Light Crude Oil Futures Down to 74$Hello,
We've identified a huge current opportunity to Short Light Crude Oil Futures with a high probability in the Daily chart.
The target is $74 within a few days (Swing trade).
Ibrouri
Lightcrudeoilfutures
Light Crde Oil ( CL1!, US Oil ).... BULLISHAs I mentioned in the Weekly Outlook video, I expected the fair value gap + the bullish breaker block to hold price, and provide support for a potential rally. It chopped since Tuesday, but we've seen the bulls come in and slowly start to move price higher.
I expect that price will continue that move today.
I am looking for price to pullback a bit, after taking the yesterday's high. I should pullback halfway into Thur's candle, and push higher towards the highlighted draw on LQ (red line).
If it doesn't happen today, then I look towards the beginning of next week for it to play out.
May profits be upon you.
Light Crude Oil... BULLISHThis is a longer term view. It may take a couple of weeks to play out.
The Breaker Block + FVG pose a strong bullish indication that price
may head higher.
The BB represents the turning point in the trend, from a bearish to potentially
bullish market. Not to mention price is going from an ERL to an IRL, potentially.
Decision Time For Crude OilLight Crude Oil Futures (CL1!)
- Potential Break out of parallel channel (TBC)
- Above 200 week SMA
- Several bounces off the 200 week
- Long Term Stiff Resistance Overhead
Amazing how compressed price is between the 200 week & overhead resistance. Its like a pressure pot about to spring or roll over.
Turning the overhead resistance into support would be ideal IMO.
I'll be watching and will update if we breach any significant levels.
WTI: It all comes down to the green… 💵🌿It all comes down to the green . This saying is especially true for WTI as it has yet to dive into the green zone between $70.12 and $35.77. To get this done, the course should push further off the upper side of the turquoise trend channel and drop below the support at $70.08. This should grant WTI direct access to the green zone, where it should finish wave 2 in green before heading northwards again. However, a 32% chance remains that WTI could turn upwards and climb above the resistance at $82.64, in which case the course would develop wave alt.(b) in blue above the upper resistance line at $93.74 first before resuming the descent.
Light Crude to 54.09 by Jan 13th 2023Light Crude has lost a significant level at 78.16 and is reverting to the mean at 54.09 as demonstrated by my pitchfork trends and sigma measurments.
Pitchfork Price Action Analysis
Light Crude has broke out of the recent uptrend (with red median) and broke away from the (red) mean on Jun 14th 2022 (priced at 123.68).
Since then it has started to follow the down trend median with an attempt to break out on Nov 7 2022 (priced at 93.74)but failed to do so.
Price is looking for buyers at the 68.15 and if it fails to find them then this trend will revert to the median trend that broke out in Dec 22, 2021. That will take Light Crude to 54.09 by Jan 13th, 2023.
Flash Crash
Should we continue the trend down I can actually see a flash crash to 40.63 by Feb 28th 2023. This will be the full sigma move and will be an area where I'll look to buy into a reversal.
WTI: StretchingWTI is done recovering and has finished wave b in blue. Already, it is stretching upwards, striving to work on our primary scenario. We expect the marker crude to climb above the resistance at $97.66 and into the turquoise zone between $99.97 and $113.53, where it should complete wave b in turquoise. After this feat, WTI should relax once more and fall into the green zone between $70.12 and $35.77 to conclude the overarching downwards movement. There is a 35% chance, though, that WTI could tackle this task directly, dropping below the support at $76.25 earlier already.
WTI: Screeeeeech!Can you hear WTI’s brakes screeching from the chart? Well, we definitely can! Quite vehemently, WTI has hit the brakes just short of the bottom of the blue zone between $91.70 and $87.08 – and rightly so! There isn’t all that much room left to finish wave b in blue! In fact, WTI should complete it no later than the support at $85.73. Then, it should turn around and climb upwards, gradually crossing the resistances at $101.88 and at $105.24 to enter the turquoise zone between $107.12 and $119.94. There, it should finish wave b in turquoise, before moving downwards again. However, there is a 32% chance that WTI could drop below the support at $85.73, which would then trigger further descent.
Light Crude to jump up a notch. CL1!Technically X Wave, possibly backed by increasing demand ahead of the Winter seasons in Europe and the Russians playing games in the export market. All this might result in continued increase in gas prices locally or globally.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in green with invalidation in red. Confirmation level, where relevant, is a pink dotted, finite line. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe.
WTI: Next step 👍WTI has made the next important step in the course of our primary scenario and has jumped below the support line at $101.53. We expect it to drop further still, namely below the next support at $92.93, where it should finish wave 3 in blue. After a short countermovement as part of wave 4 in blue, WTI should then fall into the white zone between $78.56 and $70.17. There is a 25% chance, though, that WTI could change direction and rise above the resistance at $130.50, thus enforcing further ascent.
WTI: Nearly There!WTI has nearly finished wave B in green in the upper third of the green zone between $111.72 and $126.25 or wave c in pink in the upper half of the pink zone between $122.81 and $126.17, respectively. As soon as it has accomplished this, WTI should turn downwards and head for the support at $102.66. After it has completed wave (A) in white below this mark, a countermovement should set WTI back above $102.66 before it can resume the descent. However, there is a 42% chance that WTI could continue to rise and climb above the resistance at $130.50, which would then lead to further ascent.
WTI: Flying SquirrelFlying squirrels are not, in fact, able to fly but rather glide from tree to tree, using their extended skin that stretches from their arms to their legs. Just like one of those flying squirrels, WTI has jumped off the retracement at $115.78, where it has finished wave b in orange, and is currently gliding downwards in the direction of the support at $80.98. After it has completed wave (A) in white in this region, WTI should temporarily gain some new momentum, spreading its parachute-like skin again for a countermovement in wave (B) in white. Then, it should continue to float into the green treetop between $70.12 and $35.77 to conclude wave (C) in white, wave c in orange and wave 2 in green.
Light Crude Oil (CL) likely to move up.Today is 14 Sep 2019.
The largest Aramco Saudi oil processing plant was attached by drones.
CL is currently at 54.85, next targets up are 57.00, 58.47, 59.94, and 61.40.
If it can break above 62.87, next target up will be 67.27.
OPTIMISTIC SCENARIO IDEA - LONG - PEAK around 2021LIGHT CRUDE - Expected Goal $118
LONG
BLUE AND ORANGE Triangles are extra to help me make sure within my assumptions for spread.
LIGHT.CMD/USD 4H Chart: Weekly overviewThe Light crude oil prices have depreciated about 4.66% against the US Dollar since last week. The pair reversed from a three-month high at 57.81 on February 22 and had since breached the 50-hour simple moving average at 56.18.
The LIGHT.CMD/USD pair tested a resistance level formed by the 50-hour SMA at 56.18 during the morning hours of today’s trading session.
If this resistance level holds, the commodity could aim for the lower band of an ascending channel pattern at 54.27.
On the other hand, if the pair passes the 50-hour SMA as mentioned above, the next target for bullish traders will be near a resistance cluster at 58.25.
Crude Oil CL1! : Bearish divergence beetween Indicators, Stoch RSI is overbought.
First target 65$ , if price breaks the blue line
than can reach 50-45$, if we are bounce - than this is like Elliott Waves 12345 to the 90$.
LIGHT CRUDE OIL FUTURES 4H NYMEXI suggest a sell on a break of the #2 point (72.14) with your stop loss above the #1 point (75.46).
Targets are 69.00 and 66.00.
Be sure to size your trade appropriately. Do NOT bet the farm.
