Bearish consolidation has dominated the last few weeks. The daily levels are 56.07-59.41 The weekly levels are 50.63-60.26 Expecting trade range for the coming week to be between: 54.14 - 59.51 with continued consolidation.
Friday the price chart generated an engulfing bearish bar. Monday the prices closed between Fridays prices suggesting either consolidation/turning. Tuesday it broke through the floor of Fridays price, crossed the 21 MA and 55 MA and closed under the 34 HMA in "cover the long" territory. Also, with the prices below the two trend lines - it suggests that the...
it should be going down , the api weekly crude stock release is in a day, it should be another surplus enough to put the crude price down
Confirmed breakout on daily and intraday charts, but seems like a continuation on weekly and monthly charts, could turn out to be a LT head & shoulder though
Rising wedge coming up on upper tl big wedge and second warning line old downsloper. I would short but EIA is coming in 5
Crude did not roll over and die after breaking the uptrend. A BIG emotional candle after a disappointing eia report broke the trendline dating back to january, but what puzzles me is why it did not break down further after the retest of that line from the back. Maybe they are anticipating the BIG DRAW eia report on wednesday and therefore hesitant? Or is this...
It currently appears that the market is forming a triangle sideways correction. The key is that waves (d) and (e) of this triangle patterns do not make any new lower lows or higher highs as set by the preceding waves (b) and (c). I will be looking to trade this when we see a bounce towards wave (e), with stops places above the wave (c) peak. At this stage it...
long term positional short trade based on swing structure and a median set
Monday price action will be telling for the direction of Crude oil this summer. Will we repeat last years drop (started around this time) or has the balance truly shifted? Crude has no more room for messing around so we WILL know this week :)
Oil is set to break out. It will tell us which way very soon.
WTI in the range. If cross above 48,41 look for buy. If cross below 47,50 look for sell.
CrudeOil has reached all its target as per Previous Forecast. Crude has gone up in what looks like a 3 Wave up move where Wave A = Wave C after which it started to decline and made a bearish candle stick pattern of bearish engulfing pattern. There has been consistent divergence with MACD for the wave C up move indicating that this is perhaps not a 3rd wave rally....
BIG CRASH IS COMING I GUESS.. SO FED NEXT WEEK WILL RISE RATES I GUESS
I had hoped to take a few days to get back into the water... But looks like we need to jump on this big Bombora.... It could play out for a while. Funny how these things form. We need to get a pretty good run from the first drop in. Bros with Rhinos will soon join the crew. We are going short with a stack of bones. Let's just hope we avoid a rail bang... ...
Green Arrows at bottom are bullish forecast, red arrows are bearish. This is purely technical, I recommend to wait for Doha to see what happens.
Accumulation positions for a Big Short after May or maybe June, when the FED rise rates