this is the 3rd fib retracement level range bounce, setting up a bull flag and retest of the all time high
Price has broken out of our H4 ascending trend line. We will be shorting oil if and only if there is added confirmations to show this is a true breakout. Price is below our 180 ema and resting below the 55.50 resistance. Looking to target 53.70 's
Oil is still in no man's land, seems to be forming a descending triangle, I see three possible scenarios. At this point oil is best day traded as there seems to be indecision on where this market is headed.
Oil chart doesnt look good for bulls at all, if it closes below 51 (which seems to be the "demand" line) we might see a massive sell off to last year's lows. However, seasonally oil rallies in August 70% of the time (long August 7th to 27th) It's in "no mans land here" basically with the conflicting signals , probably safer to just daytrade it until we get a...
Although it is harmonic pattern or flag, it is good for long in short perioid
$77.00 appears to be a sweet spot.. Late night messing around with charts.
Chart shows everything. 4 hour closed above MA9 ergo -and RSI seems fine. Ergo -I went long.
Bulls should look to stay in their swing trade until we drop out of the green channel. Although we would expect consolidation soon, resistance is around $51. Look to take half off if RSI or price breaks the current trendline (GREEN) and decide whether or not you want to let the other half ride. Shorts should see entry points next week, but be cautious as a...
Just bought /CL 49.52. Stop below Fridays low. New highs the target. Will add to the long at .38/.41.
Bounce-a-thon You can wait for the 50.13 resistance to break to go long or go long now and have a stop at 47.52. However, there seems to be a better risk/reward if you go long after 50.13. Be patient with this kind of setup since it's a daily chart. Also, I'm new so please trade accordingly.
USOIL still in correction wave but the price can back again for testing the broken support... the most important thing is not closing down the daily trend line to complete this pattern.
All of 2017 is in 4 trading wings. We are about to go from bottom wing to the 2ND one. RSI developed a strong positive rally and every time he dose we have a strong clime. MA 50 is there to support just before the breach.
Charting Usoil is very bearish right now. Trade at your own risk.
ALL IS ON CHART WAIT FOR SAFE PRICE ACTION AND POSSIBLE NECKLINE TEST. OIL ISN'T HAPPY WITH DOLLAR MOVEMENTS. SO IT THE DOLLAR TAKES A BREAK FROM IT'S PUSH, OIL MIGHT GET A BOOST.
I say, trends in silly moneymaking funds like USO and UCO, UWTI, etc are a great way to get rich, but as my great grandfather said and his great grandfather before him, "Always know where $50 is." This chart is meant to show you exactly that in relation to USO. Why does USO do this funny little contango dance around oil? Why, that's for another post my boy!
Current algo targets (red circles) Crude algo intra work sheet 645 AM Dec 2, 16 FX $USOIL $WTI FXCM #Oil $USO $UWTI $DWTI $CL_F #OOTT #Algo Considering the fact that a recent time / price cycle has expired algo targets are considered "soft" - waiting on confirmation. twitter.com www.compoundtrading.com
Diagonal trendlines are critical inflection points (blue). If one is breached you can look to pull-back to next diagonal blue trend line 90% of the time. Crude algo intra work sheet 617 AM Dec 2, 16 FX $USOIL $WTI FXCM #Oil $USO $UWTI $DWTI $CL_F #OOTT #Algo twitter.com www.compoundtrading.com