short sell to 54 idea 2 of USOILPrice is falling since overstock is hefty in numbers. Discount day. Cad pairs should look healthy come next week.
Oil(wti)
DECENT potential out there, BASIC technicals!Simple technical analysis right here!
The probability of a bullish breakout is around 40%, but the potential gains are huge!
The end of the breakout on the tip of the line is on the level, above which everything will be determined by fundamental already!
We must admit that technical analysis has it's limitations!
USOIL - Increased bearish momentumTrade Idea
Although an initial rally was posted, sellers emerged and follow through bearish momentum resulted in all the previous day's gains being overturned.
The bearish engulfing candle on the daily chart is negative for sentiment.
Although the bulls are in control, the stalling positive momentum indicates a possible turnaround is possible.
Rally capped by the daily Ichimoku Cloud.
Further downside is expected although we prefer to sell into rallies close to the 56.00 level.
We look to Sell at 56.00
Stop: 56.50
Target 1: 54.50
Target 2: 53.50
Don't get too excited about good news in the oil marketToday oil surged on news of a huge US crude oil inventory draw. The draw was big enough that oil may continue upward for the rest of the week.
Other good news today included higher-than-expected compliance from OPEC members for production cuts and higher-than-expected oil imports to China from Iran. That means demand is a little stronger than expected, and supply is a little weaker than expected.
However, there's some bad news offsetting the good. Morgan Stanley cut its average WTI oil price outlook for the rest of the year from $58 to $55. That's below the current price of $55.86. Global demand for oil seems to be falling even as the US and China oil markets are picking up. Meanwhile, US shale producers are increasing production, and so are Venezuela and Kenya.
Oil might be good for a very short-term trade late this week, but it's unlikely that it will show any medium-term strength until the US makes progress in trade talks with China.
cl, oil, day trading for Aug 30thOil keeps squeezing into a sideways range and will break out at some point but until it does it looks very content at these price levels. So I will be trading it bottom up and top down until it picks a side. The red boundary is 2 things it is chop zone and target zone. wish there was more I could say but it is not that exciting just trade what it presents.
oil, cl, day trading for Aug 29thAfter oils up move it remains balanced in a big flag and I will be looking for bottom of range longs and top of range shorts, and will form no directional opinion until this range of 55.25 to 56.75 breaks.
USOIL - ShortingSetup: Price has been testing the H4/H1 downtrend line failing to close above it, forming a triangular channel. We enter at the next bounce off the line, setting the SL at the previous high and TP at the psychological level of $54, with a possible extension to $53.11
Intraday BUY opportunity
after impulsive move to the upside, intermidiate ressistance has been violated. The price formed corrective move and test the same ressistance now becomming support. In conjunction
with EMA50 and the recent EIA bullish report, I expect the price to hit the upper range boundry of 57.31
R:R 2:1
Oil - Elliott Wave analysis suggests more upside for nowWe should now be in wave (iii) of larger degree wave C (or potentially wave 3!)
We can currently count 4 waves here, so after a small push higher we could see a small correction, which needs to hold above 53.55.
So, the rise should continue unless invalidation level is hit.
WTI (Crude OIL) seems keep downing next week.keep downing? not sure, I will not buy XLE or XOP, keep looking ...
cl, oil, day trades for Aug 26thoil is either moving back into its prior distribution above 55.21 and if so will target 56.17 however if we move below 54.4 then a stronger lower distribution is going to form that will have a range to as low as 53.20
Crude Oil - Breaks down from wedge supportOil has been clinging on to wedge support the last few days and has finally broken down.
Entry on pullback to the bottom side of the wedge.
oil, cl, day trading for Aug 23rdoil trade very orderly until the tweet(did not check assuming tweet, but does not matter same effect) drop early this AM. and now we have a interesting situation. 1) we can retrace a little and keep moving down, I will be watching my Red zone. 2) that like other times we retrace the entire move back to location at time of tweet. Again watching close my red zone and also watching to see if we get back into yesterday distribution for directional clues.
oil, cl, day trading for Aug 22ndOil is in a big range between 55.20 and 56.50 and has no real direction until it breaks free of this area. however a move below 56 could see a nice trade down to the lower boundary. there is not much meat on the bone for the long side until it breaks out of this range or revisits the bottom of the range
cl, oil, day trading for Aug 21stOil has moved up into a very balanced distribution and is now looking to resolve one way or the other. This 45 tick range will most likely not contain oil prices today and will provide a good breaking trade opportunity. will watch for a impulsive move and trade the follow up to that break with trail stop tightening near marked targets.
