$USOIL IS TANKINGAMID THE FEAR OF A GLOBAL PANDEMIC AND GROWING OPPOSITION AGAIN FOSSIL FUEL USAGE, LOOK FOR $USOIL TO TAKE ONE FAT DUMP. SUPPORT COULD HOLD STRONG NEAR $45 BUT IF NOT, YOU CAN SAFELY ASSUME THE 'WORST'.
Oilmoney
USOIL (Gravy Train)Rough sketch but you get the picture. I'm fairly new to trading so I'm not sure of all the fancy wave names and the technical nomenclature but this is what the chart is saying to me. I'm just listening to what its saying (or moreso what I see). It's damn a near flip flop of how the directional trend got started.
Lets eat. Amen.
USOIL ProjectionsI'm looking for USOIL to soon drop down to the $52.10 area to finish out the descending wedge and also test the bottom of the overall trend line . Look out for a spike up to retest the $59.90 price point afterwards. If the price point fails to pass this point, I'm expecting a drop back to $52.10, maybe lower. If price surpasses the $59.90 mark, I expect we'll see it hit $73.00. USOIL has not recorded a new higher-high since August 18. Possible trend reversal (down) approaching.
CRUDE OIL LONG-TERM OUTLOOK TO GO 'SHORT'Looking at the long-term analysis on the 1D view of Crude Oil, it looks like it is headed downward. Swing trade wise, it could still go up to 67/68 region, which you can swing trade if the opportunity presents itself. However, long-term view Oil is headed downward from it's July's high of 74, prices are below ichimoku cloud which is bear market indication. Now it could take weeks/months to hit bottom but I suggest leaning toward bear trend for the long-term outlook.
Have a look at 1HR or even 4/hr view for a more suitable entry point to go short. Suitable entry point being when many indicators are corresponding to go short, this way you are not stuck in a huge retracement and confuse for a trend reversal.
'A retracement is a temporary reversal in the direction of a stock's price that goes against the prevailing trend.'
The different yellow horizontal lines represent possible support and resistance areas after analyzing Oil market on 4HR, 1D and the 1W view. I suggest using it as a guideline and look for areas yourself and work with indicators in the long term view to determine when you want to exit market.
Please remember to look at what indicators are telling you if you can understand some, as they would likely help you determine a suitable entry point. Also, do set stop losses but be generous with how much room you allow for this due to candle wicks and there is also the posiblity to hedge yourself, for more confident traders imo.
All comments and questions welcome, if curious about indicators I use then feel free to inquire.
USDWTI Possible ShortI'm expecting a short here but either way, if it a 1 hour candle closes outside of the box I will enter a short. For best results, watch for it to close outside of the zone and then re-test the break.
Possible trend change longer term as well so you may be able to hold long term (Much longer than the three TP's.
Observation- Possible Long Opportunity. USOIL I have dedicated this entire week observing its action. And why its moving as it has.
47.34 is a strong support field. Consolidation was observed for some time. The aggressive bullish activity has shot the price; back into the consolidation field where it previously was comfortable in consolidation for some time. So First selloff in (about 96days)
As illustrated in this idea. USOIL - .382(50.00) broken price action exhausts. Uses F.382 From previous resistance as new support. Now making its way to the F.50 if price action exhausts and closes above F.50 im looking to get Long to the F.618
Entry- 51.00
TP- 51.84
SL 50.43
OIL DOUBLE BOTTOM LONG IDEAPRICE CAME DOWN AND RETESTED THE MAJOR SUPPORT TREND LINE AND THE 0.618 (43.00) FIB LEVEL.
PRICE SHOULD BOUNCE BACK.
ENTER WITH A BUY STOP JUST BELOW THE 43.60 PRICE LEVEL.
STOP LOSS JUST BELOW THE 0.618 FIB LEVEL AND THE MAJOR SUPPORT TREND LINE.
PROFIT TARGET IS 46.70 PRICE LEVEL.
STOCHASTIC/RSI IS GOING BELOW THE 20 LEVEL.
BUY OILEarlier I published a small scalp to the downside but did not realize the Fib on the 1hr chart so here it is. Great buy oppotinity
Buy OIL, OIL TRADINGWait for the confirmation on the 15 minute 50% fib at $45.01 or just put a limit order, Fib gives a good success rate when use with the current direction of the market, 1hour fib also makes good entries such as today fib 50% $43.88 on the 1 hour to confirm Bull trend NYMEX:CLM2016
Comex Market Analysis and Trading Tips - US OilOverview :
Crude oil futures for delivery in March traded below $27 per barrel for the majority of the trading session, marking the second time this year that crude has traded around this level. Prior to 2016, the last time that crude oil futures traded below $27 per barrel was in September 2003.
On Technical charts, Major trend of crude oil is strongly bearish and market is making lower top and lower bottom formation in downward sloping channel on chart. Market is poised to be further bearish, it has gone below its recent significant low of $26.19. It has been taking resistance of 200 DMA on four hourly chart. Expanding of bearish gap of 200 DMA and 50 DMA dead cross on technical chart will fuel the down side momentum. Resistance is seen near the significant high of $29.55, while next support is seen at $26 a barrel 2003 low. On intra day basis Crude oil price likely to trade lower today. If it break the support of 26.00 then it is likely to show the level of 25.00.
RSI is still place in negative territory below the mark of 50. ADS is also sustaining above 40 mark with negative DI place above the positive DI, which is showing that momentum would be bearish.
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Comex Market Analysis and Trading Tips - 10th Feb 2016 Overview :
U.S. crude oil prices pushed higher in early Asian trading on Wednesday, partly recovering from a 6 percent drop in the previous session led by concerns over demand and weak equities. Before that Crude oil fell for a fourth-straight session on Tuesday to settle $1.75 lower.
On Technical charts, Major trend of crude oil is strongly bearish and market is making lower top and lower bottom formation in downward sloping channel on chart. Market look like, it is likely to go below its recent significant low of $27.52. During last week trading session it has been taking resistance of 200 DMA on four hourly chart. Expanding of bearish gap of 200 DMA and 50 DMA dead cross on technical chart will fuel the down side momentum. Resistance is seen near the significant high of $33.55, while support is seen at $27.50. On intra day basis Crude oil price likely to trade lower today. If it break the support of 27.50 then it is likely to show the level of 26.00.
Indicators
RSI is still place in negative territory below the mark of 50.
