In general, the WTI (Crude Oil) has been declining for about a month, currently, the oil is close to the resistance at 54.3. As can be seen in the chart above, our strategy is to sell close to 54.3 and buy close to 50.8
Oil got support around Fibo 0.618 at 51.60 and harshly push up yesterday, however, if oil desire to break pattern of neckline 54.52 it should not downward below 53.60 which will be the strongest scenario.
In another aspect, if oil can't stand above 53.60 this Euro mkt, then may face discontinuous K chart for...
Pattern: 4H Rectangle (blue shape).
Signal: Bullish every time it hits the 1W Support Zone (1) or if 54.85 breaks (2).
Target: (1) = 54.80 (2) = 57.45.
*The break out from the 1D Lower High (dashed line) practically gives a bottom signal waving a medium term bullish reversal.
Crude Oil break out support line of the uptrend channel. We touch support zone.
After oil drop price start to recover.
I see 3 resistance level for oil.
1. 55.8$ - 38.2% level fibonacci
2. 59.94$ - 50% level fibonacci
3 64 - 61.8$ level fibonacci also resistance line
But global It look like impulse-correction-impulse
-3% increase in oil after two tankers attacked
-The outlook for further disruptions in the region is increasing
-Potential double bottom is noticeable on oil at 59.50
There has been a sharp rise in oil prices after reporting that two tankers have been attacked in the Gulf of Oman, which may have additional geopolitical consequences.
58.05 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
We will close our open trades, if the Midterm level 58.05 is broken.
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A trough is formed in daily chart at 50.70 on 06/05/2019, so more gains to...
CLN19 is seemingly approaching a demand area near the psychological $50 mark. The 45º line coming from 0 of the previous major high was touched yesterday and this is expected to support the price around this level. Looking for long entries seems reasonable at this point.
Marked on the chart we have a lovely area of support, if you cant see this then give yourself a telling off and look again ( this normally helps me out, but then I answer myself back which turns into a fight... I always win though )
We are expecting some bullish movement this week from oil as we have bounced off this level and we are looking at bearish movement...
While the price is below the resistance 60.95, beginning of downtrend is expected.
We make sure when the support at 55.20 breaks.
If the resistance at 60.95 is broken, the short-term forecast -beginning of downtrend- will be invalid.
We will close our open trades, if the Midterm level 60.95 is broken.
The RSI support #1 at 43...
WTI is still in a clear bullish trend,
after establishing new higher high around 67 level we see a steady market correction.
on a daily chart we see that the market has finally reached a significant demand zone
based on the horizontal structure support on the left + vertical support of a rising channel.
on 4H chart we...
Just opened a short on oil.
Interesting to see the algo traps to the long side.
I opened a long this am at 5am that I sold later in the morning for a modest gain. This was a scalp based off the headline catalyst and the TA.
That ship had $30m of oil in it - peanuts. Still see this thing going lower.
Only thing that worries me is the dollar dropping...
Pattern: Resistance/ Support trading based on Fibonacci levels.
Signal: Bullish as the price is near the 0.618 Fibonacci retracement level and the 50.40 - 51.25 1W Support Zone.
Target: 57.45 (the 0.382 Fibonacci level which may act as a Resistance).