STILL SHORT ON USOILAs you can see in the chart, today it wasn't able to cross the resistance.
If today's closing will not cross the 43.20 zone, it's a sign that usoil is still in it's downtrend.
DWTI
US OILQuick TP1 44.65
From there I will show a short if it even reaches. I'm surprised it didn't stop out.
WTI Decending wedge and short term bearish prediction - CRUDEFeedback welcome! NYMEX:CL1! AMEX:USO FX_IDC:USDWTI AMEX:UWTI AMEX:DWTI
A quick buck or an empty tank.... Short-term Short .. Sorry .. Saw an error... Try this one more time. We have added to our shorts. We shorted @ 47.07 This will be a short-term trade of less than 30 days.
Cycle 2016.825. Look it up.
Be safe.. Bug swings coming.
Fund. will channel/squeeze until OPEC. Watching inv/rig countTA memo to myself charting possible contingencies.
USOIL to follow fundamentals/EIA/API/Rigs and channel/squeeze until September OPEC meeting.
Currently at 46.60ish. EIA report was bearish but less bearish than the API report. I am still tempted for potential break-out buy point is at 46.00ish? But another more realistic possibility for me--if last week was just a sign of major short squeeze and we are now at a neutral zone, then we may go back towards the another major short after a failed OPEC meeting. But, because of looming OPEC meeting and rumors of a supposed cap, we may have a little tug of war between the bulls and bears resulting in a channel.
Fundamentals point to bearish: As of today, EIA, API, Baker Hughes are bearish.
Technicals: The pullback is week compared to the jump; but again, the last few week jumps have been supposedly a major short covering and this pull back is likely a neutral pullback.
Conclusion: sideways movement again until the OPEC meeting as news goes back and forth.
Prediction: The week of the OPEC meeting, possible sell-off because OPEC will probably not fall through again.
DWTI Cup and Handle formationCup and Handle formation with an oversold indication on the RSI (Relative Strength Index). ~195 dollar price target.
Trying to Predict Oil Direction If oil remains under 48.8, a bullish bat pattern may be unfolding along with the abc Elliott wave correction.
$USOIL Short-Term PostulationsUSOIL has established a Bearish Gartley further proving that a short-term correction will need to take place in order for the security to continue its rally or pivot to new lows. Now, with the fibonacci retracement system the most notable levels include both 38.2 and 61.8. Also, momentum and selling pressure seems to be increasing as indicated by the doji. Based on that information, we can conclude that the price will most likely react at either 43.56 or 41.89; I will be shorting to both these levels. Feel free to adjust your selling/buying point accordingly. Furthermore, I advise keeping an eye on your momentum indicators and watching the price action carefully to look for a bullish pivot. Thanks so much for the support guys! You interacting with my charts by either liking or commenting inspires me to continue providing you all with my ideas. Again, it's greatly appreciated!
USOIL Head and Shoulders PatternUSOIL is forming a Head and Shoulders pattern on a medium/long term timeframe; it bounced off of the $26 dollar mark, allowing oil prices to rise to a high of approximately $52 a barrel, paying off handsomely for oil bulls. However, now concern is increasing as over extension and limited profit potential, oil bulls are beginning to take profits as selling pressure increases. I'm going to be shorting this from approximately 46 dollars with a stop loss at around 48 dollars. The first resistance point in question is 37.8 then 26-26.1. I suggest looking for a reversal to confirm the Head and Shoulders pattern. Thank you for viewing my analysis.
USOIL Corrective MovementWith nearly a 5% gap between the current price and the base line and the rejection of the 45.92 dollar mark, indicated by the inverted hammer with the green highlight, the security is very overbought we can expect a corrective structure to take place and thus retrace back to the ~43.5 dollar mark. Please note that this is a short-term analysis and thank you all for the positive feedback.
Short OilDon't Overthink it. Over Supply Continues and Saudis will not compromise to anything unless the Iranians are also on board. And we know what the Iranians are going to do PUMP PUMP PUMP.
USOIL : Daily View. Potential Target $36Crown patterns emerges very evidently. Conventional target $36 which is 0.618 fib retracement.
Any news can give breakout from the pattern and rally towards $54-$55
Be careful
Long term trade
Short Entry Price : 44.30 (Candle Close below)
SL : $ 46.65
TG1 : $43.01
TG2 : $38.85
TG3 : $36.03
Pls refer to all Resistance line (Maroon)
PS. Generally I dont believe in support and resistance theory. Those are heaven for brokers.
Happy Trading
Update on WTI Crude Oil: lowered my stop.Need help with Fib fan.Good down day for crud oil. I am lowering my stop from "b" to ".b" (46.07). I've drawn a secondary channel on the 2 hour chart. . I would not be surprised to get some bounce up around 41.85 to 42.50
Longer term I still there is a good chance the correction may go to 50% or even 70.7% (to kiss goodbuy to the long term down trend line although that would seems like a crude thing to do).
I put a "fib fan" on the daily chart just for the fun of it. I was surprised to see the lines match up so well with the recent highs. Does that suggest the correction may be over at the next line around August 25th?. I don't have a clue. Do any of you have any experience with this tool. Would like some help?
OIL - watch this carefullyWatch the Next 50 cents very carefully. Oil needs to make lower lows and stay in the band.
Right now all forces are pointing South
Oil continues to go down on high volume.
MA 50 (Red line) is below MA 200 (Grey line)
China is just starting to end it's massive strategic reserve buying
Iran is doubling it's production
US production has gone up
Canadian stock is hitting the market again
USOIL: potential targets. If you look at my previous posts on oil you will see although I exited early (the chicken effect I guess) the initial target was eventually hit. I would not be surprised to see a 50% correction (to around 39) or even a 70.7 % correction back to the long term down trend line which is now broken (around 33-34). I still favor that after this correction we may well have a good sized rally to new near term highs. Take care. Have a great week.
Oil More Downside Suggested on Weekly & May Impact MarketsOil may retest 50 week moving avg. (bottom of Kumo) or test the Ichimoku base line. Markets may respond to oil in low 40's.
Many oil experts have been claiming oil should turn around in late '16/early '17. The weekly Ichimoku seems to agree. But it also suggest more downside before end of the year.
