USOIL Potential Right shoulderTVC:USOIL Potential Right shoulder
All information is given inside the chart and shared this for educational purpose only. Good luck...
Usdoil
Crude Oil support junction buy opportunity.The junction indicated is a point where I want to buy. Note that the price DOESN'T have to make the red dash line drop before rallying, since it had already hit 50% retracement and 61.8% extension of BC/AB.
A bounce off the pitch fork bottom support line is ideal, it could very well reverse before that.
Crude oil near term path yet to be confirmed.Crude oil is making a descending wedge, which could have completed. However, the correction is just short to hit 50% retracement makes the long side skeptical. The price action is going to be binary near term, bullish near- mid term. Stay cautious and don't get chopped up!.
USDBRO Bullish Idea!! Same support analysis made in TVC:USOIL .
Refer to previous idea:
AB Support distance = 303
BC Support distance = 229
AB | BC Average = 266
We look forward to bring an up trend in the 41.70 FX_IDC:USDBRO price level according to August 8th, 2016 support level.
Safety Trade Folks!!!
USOILYesterday, we bought and take profit.
Today, we hit 0.50% entrancement zone, the back side of trend line break, and level of left shoulder which indicate sell zone target.
OIL SHORT AFTER SMALL FLAGWe have been following oil for long now.
THe 50 moving average is crossing the 200, under a key level and after a lot of bearish momentum.
It is a great opportunity to sell if we see some kind of retrace anf mini flag formation.
Trade save guys!
WTI consolidation In mid/long term I see a consolidation, OPEC out-put cut is temporary solution oil supply is now cheaper and easier can't find anything bullish on this for longer term.
USOIL Bullish 1:1 Pattern.USOIL Bullish 1:1 Pattern. CD leg has a wave-5 structure..Mercury time tiggered.follows a fullmoon cycle.zero declination.
OIL - CORRECTION OVER ?If you follow my posts about oil market, you will be amazed how correctly I have predicted this market for a while now. Every move turned out exactly as I was showing you guys at earlier posts. Now it is time again to take a look at this market and try to see what is going to happen next.
So I have been long this market since $30/barrel. I tried to buy every dip, followed the trend and successfully made good profit. Which means I was right in medium and longer term of oil. That the medium term for this market is still a buy, not a sell. I still think oil will reach $60 sometimes at the end of 2016 or beginning of 2017.
Okay, let's come back to our chart. The last post of mine "Oil- Target Recent High" was showing that oil would reach $49 and then started retracing back to retest the downtrend line and support around $43-$44. Well, it happened like I said. Oil came down to $43 , retested trend line and now bounced back to $46 level. If oil manages to close above MA(20) at the weekly chart, which is around $46.5, it will be quite a bullish sign.
So my recommendation for all is to buy this market if this week closes well above $46.5/barrel. If it does, it will likely head towards $51-$52 level.
If you have not read the last post of mine, here is the link
Stay Tuned !
Only Longs Until 65.00Bearish Shark completion leg in play, should teminate around 65.00-67.00.
Could be short all of 2017-2018.
The smart way to play it is only look for longs on the lower timeframes.
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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