To all Channel traders, see if this can help. If Crude has finished constructing the channel within which price will progress during its next move down, the marked channel on the chart could provide the framework within which short trades can be taken. Note that this is a 240 channel exploded on the 60 world. Profits can be ...
I think we could see this H&S playing out, coincidentally filling the gap on the 1HR.
Still waiting on OPEC to finalise how they go about cutting production, I think this needs to be resolved before we move out of this range.
With the resistance broken and a successful retest i would strongly advise buying into crude oil because there is also a meeting on the 6th of December which should boost the oil price right up.
o is it time for a BOUNCE?
Look at the evidence, comparing price action and RSI.
On the daily chart there is positive divergence showing now (remember not an exact science), but this does show that the recent selling may be abating.
So where will the bounce go to?
Well using Fibonacci retracements can be a good method for estimating retracement ...
Looks like Crude Oil (WTI) has reached a major support, I am careful here but I am waiting to enter a long, I expected to move up last week but as I never got confirmation I stayed still. Now I see another chance, I will wait to see the EIA report and then decide wether to enter a position or not.
Oil saw massive correction last week and it still seems to be in down trend.
we can expect a short term relief rally to the targets marked in green.
WATCHOUT FOR BREAKOUT FROM THE CHANNEL
DISCLAIMER:
The Legal stuff - I'm not financial adviser and all the charts posted are for paper trading .
P.S make sure you give me a like, that way you get updates as I ...
I came into the Oil market 3 weeks ago, ready to short the break. Shamefully, I was stopped out before my trade could progress. Stops were too tight. A painful lesson.
Oil has now crashed through my initial target (purple), and seems to be aiming at 45.
This was a missed trade.
Just an observation really.
Oil has been free falling from 76 (ish) within a channel for the past month;
It has also just crashed out of the bottom of the channel it's been moving in since Jan/Feb 2016;
Again, part of a larger ...
This 1W chart of WTI Crude Oil gives a great example of many confluences of support.
- Hitting trend line support
- Hitting 0.382 fib from Feb 2016 low
- Hitting 0.5 fib from June 2017 low
- Horizontal resistance possibly turning into support
- 100 MA support
- 1D RSI of 20, signalling oversold after 23% drop in 27 days
Sentiment in this 27 days has flipped ...
I've been chasing this bearish move on Crude Oil (WTI) since 76's Political turmoil has sent it quite deep but it looks it has achieved a oversold state which means it can see a bullish trend in the short term. I want to see how deep this move goes, ideally generating a divergence to set a rally. Remember that Sep-Jan is the bearish period for oil according to ...
Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Crude oil is one of the most demanded commodities and prices have significantly increased in recent times. Two major benchmarks for pricing crude oil are the United States' WTI (West Texas Intermediate) and United Kingdom's Brent. The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as well as market speculation. Crude oil prices are commonly measured in USD. Although there have been discussions of replacing the USD with another trade currency for crude oil, no definitive actions have been taken.
This website uses cookies to ensure you get the best experience on our website. To learn more about cookies, including how to control cookies, please read our Cookies Policy.
