I think we head remarkably lower before we break out of this long-term downtrend. The triangle will be breached eventually, but I believe the $35 target level may be in order this year before moving higher again. What will they use as an excuse for such a scourge? "Saudi/OPEC turns on the taps to fight US Shale oil market share?"
Prices for Crude Oil are down -20% from last year which means the bearish outlook is priced in. The bearish outlook is that the -16% drop in consumption outweighs the -7% drop in production plus the 4% increase in inventory stockpiles. Bulls want to know if demand has bottomed or not and since consumption tends to be highest in Jan-Feb, it might have further to...
There's too much noise. Covid lockdowns, vaccine hopes, China trade retaliation, etc. Technicals: There was a break out of the wedge that most traders have drawn out however, I think it's more likely price breaks back down in order to build momentum for the next move higher. Ideally, there could be some good buying opportunities around the 200 EMA on the 4hr...
Oil likely to remain range bound until the Covid situation is clear. All eyes on New York. www.worldometers.info $40 is the top of the range. Somewhere between $28 and $35 is the bottom. Waiting for a bounce to start buying dips and then taking profits near the top of the range. Roni Baloni: If things aren't as bad as they seem and a daily candle closes above...
Short the crude oil before OPEC meeting..
very bullish when/if previous resistances establish itself as support
Whats up Traders - I entered an oil short an hour or so ago.I do believe the purple channel / trend line will break and we will head towards the pink box. Good luck. . Set your TP's and SL's dont be a dolt. I use DWT for this position, but there are plenty of less leveraged tools out there.
There’s a huge supply scare approaching our shores, but I think it’s priced in at this point. We got the news March 8th and the markets made there moves. Shutdowns were announced a week later and market dipped lower. We are now talking about reopening... Plus a weakening dollar. Oil industries reducing capex across board. This is all adding up to be a slow...
I'm seeing 10 dollar jumps in oil off this trendline- Clearly it's volatile and scary to trade right now. The media is scaring everyone shitless with no where to hide, but we have a bottom coming. I'm not sure we will touch the lower trendline, but if we do expect another 10 dollar pop, if not higher. Resistance is at 40 and I expect to see reached whenever...
Needs to bounce here soon otherwise may go straight to 17-18 area
I also do not think we are finished moving down with Oil. I think we are in a complicated expanding ending diagnol and can reach $47 range in a week or so
US has been in an extreme bearish trend for the past few weeks. If price breaks below 52.00, on a technical basis, we may expect price to fall towards 44
Loses 50.51-51.00 support area and recession closer than many think
The assassination of the Iranian terrorist had caused the OIL prices to rise over unexpected consequences of the event on the middle east. Despite that spike in price, we still think there is a good opportunity here for the downfall. If the resistance line breaks, we will get out of the trade. Otherwise, we still in it.
There are few indicators that lead to the decision to short Crude Oil. First, the chart has performed an unsuccessful attempt to break the 0.618 Fibonacci retracement, which is also a strong resistance line over the years. Second, the RSI, as highlighted, is showing exhaustion at 62.64 points. It is also the resistance in the last pull down. It might be not...
How much higher will we go? Price has printed a rising wedge pattern indicating exhaustion in the market. We will be waiting for a break of trend with corrective structure to the downside.
Last week we had a massive push to the downside breaking the trend line support. We may have a pullback/retest to 56.25's before we make a further push to the downside. If price indicates sell confirmation at retest, we will be entering short positions.