WTI further downside.. crucial week to test long-term trend..Last week, market is concerned on additional crude oil supply from OPEC and Russia in 2H18. We expect WTI will pose further downside next week. And we expect next week is crucial to the medium-term uptrend of crude oil because:
i) WTI has never fallen below 100MA since early Sep. Currently, 100MA was around US$65.1.
ii) WTI has been growing under an uptrend channel and the lower boundary was around US$66.0.
Thus, we expect WTI will further go down and test the US$65-66 range, which is a key support range. As crude oil inventory remains below 5-year average, we remains our medium term positive view on WTI and expect WTI should find support at the US$65-66 level.
Wtiusd
Bearhish flag in 30m and bull flag in 4h, which one !Hi,
I wish oil will go up, but there is a great chance for this bearish flag to play out, also there is another higher chance that the bull flag formed in 4h will dominate the scene. Honestly, oil price was under high manipulation in the last few weeks. there is 50/50 we go down to 65.56 or will push high to 69.88
Good luck
WTIUSD :: Correction Imminent! Bonner says buy high!!Bonner & Partners CEO of Research recommended buying into WTI.. it's on the rise, right!
I disagree. Correction is imminent.. buy when it hits a support.. if it comes off it to the plus side! It has yet to have a break into bull territory..it's just been in "going up because nothing is stopping me" mode. Like crypto.
UKOIL / USOIL / WTIUSD / BCOUSD and other OIL related.I think that two-year uptrend (2016-2018) is over and now the market is crafting initial waves of a downtrend.
P.S.
Please do not be confused. This is not pure Elliott Wave Analysis. This analysis is based on my fork of Elliot theory. The simplified concept of this fork is published here: plus.google.com
Crude Oil (WTI), long from correction to 63.81.A volumetric analysis based on the X-volume indicator indicates active purchases at lower prices and an inefficient distribution at a low volume. Therefore, the growth to the resistance level of 63.81 is most likely. Levels by X-Lines indicator. Both indicators you can find in my list of scripts.
WTICOUSD corrects movement...WTICOUSD corrects movement. The correction level of the exchange rate is visible at 51.43 usd level. From this level, I wait for a repeat rise. The height of the rise can be the same size as the previous wave. For the exchange rate it is a neighborhood of 67.79 usd. Probably this level is available for the first few days of February 2018.