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Ukoil_usoil

Hit my buying zoneAs we predict Brent Crude Oil was trading in a narrow range correction trading week. And now it hit my buying zone. It looks like a standard wave 4 pattern, now it seems trading in PDTB (Pull Down To Buy) area by major traders. I will like to buy from here. Stop loss: 35.5 1st Target: 150 day moving average: 2nd Target Previous high: 42.52 3rd Target: 44 (Estimated Wave 5) => 200 days Moving average 4th Target 49 (Extended Wave 5) Bearish Signal: 1. 3 times challenge monthly average, and now Lower than monthly average. 2. 150 MA continue going down, and play a major pressure. 3. Second week closed dark. 4. If is is in a correction, then the correction target might be at 37.6 (2015/03/18 high 42.52 Minus 2015/02/11 Low 29.89 = 12.63) (12.63 X 0.382 = 4.82 Correction Range) (42.52 Minus 4.82 Correction Range = 37.6) 5. Cut production is still not for sure. . Bullish Signal: 1. 22 days average Cross above 50 days average for 26 days. 2. 50 day MA (Going up) cross above 88 days MA (Going Down) 3. Weekly chart show 4 bullish solider showing a pull back to buy correction. 4. Monthly Trading Volume continue to increase. 5. Commodities Price Index Wake up. 6. Major Market Stock Index wake up. Overall: Bullish.
FX:UKOILLong
by BMYWin
Bullish Keeping Well for a Healthy CorrectionA Healthy Correction Narrow Range Trading between 2 neck line: 1. The upper side: 42.52 (Key Pressure Neck Line) 2. The lower side: 39 (Support Neck Line) Key Pressure 1. 150 (half year working days) days Moving Average: 2. Key Pressure Neck Line: 42.21 is The Low price of 2015/08/24. We connect this point to the low 42.41 of 2015/12/02 forming a key pressure line. Key Support: 1. Support Neck Line: 45.17 is Low price of 2015/01/14. When we connect it with the low price 42.21 of 2015/08/24 forming a support neck line. 2. 22 days(monthly) moving average. 3. Down Trend support Line: 2015/05/06 High 69.61 connect with 2015/10/09 High 54.09 forming a major down trend support line.(Pressure become support) Re-Testing the support side on Tuesday, get a good support above the Support Neck Line. Maybe it will be another range trading next week, retest the upper side and retest the lower side. 1st Target: 44-44.5 2nd Target: 49: Pressure: 42 - 42.5 (150 MA), then 44.5 (200 MA) Support: 39, 38.6, 37.50
FX:UKOILLong
by BMYWin
UKOIL Bearish Flag and Pessimistic OPEC Expectations (June 5th)UPDATE: Closed at 61.50 EDIT -- ZOOM OUT TO SEE FLAG, take no notice of the Harmonic Pattern This is a clear bearish flag, no doubt about it. Been rebounding in the channel since the start of Jan2015. A break of the lower part of the channel could signal a further fall continuation to previous Supports/Resistances of 54.58, 52.17 and more severely, the Jan low of 45.56. We've also got Feb 2009 Supports of 39. Psycological levels of course 60, 55 (based off of confluence see rectangle Feb 2015), 50, 40 and so on. Stops @ 66.10 Reason for this is that I'm not aiming for "a trade" where my Risk/Reward would usually be 1:1 More of a long term target with a short-term stop On the Fundamental Side this is relating to USOil Price Action, but the underlying idea is the same Seeing that after the November 27th meeting, when OPEC decided not to cut production, Oil ended up plummeting ~$30. A couple of weeks ago, the OPEC Head, or the Iranian/Saudi Oil Minister, i can’t remember which one, said that it is highly unlikely that we’ll ever see oil at $100 again. With that in mind, seeing that Oil is now flirting around the $60 handle, any decision to cut production on June 5th, could send Oil a great deal higher, maybe ~$20-$30. Therefore, that being the case, it seems extremely plausible that OPEC do end up sticking to the status quo. In which case, hello $40 again. Fully welcome any ideas to prove me wrong/different viewpoints.
FX:UKOILShort
by petermp25
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