ridethepig | Oil Macro FlowsHere we go for another round of updates to the Oil chart...
📍 Oil TBC....
Cl!
CL +800 Tick push above $42.00CL daily time frame is just under future resistance 42.00. If the market can close above 42.00 on a daily time frame. I am expecting the market to push bullish towards 50.00
Impulse or Correction on Crude Oil by ThinkingAntsOkMain items we can see on the chart:
a) The price has been ranging between 40 and 35 for several weeks
b) Currently, we are observing a bearish movement
c) We have a Bullish perspective on Crude Oil with two variations
d) FIRST: The price reaches the lower line of the yellow channel, and after that, we have a bullish movement towards the next Resistance
e) SECOND: The price retest the Support zone, and after that, we have a bullish movement towards the next resistance zone
scenarios for the Crude Oil (CL) Hi traders, concerning the CL I expect two possible scenarios:
1st (green arrow): If the market has sufficient green, strong volumes the market will go over 42.21.
2nd (red arrows): I think this is the most probable situation because of the last small sizes of the candles, as if the ascending behavior is losing power. So I expect a possible bumping into the 0.786 level to drop to 34.63. Your opinion interests me!
crude oil future target the resistance in yellow is inclined up (on daily), which means for the moment we give privilege to buying instead of selling, moreover, the candles have tested many times the resistance (the ellipses) so it seems to be correct.
If the news is positive, the target of the petroleum will surely be the previous trading range (PULLBACK), so we need some green volumes there to achieve this target. Otherwise, if the resistance is broken, the market would drop.
(note that the last candles's sizes are smaller and smaller + we observe more and more volatility in this market).
TRADE CRUDE OIL AT RECTANGLE BREAKOUTTHE MARKET MOST LIKELY WILL BREAK THE RECTANGLE TO MAKE A BULLISH TREND.
IF IT BREAKS THE TREND LINE AND THE RECTANGLE FROM BELOW, SELL OIL.
WTI USOIL H&S SELLHey everyone!
On the chart above we can clearly see the Right Shoulder of our Head and Shoulders forming right now!
This means we have a great chance to sell now with a TP@37.04 where our Neckline is.
Once this level is broken we can expect a much bigger drop of at least 4 USD.
Take profits are on the chart.
You can follow me on telegram for news and signals here: t.me/pipsbay
i am waiting to sell on 41.00$ put your sellimit and buylimit ,but up + trend expected
AC indicator (accelerator) in 240 min is very very important on oil and gold
CL (LONG)Possible PULLBACK on the yellow SUPPORT.
If the candle breaks it and closes below it, CLOSE the position.
USOIL: Likely a top by now...The same pattern is visible in $DXY and all major pairs, as well as in $SPY. The recent bullish trends we had are peaking, and already show a reaction right after FOMC.
I would assume oil will go back down, retracing at least half of the surge from $0...
Entering shorts near resistance here might pay off, or at the very least, being aware of this trend to trade pairs that are correlated to oil like $USDCAD and $USDNOK, or $USDMXN, or simply shorting some energy stocks.
Keep an eye on it here, if the high holds, it's likely to fall from here for a while.
Cheers,
Ivan Labrie.
Oil - running over 200 pips.....Strategy works on all instruments.
Lovely buy on oil, running over +200 pips.
Lets see where this goes, could be a big one but we will now wait for TP2 - to make risk free and/or close on opposite signal.
Regards
Darren
CL: Crude Oil Forming a Reversal Top?Crude Oil reversed from its highs of last week near $40.7, almost closing the gap. The chart rallied up to its 50% retracement level ($40.7) of the recent major decline and is now pointing downward. Possible next retracement levels are: 78.6% ($35.39), 61.8% ($31.14), and 50% level at $28.7. MACD is forming a top; RSI is pointing downward.
Fundamentals are bearish: Supply cuts have been confirmed by OPEC+ last week, but only through July, which is a short-term measure. Inventories showed a build of 5.7 Mb for the week of June 5 (EIA report). Lack of demand is a major concern to investors, although production is slowing down. Supply is still ahead of demand.
