As much as I was hoping this would be an abc back up, it can no longer be counted that way where the c wave would equal a, so we must look higher for now. I expect this 4th to be tricky so most likely will stand aside on this till a clearer picture develops.
24 July - OPEC meeting
SCENARIO 1
no production cuts on Libya, Iraq and Nigeria
The price should go up until top of channel 49.60 (max) and then fall down to low 40 - 39.
PS there should be a strong resistance at 47.30
SCENARIO 2
granted cuts on Libya, Iraq and Nigeria oil production.
The price should go up to test the resistance at 47,30.
There could be a...
Crude seems to have reached a solid resistance here. Will wait for a couple of more hours to settle the inventories numbers and will update whether I got into a short position. For the time being I am only watching the price action.
The main idea is to buy oil futures. This conclusion was based on Elliott wave principle. I hope you know basics of this type of techical analysis, if not i suggest you to read elliott wave principle by Robert Prechter.
Lets come back to chart. Overall I suspect that we will see strong impulse move, that will end 4th wave and than we will see new bottom near 15...
CRUDE OIL, bearish channel to break in the next few hours
and long multiday start with target 47.42
CRUDE OIL CLU17 - Sep '17
CROC X1 - Supports / Resistances - Multiday (TF - 1H)
R3 = 48.26
R2 = 47.53
R1 = 47.42
PIVOT = 46.77
S1 = 46.12
S2 = 44.97
CROC X3 - Last Signal (Long Term - TF 1D)
SHORT from 54.64
Since 13/04/2017
I want to say first that this is a risky entry; with oversupply and OPEC possibly disagreeing on continuing/extending/deepening cuts at next week's meeting Monday, we could see prices tumble into the 40.3-41.4 level; however, I think we may be in for some mid term boring 45-48 sideways price action for a while before any larger movements and that prices will take...
CRUDE OIL, a delicate moment
Possible break of the bullish channel in the next sessions,
We should wait to see if the channel will hold or not.
SHORT with hourly closing under 45.55 with target 44.97
LONG with hourly closing above 46.12 with target 47.42
CRUDE OIL CLU17 - Sep '17
CROC X1 - Supports / Resistances - Multiday (TF - 1H)
R3 = 47.53
R2 =...
CRUDE OIL, a delicate moment
Possible break of the bullish channel in the next sessions,
We should wait to see if the channel will hold or not.
SHORT with hourly closing under 45.55 with target 44.97
LONG with hourly closing above 46.12 with target 47.42
CRUDE OIL CLU17 - Sep '17
CROC X1 - Supports / Resistances - Multiday (TF - 1H)
R3 = 47.53
R2 = 47.42
R1...
