CL continuationYesterday we didnt get any pullback, but lets see if we can get one today.I consider it as pullback already happened if you can see that wick to the area and rejected...just want to see a nice bullish candle to enter.
CL
oil, cl, trading for Oct 23rdoil keeps getting tighter and tighter and will break out some time soon, but until then my range and expectations keep getting smaller also. so the inside trade is getting hard do to small rant but will watch 54.30 area for rejection and 53.20 area for a bounce.
oil, cl, trading for Oct 22ndBig trading range that will break out sometime but until then will be shorting from top and long from bottom, will update if anything changes, other than that not much else to say
cl, oil, trading for Oct 21stNot a lot to say about oil trading other than it is in a range inside a larger range so will be trading it like water sloshing in a bucket
cl, oil, trading for Oct 18thNow we had a very interesting move in the last 24 hours and give us more to play with. Today the red zone is now very small and will give a more clear trade opportunity so will watch close. That said being Friday the move after this pop can be consolidating.
I can see a pull back all the way to 53.75 before the up move takes off again and below that area will not lean long but think more like expanded range. And any move above 55 is to be looked upon as nice and bullish, but will wait for retests to get long.
4HS and Daily Analysis on US OIL by ThinkingAntsOkUse this as a guide to develop your own setup
Main items we can see on the 4HS chart:
a)Currently, the price is on a corrective structure (Flag Pattern)
b)Flag Patterns are considered continuation structures
c)The Only level that remains as a solid Support zone is the current one
d)We will be waiting for a breakout of the structure, and then a small correction below the Flag Pattern
e)If that happens we will trade the breakout of the small correction (Green and red arrows)
f)If this scenario goes as expected, we have a really interesting Downside potential.
Daily Analysis:
cl, oil, trading for Oct 17thNot much to be said other than we have a nice big trading range to play off of.
cl, oil, trading for Oct 16thone more day of range bound oil trading it looks like so not a lot of new things to say. The major range is 53.80 down to 52.35 so action inside that range is going to be back and forth two sided trading,
Oil inventory report is not till tomorrow this week!
Colgate-Palmolive - New Downtrend!CL has been downtrending in OBV, RSI.
Today CL broke its 200SMA. Which is a technical tool large institutions use to short positions.
On a weekly chart, we are now resting on top the 50SMA. If we can't get a some support there, I expect CL to drop to $64.
Daily and Weekly Analysis on US OIL by ThinkingAntsOkUse this as a guide to develop your own setup:
Main items we can see on the Daily Chart:
a)The price made a fake on the Beairhs trendline and then re-enter the zone again
b)Currently, we can see a Corrective Structure
c)The Corrective Structure is on a major Support zone, the last level the price has before going to the next support zone at 43.00
d)We will be waiting for the breakout of the Structure on a lower timeframe, such as 1H, and we will look for a small correction below the current structure.
e)If the situation explained in the previous item happens, we will trade the breakout.
Weekly Vision:
cl, oil, trading for Oct 15thtrading near settlement price of the day prior and looking decently balanced so will be looking for either a test of the red zone or a break out or the same zone. how i trade will depend on the response around the red zone top and bottom.
Both higher and lower are possible so will have to be observant to pick off good trades today.
cl, oil, trading for Oct 14thAfter a strong up move we have returned back into the 6 day consolidation zone, this is either a market finding support to move back to Fridays range or a market wanting to be complacent and move back to it's comfort zone of the prior weeks common range. I will be watching close to see if we get a upward reaction or further complacency.
cl, oil trading for Oct 11thcurrent look could be a flag and this is likely to resolve upwards. the current move is long and balanced so this both leads to a action resolution. As always will be watching my red zone for direction and the blue solid targets to manage gains.
cl, oil, trading Oct 10ththe last 6 settlements on oil have been inside a 60 cent range so oil has been going no place, so very balanced. Balance leads to unbalance and could have a large move coming so will be watching close for that.
There is good back and forth action inside this balance zone so will trading that sloshing until we find clear direction
Crude Oil - 4h Chart AnalysisThe trend remains bearish for now but it`s possible to see a retrace towards the Resistance Level of 53.25 with the condition that the price will cross the Pivot Level.
But if the price will bounce back from the Pivot Level, the main scenario remains the one according to which the target price is the Support Level of 52$/barrel.
cl, oil, trading for Oct 9thtoday is inventory report day so I will be very selective until post report.
Oil is in a big balancing zone between 53.30 and 52 and has no clear directional bias until we move outside this range. however inside this range can provide some very good trading spots so i will be focusing on the top and bottom of this range, and look at the middle of the range as a hard to trade chop zone.
oil, cl, trades for Oct 8thThe current move is bearish and could be signaling a further down move. I will be looking for a bounce up to 52.63-73 area and if it rejects will find a short to get on. If we impulse up to this point I will see if pattern is good for a long trade back into prior higher range. The down move looks like it could take us to 51 if that is the direction oil goes.
oil, cl, trading for Oct 7th one more day where the upper boundary maybe tested before I can get the post published. If we get the break above will watch for some type of retrace to get long from and shoot for one or more of the upper targets.
cl, oil, wti trading for Oct 4thafter teh big down move a few days back the oil markets are consolidating and forming a balanced trade zone. Balance leads to unbalance so the next move will be a readjustment out of this area and this is looking more to be a long move than short, but will let action control the trade not my bias.
will watch the aprox 1 point range for back and forth trades and then pick a side on a break of the red zone.
Oil's buying Opportunity - A return back to 60s Levels?Fundamental Analysis: It’s been nearly three years since the world’s top oil exporter and OPEC’s de facto leader Saudi Arabia forged an alliance with Russia to start managing oil supply with the hope of rebalancing the market and ensuring, in their words, market stability, in other words—higher oil prices.
While they have managed to put a floor under oil prices, the allies in the OPEC+ deal have failed to materially move prices higher. With fears of demand faltering, the leaders of the pact—Saudi Arabia and Russia—face a tough test ahead.
On top of these questions, the leaders of the OPEC+ coalition are now facing another force on the oil market—increased unpredictability in geopolitics, as the attacks on vital Saudi oil infrastructure that knocked 5 percent of global oil supply offline for a few weeks showed.
Technical Analysis: The WTI Crude Oil market initially fell during the trading session on Thursday, before bouncing significantly to form a hammer later in the day. All things been equal though, the $50 level underneath will probably be attempted but a short-term bounce may happen between now and then. If we were to break down below the $50 level, that would be an extraordinarily negative sign. The RSI has now reached the bullish pressure line, increasing the odds of a reversal. A push upside will lead oil to the institutional levels at 60$ per barrel.
Holdings: Bought Oil @52.60, USOU @16.91 and UWT @9.27.
oil, cl, trades for Oct 3rdWe are on the top of a 2 point cliff and if oil drops below 52 then the next 2 points should be a easy drop. and a move above 53 that holds could be a nice up move recovery.
I will be trading the 1 point range back and forth until it picks a side
oil, cl, trading for Oct 2 ndtoday is the inventory report so will be most likely sidelined until post report. Will be watching to see if Cushing's bottle neck is cleared up. The immediate boundaries are marked on the chart and they need to be broke and confirmed for go forward direction.
cl, oil, trading for Oct 1stThe big range from yesterday is still in play and will remain so until violated.
Today we have a smaller balance zone that could bring some decent intraday move to the bigger boundaries. At this point will be leaning more short.
