As seen on the chart, the price was rejected emphatically on the Higher High of the 1D Channel Up (RSI = 53.179, MACD = 1.090). As a consequence (with the 4H Rising Wedge also broken) the Channel Up will now look for a Higher Low (Highs/Lows = -0.3729) and the potential buy zones are: 69.01 - 69.50 and 67.80 - 68.20. We will enter equal long positions on both...
Extremely well measured bearish butterfly with bearish divergence. I strongly believe we could see crude go down to $52
CL is in an early phase of a down move. It might now be within this week, but it is coming very soon. Prepare for war-rumors and middle east crisis bullshit, as these events will likely trigger the top.
The current price movement could be the BIG B (with subwaves abc in it) of wave 4 or it could be the start of wave 5. Nevertheless, it's impulsive (5 legs). The plot are just for the nearby targets. The targets in the white boxes could be lower/higher. Those are just high probabilities.
SEE NOTES ON CHART
WTI is showing weakening bullishness as the price is making a new high for this year while RSI is not. The rally may not be over yet, so this divergence may be resolved with RSI catch-up, but some resistances in the market need to be overcome. First barrier would be a Fibonacci level. Usually in the corrective wave, the length of ((C)) would be same as that of...
All information given inside the chart and this is an update for the previous sell LIMIT trade idea from me. I shared this for educational purpose only.
The Index is currently looking to bounce at the bottom of the price channel in the one hour price chart. The index price came down after reaching the top of the price channel in yesterday's trading session and finished the session at 72.45 just below 72.53 resistance. Today's session started with the index price moved up towards the top of the price channel but...
Fundamental factors continue to push the prices for the asset up, but it's getting harder to grow the asset with each new frontier. As we see, taking each new peak is accompanied by a rather long period of consolidation. That is, growth is no longer an explosive nature and buyers need to spend a lot of preparation before taking the next line of sellers’ defense....
The last year in the oil market was rather one-sided in terms of impact on the dynamics of oil prices: the OPEC + deal, since the fall of 2017, has finally shown its effectiveness, resulting in the elimination of surpluses in the oil market (world oil reserves are close to the 5-year average); the escalation in the Middle East keeps investors in constant tension...
Thanks to @manish_damani for his comment on my previous post entitled "Monthly Wave Count For Crude Oil" This chart is an alternative wave count for my previous chart: There is a solid ground that we are around the top of wave 5 of wave C, instead of wave 3. The reason is...there is an ending diagonal (refer to the turquoise converging lines at the right side...
Crude oil prices have reached its 2 months high and have breached 72.31, a critical resistance price point in today's trading session. Prices were fluctuating between 70.84 and 72.31 for a week but the situation changes today and prices started to move back up after remarks from the U.S. secretary of state Pompeo regarding the geopolitical concerns over Iran and...
The 4H Rising Wedge is near hitting the 72.60 target on balanced RSI, Highs/Lows and B/BP numbers (63.436, 0.5650 and 1.1720 respectively). Although STOCHRSI, Williams and CCI are overbought, the uptrend Channel can extend even higher as the supporting line on the Rising Wedge provides support above 70.90. If broken then the 1D Channel Up will make a pull back to...
This idea is valid ONLY if price breaks 70.66. If price doesn't break 70.66 and rebound, my preferred wave count is still this one: