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CL

Crude Oil futures: Big upside possibleIt seems Crude oil is about to stage a massive rally lasting 17 weeks. I can see it going between $51 and $77, best case scenario. Ideally it should hold over 37.14 here, to not disrupt the currently active bullish signals on chart. The weekly timeframe and monthly timeframe are a good way to frame the price action patterns that have clearly indicated what price behavior would do since the COVID crash, so they are quite reliable here. Both suggest big upside is possible, so definitely time to be long and pay attention. Cheers, Ivan Labrie.
NYMEX:CL1!Long
by IvanLabrie
3
The market are going crazyI apologize to all my clients and followers who did not hear from me in while due to the lack of clarity of all the markets during the US presidential elections and after. The CL is no exception of that as well since it behaved in way that was unclear for me to take any decision that may lead to a big loss or even a disaster. I preferred to stay away and keep watching till i see what i am looking for. Today, the market opened high giving us a buy signal but the probability to go higher remains at 60% as it is still unclear especially that the overall trend of the CL is low. We will have to watch and if there is any strong signal, i will post it right away. Good luck champs
NYMEX:CL1!Long
by YMtradingsystem
SPX | NAS |USOIL Immediate trade references 22SEPWe have failed to hold lower and have seen a bounce and hold of those levels. SPX key areas is 3280F, Bullish on hold above and bearish below. Hold above 3280 for a test of 3308/ 3324 Hold below 3280 for a move back to 3250 ----------------------------------------- NAS 10955 key reference areas, Has been the stronger of the two hence will expect to lead the way for longs. Will look for a test of 11140 & 111240 Hold below 10950 will look for a rotation and traverse yday range of 10850/ 10790 & Lower ---------------------------------------- USOIL is looking bearish for a hold below 40.40-40.20 regions. Hold below that will look to trade bearish for a move back to 39.50 and lower. swing targets remain at 37.50
FX:USOIL
by PowerTrades
7
Elliott Wave View: Correction in Oil CompletedElliott Wave View of Oil (CL) suggests the cycle from August 26 high has ended as wave II. The correction unfolded as double three Elliott Wave Structure. Down from August 26 high, wave ((W)) ended at 40.22 low. The bounce in wave ((X)) ended at 41.87 high. Afterwards, the commodity resumed lower and ended wave ((Y)) at 36.21 low. This ended wave II pullback in the higher degree. Since then, the commodity has resumed the rally higher. Up from wave II low, wave 1 ended at 38.45 high. Wave 2 dip unfolded as zigzag correction and ended at 36.67 low. Currently, wave 3 higher is in progress. The subdivision of wave 3 is unfolding as 5 waves impulse structure. Wave ((i)) ended at 37.82 high and wave ((ii)) dip ended at 36.82 low. Wave ((iii)) higher ended at 40.34 high. Afterwards, pullback in wave ((iv)) ended at 39.51 low. Oil can push for another high before ending wave 3 and followed by a pullback in wave 4 later. As long as 36.21 low stays intact, expect the dips in 3,7 or 11 swings to find support. However, oil still needs to break above August 26 high at 43.78 to confirm that next leg higher in wave III has already started. Otherwise, wave II could still unfold as a double correction before upside resume again.
NYMEX:CLV2020
by Elliottwave-Forecast
Technical Expectations for CRUDE OIL behavior (explanation)For the Moment, the volumes are weak comparing to previous ones. the red inclined line is a strong resistance which began since 2008, the horizontal yellow line is a support which serves for 16 years now (since 2004). Now there are 2 plans : - If the market breaks (or tests then breaks as mentioned in the chart) the strong red resistance, the prices may fluctuate between the horizontal upper dotted line and the yellow support, since it was an ancient trading range -> see the green arrows - If the market fails to break the strong red resistance, there is no other choice than going down, breaking the yellow support, and fluctuate between the below, dotted line and the yellow support to join the ancient range highlighted in the chart -> see the red arrows (the breaking of the yellow support needs to be strong) Let's see how it would react with the mentioned lines.
NYMEX:CL1!
by GlobalInvestFutures