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WTI (Crude Oil)

OIL hitting resistance with double topOil has made a huge rally past months, without any corrections. I did not touch it for a while, but think we have a good chance this time to short it. More factors in favor now for the first time in a while. The double top is something i saw yesterday, so unfortunately the entry is less great now, since it's already at the neckline of the double top. But that doesn't matter that much. For me this will be a swing trade and we have a good tight stop for this one, which is the high of the double top around 64.8/65. At the moment it looks like a flag at support, which is usually a very good sign. So i will try to short half at top of that flag on the right and the other half when support breaks of the neckline. First target will be around 60ish, don't know yet if more is possible. Previous analysis:
TVC:USOIL
by botje11
13
Update USOIL: $61.50 first, then $52Commodities are typically the last asset to peak during a cycle. We typically interest rates peak first, a couple of months later that followed by equities and a couple of months after equities we see commodities peak. Commodities such as crude oil, are part of the contraction phase in the cycle, the higher the price rises it begins to acts as a tax on consumers and that begins the early recession phase. For that reason, I have marked this rally in crude as a wave A of a bigger corrective pattern.
OANDA:WTICOUSD
by UnknownUnicorn266486
OIl cleanest pattern-dropOil have , in my opinion , the cleanest form of reversal patterns, and its playng out ! We have ascending wihtin ascedning (double confirmation, stronger probability for drop ) This is definitely on my Watchlist for next week.... First target on bottom trend line , then scale-in and trail stops all the way to low where ascending started.... Even if 1$ per barrel drops, you could bank nice profits on 15 min entrys (flag continuations or something )
OANDA:WTICOUSDShort
by IvanKumburovic
2
West Texas Oil - Bullish Trend Continues.....After a long accumulation range that end last quarter of 2018 , we saw a breakout with the price reaching the mid seventies. This was our first indication that a trend is about to begin. The price then pulled back into the buy zone(75-87.5 fibs) and produced a buy pivot. Good stopping volume came into halt the price as it move back to the center of the accumulation range. In Wyckoff terms this is - "Jumping across the creek" and a "Back to the creek". We should see price move higher, back above the mid seventies.
OANDA:WTICOUSDLong
by TRADER-RI