Caution shorts. Support held. Crude algo intra work sheet 334 AM Dec 2, 16 FX $USOIL $WTI FXCM #Oil $USO $UWTI $DWTI $CL_F #OOTT #Algo. @EPICtheAlgo Diagonal trend line (blue), Fib line (green) and alpha algo line (red dotted) all held.
Upper Fib ext testing now. Calculating upper targets now. Crude algo work sheet FX $USOIL $WTI #oil $CL_F $USO $UCO $UWTI $DWTI #OOTT #algo
If OIL trends the way i think it will, it'll be a coincidence in regards to the OPEC meet at the end of November. I just want to get that part cleared. :P Short term speaking we're looking close to a bottom here at these levels. RSI divergence, 3 wave correction, and possible MACD crossover all signal buy right now. It will be interesting to see how Sunday...
daily chart for NG. Watch these supports/res very closely with MFI! Exciting times ahead!
If the dollar keeps dropping I would think that would support a rise in oil as well as the precious metals. I see the form of the current drop from 1 to 2 as a corrective form and with the yellow target box now being hit. IFFF it holds above the recent low of about 44.16 I am looking for wave 3 up to start with likely a total of 5 waves up eventually to finish...
With the trend line broken on USOIL, I have to expect further down side. Look for support at the 88.6% Fibo or more likely the retest of the last low, double bottom at $9.82. Indicators are oversold, BUT with the markets starting to sell off, its likely to find no support. I'll keep watching this one. Hopefully we get a good trade in a few days/ weeks.
Sorry, quick chart, shows my mess but dark green is fib if PA/RSI show retrace in action.
IHS Neckline as always has to be broken Best to you trading Wall St. Scalper
Stops around $50.7 holding as support and then attempting to short the $51.77 area.
I'm looking for a retrace off of a recent rally. Trade safe.
Longs from $43.15 closed yesterday at $46.40 Shorting from $46.15 Target below $44