Crude Oil ForecastSo I was looking at Crude on the weekend and I couldn't determine a clear direction for Monday.
Now Monday Is almost over and we Have disrespected the Mean threshold of the Daily +OB I do expect price to be bearish and heading down towards the Daily FVG.
An Good indicator on the Daily we have respected the WEEKLY ifvg CE.
These things are very important to watch.
Before 0930est I will post intra day targets that I suspect will be Draw On Liquidity.
Bring on Tuesday!
MCL1! trade ideas
If support holds soon, we could rip higher all week. But...Nobody knows the future so I just track parameters using Elliott Wave and also s/d zones. Let's see where support holds and I'll be watching for an impulse higher to signal the bottom is in. Otherwise, if we break 83 with feeling, then I'll watch 82 and 80.70 for support levels. If all of those break, then any meaningful rally is delayed for weeks or more. All imo...
CRUDE OIL LONG TO $100+ BY END JULYCRUDE OIL, is expected to find a bottom really soon based on fib and if this is a 1-2 1-2 (elliot wave), we are about to be hit by a monster 3, driving prices to $100+ by mid-end july. I believe there is a strong chance we hold these levels drawn below. IT IS possible we come lower than those levels to get a deeper retest before going higher, as long as we dont break the lows, Crude oil is in for a rally.
Crude Oil May Future Technical Analysis for 29 AprilThese levels provide guidance for traders interested in trading Crude Oil MCX Futures in May, offering specific entry points, target prices, and stop-loss levels to manage risk.
Range Point: 6,999
Intraday Range: 85 points
Buy Above: 7,011
Average At: 7,001
Buy Target 1: 7,052
Buy Target 2: 7,084
Buyer Stoploss: 6,982
Sale Below: 6,990
Sale Target 1: 6,946
Sale Target 2: 6,914
Seller Stoploss: 7,019
CRUDE OIL (FUTURES): 28 APR, 2024© Master of Elliott Wave Analysis: Hua (Shane) Cuong, CEWA-M
The broader context suggests that the ((ii))-green wave has just concluded, and the ((iii))-green wave is currently unfolding to push lower.
In the short term, the outlook indicates that the (i)-purple wave has recently completed in the form of an expanding diagonal, followed by the (ii)-purple wave unfolding to push higher, targeting the 85.05 level.
Invalidation point: 81.99
2024-04-25 - a daily price action after hour update - oil
wti crude oil
comment: Market is making marginally higher highs on the 1h tf but it’s a reasonable triangle we are in. I think it will chop some more inside before another breakout and I think that will be news related/event driven.
current market cycle: trading range
key levels: 80-86 but converges inside 82-84
bull case: Bull legs inside the range look stronger (1h tf or lower) but they are not gaining much higher prices for now. If they could break 84, we will almost certainly see 85 and maybe 87 again.
bear case: On higher time frames bears are still in control below 84. We are at the triangle top and they want to trade back down here or they risk retest of 84/85. Market is wildly ranging with prominent tails above and below candles. Need very wide stops to trade this.
short term: Sideways to down - Two legged correction as drawn in pink
medium-long term: Will update this once equities show more weakness. My thesis for many months now is, that we will see a big shift - Equities off - Commodities on. —unchanged
trade of the day: Bulls turned 82.5 into support and the bar 12 was strong enough to go long above.
CL1! (CRUDE OIL) ... BULLISHBullish.
After forming a new peak high,
price retraced to the +FVG.
Friday's "news wick" tapped the
-FVG above and quick returned
the +FVG. Should the +FVG hold,
expecting price to move toward
the highs, as price moves from
Internal -> External liquidity.
The LRLR to the lower left is a
draw on LQ that bears watching.
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Crude hits weekly demandCrude oil is tapping a weekly demand on a wick today, I use this chart to assist in my OXY moves. This would be a decent zone to add to an open position. I circled the candle I used to create the demand zone for educational purposes. I like to take the bottom wick of the red candle leading to a rally and end the demand one on the adjacent candle body towards the bottom end. I do not like to use thin candle bodies as demands if they can be avoided.
-77-81$ seems like a buy zone here on the weekly for continuation
-My target of 90-92$ remains
Oil / Crude Oil Heading into end of WeekSo we are on the Daily Not moving with much drive and lets say... obvious direction when it comes to day to day bias (Overall Bearish)
I am ONLY focusing on PDH and PDL as targets today with any signal to buy or sell into the market being in a discount before I place a trade.
Range day - yes
To consider that Thursday's have seen good movement on Oil recently so keep this in mind.
Consider also that the Daily wick CE is also aligned with the weekly ifvg.
I will be looking to enter positions today as I am a scalper however anything on the 15min or above I would side with caution as prolonged moves may not be on the cards esp going on the last two weeks of PA.
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