WTI-OIL
US Oil - Poised to break 200-DMA
Oil’s failure to take out $41.86 (38.2% of Feb low-June high) and a slide to $40.80 despite having bounced off from 200-DMA on Friday suggests the bearish force remains strong and prices could test and actually break below 200-DMA level of $40.47.
Such a move would expose $40.00 handle.
On the higher side, only a day end closing above $41.86 would signal short-term bearish invalidation.
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Possible scenario on WTIUSOIL just pierced through support area around 44.50 and is now heading towards next support, which is roughly close to 43.00 (previous lows from April and May 2016). When the price enters this area, I'll be looking for signs of reversal and try to enter long there.
WTI - CRUDE OIL DOWNTREND CONTINUATIONAfter the top around 51$ oil is making lower highs and lower lows. The first red impulse and the purple ABC correction show a possible change in the trend with the breakout of the long term rising trendline. Now we are in the middle of a corrective structure and i'm expecting the completion of the red ABC pattern.
WTI - Two retraces end at 76.4%?prior retrace off low on June 16 went to the 76.4 fib and established a trend line off the prior top.
current retrace at same tend line and same fib.
Bullish or Bearish?FX:USOIL NYMEX:CL1!
Big surprise! In today reached my goal it was for the week as shown in the graph listed below.
Looking at the indicators and ociladores we see the possibility of the market continue to grow, I believe that to $ 50, but stay tuned to market changes in the next days, I'm optimist about the bull on the market.
USOIL Elliot Calculation Finish or Contunie?USOIL Start 26.10$ to 51.50$ Finish or Contunie 54.50 / 56.65?
#Dollar Showing Weakness, Intermediately OverboughtThe U.S. dollar went bid following rhetoric from Federal Reserve officials that a potential rate hike could occur in June, following hotter than expected inflation data.
However, after posting on pending technical weakness here, the dollar has retreated slightly over the last few days. Price action as traded neatly within a descending channel on the daily chart, and potential signals of another move downward are pending:
The daily RSI has broken through an indicator support level, and the stochastic indicator is signaling a highly overbought condition. If price price action continues to falter, a sell signal below 80 could trigger selling pressure.
The DMI is about to form a bearish convergence, which would indicated bearish price action will take over.
In order to regain upward momentum, the DXY would have to close above channel resistance near 95.66; 96.55 will be key resistance point in order to challenge 98. If selling pressure does occur, DXY will likely seek out 93.80 (50% fib retracement from current minor uptrend)
The long-term macro dollar theme continues to be deflationary. It is important to note, a spike in inflation has been a late cycle occurrence. Every U.S. recession since the mid-1950s has seen an increase in inflation (after previously declining).
We must also include that as the global economy continues to slow, global central banks will look to continue monetary easing this will at least support the greenback. Furthermore, as the U.S. economy rolls over, a deflationary spiral is expected to occur.
MacroView is still expecting the U.S. economy to reach recession between Q2-3 once final data revisions occur.
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