InvestingScope

InvestingScope

Mirror Channel Down pattern developing on 1D as 2,741 has been priced as the latest Lower High (ADX = 21.036) on the current 2018 bear cycle. 4H has already initiated its Channel Down (Highs/Lows = -10.9821, BBP = -14.4680) with only MACD = 8.280 supporting from further downtrend. Expected targets are the supports (2,697.60 and 2,680.50 the most immediate).

InvestingScope

After a very aggressive Channel Down on 1D (RSI = 30.602, STOCH = 25.105), the price is starting to consolidate (MACD = -0.011, Highs/Lows = -0.0075, BBP = -0.0246). The potential Rectangle pattern (1.1750 - 1.1950) resembles the November - December 2017 High VOlatility zone on the same prices. 1.1750 is expected as a bottom target, followed by a Lower High near...

InvestingScope

As the price was rejected on the 1,326 Resistance, The 1D Channel Down (RSI = 42.777, BBP = -9.0340) should now make another (and probably successful under MACD = -3.240) test on the 1,302 support for a new Lower Low (Highs/Lows = -0.2785). This is technically located at 1,290.15 and if the seqeunce immitates the last Channel Down (September - December 2017), we...

InvestingScope

The next two 1D candles are very crucial for keeping the bullish short term momentum alive. If the 69.96 support holds then the Rising Wedge (overbought STOCH = 80.772, Williams = -19.841) will quickly jump to 72.60. If not then the Channel Up (RSI = 62.380) will look for a Higher Low (Highs/Lows = 0.7114) with the most probable candidates being 69.00 and 67.80....

InvestingScope

After the latest pull back was completed last February, CL has been trading higher on a strong 1D Channel Up (RSI = 60.302, MACD = 1.450, BBP = 1.5420). It is a long term opportunity for a 73.00 target. According to the Pitchfork tool, it has just re-entered the middle channel and the first support (and long entry) is 69.54. 2nd at 67.65 and 3rd (and final) at...

InvestingScope

Although the price just bounced off a 1D support (1,304) and the long term bias of the 2018 Rectangle (1,303 - 1,370) show that a bullish rebound near 1,360 is more likely on the medium term, there significant chances of consolidation currently within 1,315 - 1,326. Indicators in support of this argument: 1H: RSI: 50.412, ADX: 22.886, CCI: 36.9809, Highs/Lows:...