The CL is still going down on the 15M chartThe Cl started a bearish move from the very morning showing a bearish move but there is still no big momentum that will show the real direction of the market.
CL
A great winning trade on the 30M chart in CLAfter re-analyzing the market, the CL could break the rectangle of the treading range showing a great momentum towards the bottom giving a great chance for the bears to sell the market and then exiting at 39.80 with great profits.
A significant buy signal is forming soon!The CL is trying to continue its bullish move after it bounced up from the support area that was a significant resistance. If CL does not break the support zone, we will see a beautiful buy trade and finish this week with an important cash.
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
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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
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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
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.
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.
Crude oil On the top, we can see a rising wedge and we already break out the resistance line.
waiting for 23.6-32.8% level Fibonacci
The additional shift of workers to remote work is a bad prospect for the oil industry. This means that tens of millions of people in developed countries will greatly reduce the movement of their cars.
Only this factor for 2021 means a decrease in world oil demand by 0.4-0.8 million barrels per day (or 0.4-0.8% of oil consumption).
Best regards EXCAVO
Bearish Idea on Crude Oil Consider this just an idea, IF the scenario happens, we will have an interesting setup to take, and if not, we don't do anything, and that's always good for your trading capital.
Main items we can see on the chart:
a) The price was inside a compression
b) Currently, we can see a bearish breakout of the previous structure
c) This doesn't mean that the price should start a new bearish trend. The price has been on a bullish movement since APRIL; we need confirmations first.
d) That's the reason we will wait for a clear pullback to the broken structure. IF that happens, we will trade towards the next support zone.
Elliott Wave View: Further Upside in Oil (CL)Elliott Wave View of Oil (CL) suggests the correction against the cycle from July 30 low has ended as wave B. The dip unfolded as running flat Elliott Wave Structure. Down from August 5 high, wave ((a)) ended at 41.33 low. The bounce in wave ((b)) ended at 43.29 high. Afterwards, the commodity resumed lower and ended wave ((c)) at 41.45 low. This ended wave B pullback in the higher degree. Since then, the commodity has extended higher and broke above August 5 high, confirming that the next leg higher in wave C has already started.
Up from wave B low, wave (i) ended at 42.89 high and wave (ii) dip ended at 42.42 low. The commodity then extended higher in wave (iii) towards 43.57 high. Wave (iv) pullback then ended at 42.77 low. Currently, wave (v) is still in progress and could see another marginal high before ending 5 waves up from August 21 low as wave ((i)). Afterwards, 3 waves pullback should happen before upside resume again. As long as 41.45 low stays intact, expect the dips in 3,7 or 11 swings to find support. The structure from July 30 low is unfolding as zigzag Elliott Wave Structure. Therefore, the potential target to the upside for Oil in wave C would be 100-161.8% extension of A-B between 46-49 area.
Brent and crude: the story of one resistanceGap fill straight into major weekly resistance for both $CL and $BR. Good place for a significant retrace.
A great long trade is going on the 15MI still see a great opportunity to buy crude oil on the 15M. I am going to give you the signal when you should close this trade!
Looking for the first push on CL +130 ticksCL one hour time frame is above the 42.00 known U-turn level. I am waiting for the market to close above the counter trend line bullish above 42.00. I am looking for the market to push bullish about +130 ticks towards the one hour up fib extension. If the CL is too much margin there is also the QM which is the E-mini version.
Petroleum (CL) very shy recentlyHi trader, After the sharp crackdown of petroleum, it was obvious that a sharp correction will begin. These last weeks (days), candles, and volumes are small, which means a lack of strength in the move.
2 scenarios:
- We can expect we will assist a correction of the move and then an ascending behavior will occur (red arrows).
- We can expect some volumes that would allow a PULLBACK to the previous trading range.
Let's focus on volumes!
Selling signal of CL (Crude Oil)the next target of CL is 39.61, and if selling volumes are important, it will go to 38.76
Many signals approve my idea, the market has broken down the VWAP first. And there are chances that it could break the blue dotted line (the market resisted many times recently). In terms of prices, the RSI also broke its uptrend behavior which is coincident with 50% level.
Also, is you apply EMA (14) and EMA (21), you will see that 14 period one crosses down the 21 one.
Simple Analysis (CRUDE OIL future - sep 2020)The market is to be watched over the coming days to exit the range, it will either go up or down. Follow and share
$USOIL #CrudeOil - Buying on a $40 Handle is a GIFT profit targets (41.42, open) & invalidation (volume breakdown of 39.75/39.50 levels) marked
Trade Safe
TRADE CL AT BREAKOUT (CRUDE OIL)THERE ARE TWO POSSIBLE SCENARIOS:
1. CL will breakout the resistance and skyrocket to touch the target
2. CL will breakdown the support of the pitchfork and touch the target below
TRADE ONLY AFTER BREAKING ONE OF THE TREND LINES.
