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Cl!

USOIL Look Ahead for week starting 1/19/20The future USOIL, symbol CL, is in a Bear Market with price trading above the 50 ema, which is below the 200 ema, which is below the 800 week ema. The long term emas are mostly flat, indicative of an accumulation / distribution zone. Price has closed below the 13 ema at 58.85 on the weekly, so therefore, the Bear Market Rally can be considered over. Last week was a red bodied candle with a long lower wick, which is known as a Hammer. Hammers are bottoming candles that have to be confirmed by the next candle trading higher, preferable a long green candle. Price action tested a long term trend line, but did not close below it. The larger cycle period length Elliott Wave implies a rally above 66.58 to complete this primary b-wave. The Market is in a Bear Market on the daily, with price below the 13 ema and the 50 ema which are still above both the 200 and 800 emas, but the 200 ema, at 57.81 still below the 800 ema, at 58.36. Price broke below a long-term trend line last week, implying a potential trend change. A likely down side target for this x-wave sell-off are the 200 and 800 emas. We’re still in an downtrend as long as each day closes below the 9 &13 emas at 59.48. We got a couple dojis as part of a morning star pattern last week, implying a potential bottom. With the emas flat and as close together as they are, we are likely to see a lot of trading range activity, stop hunts, and all kinds of other malfeasance until the Real Bottom on this x-wave gets put in. This is the kind of market that chews up trading accounts. The Market is in a deep correction of a Bull Market on the 4 hour, with price below the 30 and 50 emas, which are above the 200 ema, at 59.51, which is above the 800 ema at 57.83. Price would have to close back above the 9 & 13 ema, at 58.53 to consider the correction over. The way this market is trading expect a retest of the lows… This is my USOIL look ahead for my own trading purposes. FUTURES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
FX:USOILShort
by Cincinnatuus
/CL Crude oil shortLast Week made a huge bearish engulfing candle on big volume, so looking for continued weakness in oil. Currently in a descending channel after mid-east tensions have subsided. Market still seems to be slowly zig zaging down in this channel, perhaps waiting for a catalyst to continue further down. Aiming to enter at top of channel with confirmation of weakness and looking for targets at 56.50 and 56.00 Must be weary, oil has been making wild swings in smaller ranges
NYMEX:CL1!Short
by amirtrades
oil, cl, day trading for Jan 14thOil yesterday made a clear break of the red support and ran hard as mentioned could happen. It is now in a new lower distribution and is saying further down as long as we do not go back above red zone top. This said does not mean a balance zone in this area does not form so will be watching for shorts around red zone top and then looking to see if oil is going to balance or break lower. A break back into the prior balance will probably have us chopping back in the range the market held for a few days.
TVC:USOIL
by alleytrader
Trade Idea for a Short Scenario on Crude Oil by ThinkingAntsOkUse this as a guide to develop your setup: Main items we can see on the 4hs chart: a)The Price was rejected from a major resistance zone b)Currently, we can see the price on the lower trendline of the ascending channel c)If you are thinking about trading short scenarios, we will wait for a corrective structure in the current area. d)The corrective structure must be an ABC or an ABCDE Pattern (Triangle/Zig-Zag/Flat/Irregular) e)If that happens we will set short orders as shown on the chart Remember we are not discarding a long scenario here (a bounce on the trendline) we are just explaining what would be an optimal scenario for short trades.
NYMEX:CL1!
by ThinkingAntsOk
USOIL Look Ahead for week starting 1/05/20The USOIL, symbol CL, is in a Bear Market Rally with price trading above the 50 ema, which is below the 200 ema, which is below the 800 week ema. The 50 week ema is currently slightly up trending, but by and large the long term emas are mostly flat. This implies an accumulation/distribution zone. The intermediate term Elliott Wave implies a rally above 66.58 to complete this b-wave. The Market is in a Bear Market Rally on the daily, with the 50 ema above both the 200 and 800 emas, but the 200 ema still below the 800 ema. Price is above a long-term trend line and has been trading in over-lapping corrective waves above the 9/13/30/50 emas. A likely upside target for this rally is $64.5. We’re still in an uptrend as long as each day closes above the 13 ema at 61.07 and the uptrend line. The Market is in a Bull Market on the 4 hour, with price above the 50 ema, which is above the 200 ema, which is above the 800 ema. Price would have to close below 62.30 to be considered in a correction. The Oil Market is rallying as a result of all the FED Repo and Not-QE money creating a Risk On environment, as well as US tensions with Iran and the potential for war. With the assassination of the Iranian General and the threats of terrorist acts against Americans in the Middle East, Crude Oil should open up, especially with all the break out traders and retracement traders eyeing the 63.33 prior resistance level. Price should then consolidate with stop hunts up and down, and then pull back into the later part of the week. This is my USOIL look ahead for my own trading purposes. FUTURES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
FX:USOIL
by Cincinnatuus