Idea : Recently broke above Res1 and pulled back. If support can hold we can climb higher. Support : OPEC recently agreed on a cut in production. Support Links : www.bloomberg.com www.reuters.com finance.yahoo.com
Although it is harmonic pattern or flag, it is good for long in short perioid
My best guess is the green highlighted area shouldn't be viewed as a "Bounce" zone. Instead, I think this will be the area where accumulation will take place. It'll take a few weeks and a few failed breakouts, so don't worry about missing the bottom. You'll have a few...
Potential Nat Gas Price Action for the Next 2 weeks
Current Price at Posting: 54.69 Directional Bias: Long Price Target: 57 Good Entry: 64-64.3 Risk/Reward: Max of 30 tick risk / Potential Reward of 200+ ticks. Trade Idea Invalidation: Hourly Candle close below 64
After a 10 straight drops, oil finally at support based on my indicator. As long as the support holds, long oil. TP: 65
Let's see if this crude bounce can pan out.
Previous Oil long idea did not end up reaching the target - let's try again. Along with my SPY trade idea, I believe oil is due for a nice rally, even if in a counter trend capacity. Directional Bias: Long Price Target: 72 Good Entry: Breakout Above 68.5 or another retest of low 66 area. Risk/Reward: Risk no more than 100 ticks/ 300-600 tick potential reward
Directional Bias: Long Price Target: 72.5 Good Entry: 69.00-69.35 area Risk/Reward: Risk of 50 ticks max on this/250 tick reward Below 68.5, trade invalidates. Let's long this above 50 ma on 15 min charts (red line on charts).
$77.00 appears to be a sweet spot.. Late night messing around with charts.
Directional Bias: Short Price Target: 72.00 Good Entry: 74.8-75 area or Breakdown of 74.00 Risk/Reward: 50 ticks Risk Max/ 200 tick Reward
ascending triangle target $288
keep an eye on the .236 fib level
1. We are approaching some major support/resistance lines. 2. Approaching the mid line of the current channel. 3. We are approaching the target of two different methods I use. 4. We have a large potential bearish divergence in both the weekly (not shown) and the daily RSI. 5. Least important: the wave count. Would not be surprised to see oil rise a little...
Monthly Chart look at what I think is the most important price magnet for Oil over the last 10 years. Also interestingly enough at $77.7 ($77.50 probably more accurate but 777 makes for a better title). - RH