End of 2018 = major bottom for Oil?High TF / Longterm prediction for Oil. Bottom possibility with forward outlook.
Thread carefully.
Nick
Longoil
UKOIL big time ShortThere is a MACD divergence almost completed on H4 TF that most probably will bring the price below the green trendline, all the way towards the bigger red trendline support. From there I expect the price to keep dropping much further around 2017 minimum.
On a bigger Daily and Weekly TF's, I think oil is in a flat type correction with the B wave almost done at these price levels. From here I see it starting the corrective C wave, all the way down to 40$. That is going to be the area to look for long-term longs on oil for the next year.
Oil RSI and Price healthy channelBulls should look to stay in their swing trade until we drop out of the green channel. Although we would expect consolidation soon, resistance is around $51.
Look to take half off if RSI or price breaks the current trendline (GREEN) and decide whether or not you want to let the other half ride.
Shorts should see entry points next week, but be cautious as a break of $52+ could mean the neckline break that bulls have been looking at for the last 6 months.
Look to the weekly / monthly chart to see an absolutely spectacular pattern being played out. Volatility expected soon, but the trend is your friend.
Bought the dip at support. Will stop out close by. Not much context here needed, rejected neckline, but pattern is not broken until it breaks the bottom of the right shoulder. You can see that this bear-move was already foretasted with the RSI breakdown from yesterday.
OPEC / Non-opec meeting this weekend for some headline/algo fun. Good luck all.
Can crude climb up this timeCrude has been negative 3 times a row due to inventory data. Now again US rise their drilling and is expected to be little more bearish. But technicals suggest that if crossover of macd and stochs is completed, it may make a new high. Lets wait and see.
If crossover happens in a day or two, then 1st target would be 46.11 and 2nd target would be 49.71 (if lucky).
OIL LONG: Clear reversalIn my opinion this is a clear reversal on 4 major indicators;
1. 200DMA
2. RSI usually reverses around 30 when the price is retracing and not crashing (our case)
3. MACD bullish reversal
4. STOCH RSI bottomed for a week now.
Furthermore, the general environment for oil is good with OPEC talks about extension cuts (even rumours are good to make profits) as well as the trump administration.
Oil BullAfter a successful short position - We took Profit and reinstate Long position again from 52.44 to tp @ 53.26 & 53.59
Happy trading
$CL_F ($USDWTI) should reverse at 45.67When I drew the tramlines and fib, they matched. I then noticed the gap between the 61.8% and 50% fibs. If you add in support and assume OPEC will agree cuts next week, then you have five pieces of evidence which point to the same thing.
YOLO: OIL LONGDespite the title, I take this trade with 100% seriousness. Oil has been heavily oversold in the past days and despite bad fundamental aspects, it has to "rest" before selling off more. Today (11/3/2016) we saw a quite rare phenomenon where a candle opens outside the lower BB and holds. NEVER in the past 2 years has this happened, without a "correction" in the following day(s). Thus I entered a long position at $44.48 with a tp of 45.7x. Still, because of the MACD sell signal sent off yesterday I will not hold this position if all goes bad and will also re-enter a short either way when techical indicators tell me to do so.
Long Crude Oil on Daily supportCrude Oil made a strong move upwards today after the Cushing Inventories data release. It coincided with a strong support area. We should see higher prices in the coming days and weeks.
Possible LongWe broke down a little overnight for a small pullback surprisingly I was expecting price to retrace to the lows, held a one hour fib to the upside, buy the pullback at the 50% small fib for the 15 minute chart be careful with the top of this channel it will be heave resistance.
GOOD POSSIBLE BUYI have my fib drawn different today and also I have been analyzing a bit more before I post here. $44.61 is a very strong support and a possible good entry wait for the confirmation, $44.22 is also a good buy with heavy support at that level as well. NYC open my show the direction of the Market after gap is closed. This also may be a good short term short.
QUICK REVERSALI was wondering why oil had bounced at the level it did and I could not figure out why. 1hr fib shows a perfect bounce at the $45.28 level like it did a few days before that. It has to hold 45.53 on the 15 minute in order to go higher. Stochastics looks like they may be lined up for a good push to the upside do not expect more than .50 cents but it may continue
