CrudeOil Analysis based on trend analysis. Trend After the fall from the level of 59, seems to have some bounce from the low level of 51. Now the trend is not bullish nor strong bearish based on the current level of holding. Analysis On my analysis, may have good entry at the lower level of 54 with the SL of 52.50 and the target of 56 to 56.50 level. But...
WTI crude oil will take a pause@ 54.59 to check resistance 57.87
Crude Oil next week scenario 60 possible if this trend continues
Crude Oil taking a long rest here after OPEC cuts supply, trade talks in focus and the ladder is still on.
Crude Oil weekly chart study. We see that the Fibonacci levels as well as the pitchfork boundary coincides and shows a strong resistance and a possible price reversal zone. RSI divergence also substantiates our bias. We will confirm the beginning of a new downtrend only after the wedge breakdown.
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Short Crude below 62.85 T1: 62.25 T2: 61.75 SL: 63.55
NYMEX:CL1! CL Near "D" zone of AB=CD pattern. 161.8% Extension of Fibonacci is @ $ 55+. Watching price action closely for any short trade. Next resistance (If breaks this level) @ $58. First immediate target would be $ 50 (i.e "B" level), If price action says to short.
Although i am having a shorter side bias in crude oil BUT ..... A word of caution - Trade with a strict stop loss, at least till it confirms the move by breaking the uptrending line on daily closing basis.
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
Cl1 will give a short breakout Below 53.54 it can go to the level Downside level- 52.90 upside safe level- 54.07
CL1 had given a big long breakout out of multi tops.. Watch it out above 52.85, Above 52.85 it will confirm the breakout and can move upwards. Upwards level till 54.85/56.40/61.20.... Downward level to watch as a safety line can be kept at 51.50...