEKLY MACD MOMENTUM IS UP, HOWEVER WE ARE ON THE 9TH WAVE IN THE WEEKLY TREND WHICH IS CONSIDERED TO BE "EXTENDED"... WE DONT LIKE TO TAKE ENTRIES LONG ON AN "EXTENDED" TREND... WE ONLY TAKE ENTRIES AT THE BEGINNING OF TRENDS. SO I WILL HAVE TO STAY NEUTRAL ON THIS UNTIL WE BREAK DOWN PAST THE TRENDLINE IN...
There are Jurik indicators Divergence and possible overlap in the downside move. All that add odds for the upside potential.
Or just another 2d wave in the possible sequence
