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...
Hello,
Description on the chart.
Even more safe bet would be to wait to see if there is a break below with conviction or a break above with conviction.
GL
Looking like a cup and handle pattern forming. There have been a number of touches on that daily 50MA and falling trend line. Retail reaction to EIA report will very interesting
CRUDE OIL, It strengthens the long-medium-long period movement
started July 12 from 45.74 on the future CLQ17
In the next sessions should come to test the resistances in zone 47.21 / 47.32
I expect some sales in that area, which will make it go down a bit,
but without affecting the medium-long trend, which remains long until it don't closes
an hourly candle...
CRUDE OIL, It strengthens the long-medium-long period movement
started July 12 from 45.74 on the future CLQ17
In the next sessions should come to test the resistances in zone 47.21 / 47.32
I expect some sales in that area, which will make it go down a bit,
but without affecting the medium-long trend, which remains long until it don't closes
an hourly candle...
