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Brent Oil - Bottomed out, but needs to break above $52.62Once is a fluke twice is a coincidence and thrice is pattern! Brent Oil is once again staging a rebound from the 200-DMA at a time when the RSI is oversold. I am pretty sure here that oil has found a bottom around $50-$49.75 levels… as the multiple daily candles with long tails suggest. However, I would want to see prices break on the upside of the minor falling channel followed by a jump above $52.62 (Mar 16 high). Such a move would open doors for a re-test of 50-DMA, which has topped out and is now sloping downwards. The 50-DMA currently stands at $54.47.
TVC:UKOIL
by TipTVFinance
Brent Oil needs to avoid daily close below $50.27The monthly classic pivot support 3 located at $50.27 has been successfully defended over the last four trading days. Despite the fact that the dips below $50.27 were short lived, the subsequent corrective move has failed around $51.00 handle for three trading days including today… that too despite RSI being oversold. The ADX line is rising as well, pointing to the strength of the down trend. Hence, a daily close below $50.27 would only signal continuation of the decline and would open doors for $48.25 (Apr, 2016 high). Take note – On last two occasions, prices staged a solid rebound from around 200-DMA support. The RSI was oversold as well. We have a similar situation … even the position of the ADX is similar to the ones seen in the previous two occasions…
TVC:UKOIL
by TipTVFinance
Natural Gas: Watching For Triangle or Bullish ButterflyEverything is pretty much shown in the chart. I have heard Natural Gas is hard to technically analyze but in my limited experience patterns seem to work pretty well. ---If price continues to the top trendline, I will look to see if it forms in 3 waves. If so, I will be more confident this is a triangle and will look to long around the E point (perhaps right after a break of the lower trendline) ---If price instead goes down from here I will watch the rectangle which is the completion of the potential Bullish Butterfly pattern. ---- Note : both of these scenarios can play out concurrently, which would make me feel even better for this trade! I am always happy to receive any comments and/or feedback in my ideas. Good luck!
OANDA:NATGASUSDLong
by SharkbaitAl
Crude Oil Is Potentially Forming a Bullish AB=CD PatternI am looking forward to seeing how this idea/trade pans out. If today's bearish momentum continues but slows I will be looking to buy within the zone designated by the rectangle on the chart. This zone is: Completion of Bullish AB=CD pattern Structure to the left If crude oil makes it to the completion point RSI will likely be oversold On the longer time frame I am bullish and expecting another bullish impulse up ** Always remember to watch for warning signs and confirmation in the price action at the completion of these patterns! I would love to know what you think about this idea! Please do not regard this trade as a signal -- I am still relatively new to trading and these are only my personal views and ideas! Remember to wait for a confirmation before entering and to "trade your plan!"
TVC:USOILLong
by SharkbaitAl
Natural Gas May Complete a Short Term AB=CD PatternEarly this morning Natural Gas broke the trendline and has begun to consolidate. Thus I am short-term bearish on Natural Gas and looking for sell set-ups. I usually stay off of the 15 minute for trade ideas but as this is coherent with my short term analysis for this pair I will look to take this trade. The bearish AB=CD pattern may complete around the .5 retracement of this impulse down which would be a nice location for the short. Once in the trade I will watch the recent bottom around 3.34 to depend whether I will take profit or hold for further targets (3.297 or beyond). **This is not meant to be a trading signal so please do not use it as one -- I still have very much to learn as a trader and none of my ideas are trading advice. That said I always appreciate any comments and feedback on my charts and ideas!**
OANDA:NATGASUSDShort
by SharkbaitAl
OPEC preview: What to expect of Brent oil? OPEC: Stakes are high The OPEC will try to reach an output deal in order to raise prices. The meeting has been rescheduled to 9 GMT from 10 GMT. It is far from clear whether the Cartel will succeed. It was agreed in principle in September to restrict production, but now Saudi is asking other members… especially Iran and Iraq to accept deep production cuts. Iran isn’t ready to so do and neither is Iraq. Stakes are high because OPEC’s credibility is at risk. This is the third time over the last one year that the Cartel is working to reach a deal. A successful deal could lead to a five dollar pop as said by Gaurav Sharma, Oil Analyst at IB Times on our Finance Show on Monday. On the other hand, failure to reach a deal could lead to a fresh sell-off to $42-40 levels. Technicals On the daily chart we see a rising channel inside a larger sideways channel. The rising channel was breached on Nov 1. An attempt to reenter the same failed on Nov 23. The channel resistance is seen at 50.43, while on the lower side, breach of yesterday’s low of 45.90 would open doors for a test of sideways channel support around $43.87.
TVC:UKOIL
by TipTVFinance