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Cl!

Trade the Price! Hold Long Until Trend BreakWTI Jun18 CL1! 20 Apr $68.06 May closed Friday with a final OI of 3.7k contracts. June volume was down 140k on the day and OI reduced 3.1k Generally volume will trade lower for the remainder of this month then start to pick up early May and increase leading into contract close on May 22. So I would expect price to fade during this month, in the absence of an event, and then rally during May, but remember everything is relative. So fades and rallies will be around significant support and resistance and what price is doing - Not supposed to do. Right now, the uptrend is holding. My drawn rectangle is the activity area. Price needs to break and close below the uptrend line to suggest down side. Otherwise it is still up. It is dangerous to pre-empt a change in trend! Don't do it! wait until the upward sloping line breaks with a close. If it does break, first support is at $66.60 then the swing low at $65.56. Fibs are at (69.56 - 61.81):= 7.75 * 0.5 := $65.68; $64.77; $66.60 which align with Supports. Above major resistance is at a stratospheric $73.75, with secondary resistance at $69.70 and a significant $71.30 I favour the downside initially, but for once, I will follow my own advice. I have outlined our trading strategy and plans in an earlier post - trade the channel. Now you know what I know. Trade using your brains and what you see, not emotion nor opinion. ... just another 2c worth ..
NYMEX:CL1!
by Oh_If_Only
Oil: I'm neutral on it for the year...I've been contemplating wether oil can go higher or not from here but given the sentiment I had made a guess for price action, that would let it reach the monthly target on time, before collapsing. Longer term, It might be an excellent buy once it does retest support below, but for now it's not something I'd reccomend buying. I do like the $CAD long, and it shows a big spread vs oil, so I keep exposure via that trade, but oil is only 4% of Canada's GDP, so it's not such a big drag on it if it doesn't go up. I'll be watching it from afar, and reccomend doing the same this year. Cheers, Ivan Labrie.
TVC:USOIL
by IvanLabrie
5
WTI Crude - AB=CD Bull with rangesOil "appears" toppy but is strong trading week of 04/15. After a $3 pullback week of 04/01 WTI saw a significant jump despite inventory numbers proving Bearish week of 04/08. This was accelerated due to obvious fundamental forces. But also, see my prior study below and notice how the technical's were demanding a $67 price point before last weeks Syria drama took front row. I personally snagged 5 contracts long 04/06 @ Friday close. Aside from obvious API/EIA numbers this week I will be paying attention to anything fundamental related as it seems to be in the drivers seat. Every foot in the mouth or economy related news item should create good opportunity to scalp momentum strengthening/shifts in the order book. I will not be holding anything long without a 100+ tick buffer. and take profit stop. Pay attention to the provided fib levels and think about where the market can move above or below each price point. For newer traders sometimes its good to just sit and watch because things can get unreasonably volatile between 9-11am EST. GLTU
NYMEX:CL1!Long
by j_nathan
14
Daily Outlook CL (Short term/Long term)EIA reports are published at 10:30am EST today, these usually move price significantly. The report along with various sentiment can be viewed here www.investing.com Short Term: After a failed bearish breakout yesterday, price maintained itself in a bullish channel during asian trading. Today's reports will probably determine which way it breaks out. With relatively more proximal resistance than support, there is more downside than downside potential. Long Term: Despite recent bullish activity, there is heavy overhead resistance which will likely limit upside potential. Barring any macro events (Trump in Syria), there is more downside potential from a statistical perspective.
FX:USOILShort
by CasualFinance
Jun18 WTI CL2! Oil NeutralWTI Jun CL2! It is rare for a major trend line to be penetrated and for that movement to continue the same day. So that is why I believe we will see some oscillation around this break on the Major for a day or 2 while price consolidates its latest movements. This will also be a major decision event as we have a trend break but a wedge coil under development, imo. If the trend line break does not hold (fake out) then the wedge will propel price higher. Expect at least 2 and possibly 5 tests on the rising trend line but price will be circa $63+ so you will know this. Use the pull backs as re-entry points or add-to's or top ups. Target $66 If price fails to regain the Major the look for a close below the Secondary. Price should retest this old support line now resistance. Look for inverted hammers or pin bar lows to suggest buyer exhaustion. Target $58 Also be aware that the May contract will roll circa April 20 so expect the OI to move about a week before that or on major oil news ... like a Syrian event. Remember material support sits at $60 and $58 I will up date as price progresses. ... just a further 2c worth ...
NYMEX:CL2!
by Oh_If_Only
CL2! WTI Wedge wobble then LongHello Supporters, Followers and General Interest Sideliners, Ok my rectangle got hit and we are sitting on major support. Take Short profit now. This price action is now taking on a developing wedge appearance. I believe price will wobble here for a few days then break to the up side. Take a Long position if the Red indicator line gets above 40 then rolls over. Ideally wait for a second lower peak and then a move down for entry - similar to a divergence. Also watch the MACD Histogram for higher trough bars. I will update with price targets over the week end. I will also provide my view on possible down side breaks indicating $60 is the new target. Thank you for support and interest in my views. ... just my 2c worth
NYMEX:CL2!
by Oh_If_Only
5
CL (OIL) - DOUBLE TOP - SHORTGood afternoon everyone! Today consider CL1! more globally. We have formed a classic figure: "double top". This is a very strong signal in a short position, the nearest support level is at the price: 61.27 (POC1), this is our immediate goal. If this level is broken through, the next target at the level of 57.63 (POC2), where the EMA 200 is located, overcoming this level will be a stronger signal in the short position with the potential for movement to the base of the vertices. STOCHASTIC RSI is pointing down, which confirms the forthcoming movement
NYMEX:CL1!Short
by fvb
4
CL GO UP! This week, oil failed to overcome resistance at a price of 66.55 (January). The EMA 50 was pierced, followed by a rebound from the EMA 200. The nearest resistance is 65.51, in case of not overcoming this level, the pattern is possible: a double top with a signal for a short position. Nearest support 64.66. In the near future, more likely to retest the resistance level of 65.51, which is confirmed by EMA 20 and EMA 50. Our trading robot is also aimed at a long position I do not recommend entering into a deal or making conclusions on Monday, at the beginning of the week there is a set of positions of large companies. All good trades
NYMEX:CL1!Long
by fvb