Working Hypo - bear flag setup. fake break that flag to low 66s come back in for a move to 69.5 area over the next week and then another timber from 69.5-69.7
See my March post (link below) I looked for the index to likely get to the 220-224 level. It’s getting close and there is now a bearish diverg in the RSI so may get a correction soon But I would not be surprised if it rose a little more to this target zone. Watch closely for reversal pattern and consider DWT. I closed out my UWT personally when it hit the lower...
oil is currently in a strong uptrend in 2018. Look for oil to peak in the high 70's then make it's gradual fade over the next 4-6 years.
Crude is completing five wave move down off the top
Triangle it's a corrective pattern made of five contracting legs a-b-c-d-e
Crude has either topped in corrective wave ( ii ) up or can make one more high deeper into the red box. And then I expected it to start decline in the wave ( a ) of ( iii )
OIL breaking out on multiple time frames. Monthly looks to be suggesting a run to 78-80 level. Would be a great set up for Saudi ARAMCO IPO..... since they made production cuts to bump the price....
I trade the commodities thru 1X, 2X, 3X bull and bear (inverse) ETFs, and ETNs. When I do I use the chart of the base commodity or index to calculate the entry and exit points. In this case the Index is the S& P GSCI Crude Oil Index ER which is what the UWT (3x bull) and the DWT (3x bear) ETNs are supposed to reflect (minus fees). If you aren't aware 2X and 3X...
Have made solid trades this week on crude with crude scalps. Momentum in ST favors bears even with favorable api. However, Bovies are not out of the game if 60.10 and 59.95 hold strong. Bearish cypher and drop in play at the moment, but 3 attempts to take out bulls has failed. If history is to be applied here, it looks like line in the sand has been drawn and itll...
Personally, I'm leaning towards a trend breakdown because of the RSI has lost it's trend and broken below it. On the other hand, That symmetrical triangle is pretty attractive alternative option to watch.
Cleaned it up a bit tells the story more clearly. Also possible beginning of bullish divergence on rsi and buy AH 3/7/18 crude was in oversold territory imho
The big picture shows continued bullish momentum, despite forming a clear H&S over last few sessions. The lynch pin in this whole situation was the inability to break MY neckline. Although crude does seem to be exhausted I think it had to take the beating today in order to make a run and have a chance at a breakout above 67. I would personally recommend a fairly...
It would appear that the intermediate term trend is going through an ABC correction. Supply Zone exists in the $53.50-$57 range Long Term Price Support exists at $54 50% Fibonacci retracement exists at $54 Measured Move exists at $55 Channel Resistance exists at $62 Long(er) Term Price Resistance exists at $63 Short Term trend bearish I'll go long when I...
Revising my $69-70 target down to $65-66. My Original idea from July 17 - was Crude would reach 69-70 by late Spring early Summer.
After an impressive run in oil, it looks like its time to consolidate. i think the mid 56's look like a nice place to put the next bottom in. should be a nice trade with dwt
long from $56.26 scalp, stop loss $55.82 target $58
I'm a buyer above top level resistances. C is optional for gamblers