Crude Oil. Bullish Case : COT reports JUST Started turning Bullish BUT yet not convincing. Daily and Weekly Momentum turning Bullish. Now if we get a SOLID WEEKLY close above the falling trendline (around 73.75), it could well touch 90 in coming weeks
Crude Oil. Bearish Case :- Narrow Weekly Bar. Weekly MA Resistance. Daily RSI Resistance Zone. Weekly TL Resistance Bullish Case : COT reports JUST Started turning Bullish. Bullish Daily and Weekly Momentum. So overall scenario is still confusing. Ideal case will be to attempt ONE more Leg down and then UP. But, that is not a necessity. So waiting for a concrete...
Crude price reverse back from around 90.50 for 7 times in last 12 days. Today again it visited the hurdle and turned back. Interesting to watch .
Price is trying to take support at prior low but RSI is making lower low. Looking at scenario, we can guess that... Price can not sustain at these levels.
Crude 15 minutes timeframe has 🐻 divergence. Chance of price drop is there.
On hourly chart, there's bullish divergence. Chance of upmove is increasing.
USOIL is at the vpoc of 2017 around 49.3. pretty important level to watch out for. can be a low risk swing bounce idea.. break of this can alternatively target the VAL of 2017 at 46.5 zones.
If MPP (S1) functions as a support line, think long. The first limit is 70.00 The second limit is under MPP (P) 70.77 The third limit is under YPP (R2) 72.62 I would be grateful if you like it idea,give me follow or agrees! ------------------------- -------------------------- Brown thick line: Yearly Pivot Points (YPP in the text) Light blue thick line:...
Let It Break decisively. Till then you can take advantages of intra-day short ranges. But do that with strict risk management. Finally the pattern at present looks Bullish, BUT it can go either way. Because on the flip side of it - COT reports are Bearish, open interest is at record high and Commercials are record short(more than they were at 2014 drop from...
Still Playing between the two Levels & DIRECTIONLESS Until it breaks either level convincingly, look for small and short term trades on lower time frames. I will personally have a short side bias.
I am planning to short Crude oil if it breaks down in the evening US session, using lower timeframes for entry. Nice Risk Reward
Both the Levels STILL Holding Nicely. Have Patience
I will Favour Shorts Below 49.50 and Longs above 54.50 with bias towards Shorts Happy Trading and Happy Christmas.
Crude Oil Again Testing the Crucial 50-52 Zone/Area. If it fails to break UP here, it could well be formation of Triple TOP. With COT Commercials Starting to turn Weak this may well happen. But i am not in a hurry to Jump to Conclusions. I will be interested in this market ONLY if Either it starts closing above 52 on Daily Charts (For LONG) OR it Starts closing...
Greetings oil traders, As you can see from the chart which is in weekly time frame, the move (INTERIM rally) is just a correction for the down trend; say for the super cycle wave (Y) Therefore, we sure say that the current move is merely a retracement for the Super cycle wave (Y) and the initial move (X) has been stagnated for some time at the areas of 23.6%...