USDCAD one more up, long again massive trendline here
End of the gap, Oil on structure and Fib confluence zone
Awating a break of 51.40 and we are long, potential short if price breaks the trend line but we favour a move to the upside.
US Oil in corrective phase. 2 short possibilities from here 1. Flat Correction - for b @ 52.00 , with target of C at 42.00 first target and 36.5 second target. or 2. Zig - Zag - if recent supply zone at 49.00 holding, with target C at equal legs projection of 36.50.
Positive divergence spotted on all 3 indicators + near Fibonacci and support cluster. + inverse H&S spotted on MACD 1H tf, expecting pullback to at least 0.786, quick long position will be closed at that point, then will wait for golden fib 0.618 which coincides with key level (44.6-44.7) and hopefully short it to support of current flag pattern at fib extension...
US Dollar has shown very little price movement since the 2014 bull run. US Dollar has stayed in a tight range and based on technical indications we could be seeing one more low before a catapult to higher highs. US OIL , GOLD , SILVER, EMERGING MARKETS Rapid movement in US Dollar can have a big impact on USOil as well as silver XAGUSD and gold XAUUSD. ...
Switched Oil holding (UWTI) near 40 and looking to hold long till target is reached $45.40. As you can see I have mapped out important support and resistance area using a 50% high/low method. Pivots and S/R was drawn from recent June through August High/Low as well as 2008 high to Feb. 11 this year low. I will follow up with a short position (DWTI) when 45.40...
Oil’s rebound from the low of $39.24 following a bullish price RSI divergence on 4-hr chart and a move above $40.85 (23.6% of 46.06-39.24) suggests a temporary loss of bearish momentum, nevertheless, the fresh bear turn in the hourly MACD and RSI’s retreat from overbought territory indicates prices could take out $39.24 and test hourly 50-MA support seen at...
Ofcourse we will never know whats next, but this one seems very possible. MM89
Here we are looking into a potenital triple bottom on USOIL with RSI indicating an oversold market strong supportive level being met at around the $46 mark, i would like to see this level hold and a reversal up over the trend line drawn with the first target at $49.6 and second target around the $51 resistance level
There is a similar pattern/structure of movement of the US-OIL from 2006/2007 and 2015/2016. LH, HH, LL, LH, LL, HH Could this be the next step before another crisis like in 2008?
Bearish Shark completion leg in play, should teminate around 65.00-67.00. Could be short all of 2017-2018. The smart way to play it is only look for longs on the lower timeframes.
As long as today closes the daily candlestick at a price of 30.57 or higher, the resulting inverted hammer formation is a signal of a potential bottom in oil prices. My price target remains the macro trend line resistance near $34, with a longer-term price target of $39-40.