oil trading around 48.35 its completed its 0.618% of high 51.85 and low 42.2 so level 0.618-0.786 can b turning point and it can take little correction towards 45.5-46 level As Technical Sell advice in range of 48.35-49.2 sl above 49.7 TP1 47 TP2 45.5
The oil market in the following days will be very shaky but ultimately, it will reach $43 which is my first TP. From there on I am not sure about oil direction as the indicators on different time scales greatly contradict themselves and some data also contradicts other data and indicators.
Previously I was considering that the Wave B/2 was complete where I have placed the vertical line, now I'm taking that as the Secondary Count. The Primary count ( In Blue ) is that the Wave B/2 is still under progression as a Flat correction and that it should see lower levels of atleast 40$ and can even go down till 32$ to complete the Wave C. T1 : 40 T2 : 36 T3...
In accordance to my previous idea, my sentiment on oil today and for the following days is bearish. On the weekly chart, oil looks to have a lot of room for downside with the MACD flat, just barely crossing over and the STOCHS signaling a reversal. I think if this pattern completes we should see $40 oil within the next 2 weeks. This of course should be helped...
I would like to apologize for my previous analysis on oil. Whilst the idea was correct, I falsly planted the fib retracement a nd got wrong levels. Apparantly, the new pivot point is at $46.1. Thus I changed my target to that. Other than the wrong levels, you can read "Oil hates uncertainty" for more information on the trade.
I think we now have a better chance to short oil! It reversed on major resistance, crossed the trend line and the 50 EMA. You can sell the correction or the bearish flag. Or you can sell the failure of resistance retest. This is in my view the safest way to short Oil on this level.
IN THE YELLOW RESISTANCE AREA PRICE SHOULD TEST THE RESISTANCE TREND LINE SITUATED AT 48.50. PLACE A SELL LIMIT AT 48.50. STOP LOSS 50.68
As we know oil run on Opec Oil Production Cut and Freeze. but now Technically oil can take little Correction till 46-46.5 for fresh move. also we can see above 48 oil formed strong bearish bar on H4 So advice sell in range of 47.5-48 with sl above 48.5 for tp 46.5
Bearish divergence here at FIB 0,5 = 47,6 now , could it make it turn down again ? It maybe depends on USD also, if it will turn back up again, after FED's no rate-hike 21.sept.....
PRICE WILL BOUNCE BACK FROM THE 45.60 LEVEL AND WILL CONTINUE TO RETEST THE 46.72 LEVEL. PRICE WILL FALL AT THE 46.72 LEVEL OR THE 45.40 LEVEL. ENTER TRADE WHEN PRICE BREAKS THE TREND LINE AND FALLS BELOW 45.30 LEVEL. STOP LOSS SHOULD BE NO MORE THAN 10 PIPS FOR EACH TRADE. PROFIT TARGET IS 44.30 AREA.
Brent crude looking like it is about to retest based upon the breakout we saw earlier in the week. I will be looking at the price action around the $47 handle to see whether we have tall wicks and other signs that prices are unlikely to hold above this level. Target will be $41.50.
Oil seems Strong bearish on Daily chart so Advice Sell oil in Range 47.1-47.8 sl 48.6 TP 45.5
Signals rising wedge with breakout flag with breakout Sell 102.00-101.00 Stop-loss 103.60 (flag's high) Target 93.50 (sizing+strong support) R\R ratio 1:3
Oil Seems its done its top around 49 Level its Seems Strong Resistance level. It can Retrace till 0.786 level that is around 47.1 and if hold below that then 0.618 around 45.5 will also on way. Advice Sell oil cmp 48.2 and set pending at 48.9 both sl 49.5 where tp1 47.1 tp2 45.5
USOIL Daily chart is at a critical point as it reaches the 61.8% Fib retracement of the correction so far. The important thing to note is if the WXY correction is complete and if bullish momentum dies at the trendline, we might get the Z wave. On the other hand if price breaks out of the corrective structure with conviction, then it will be a bullish impulse. Of...
Test monthly resistance level. 50% retracement. 4hr high test candle. If we get a bearish close on the next 4hr candle this will be taken short. Targets are at 50% and 61.8% of previous swing.
I think that wti short term down trend can resume soon with a reversal in the area of the rectangle in the chart (end of wave 4). Thus maybe wave 5 can complete the down cycle at about 36 (or above too, but at least 39 to a double min) before the main up trend can resume its way to the upside.