Expecting a dip today, which could lead to long accumulation thereafter.
Crude (USOIL) Breakout 23.6% retracement. Hope it will go for 61.8% next. In long term view (few months) chance to touch 80$+(Fibonacci Extension )
Buy USOIL between 65.80-66.20 T1: 68.20 T2: 69.70 T3: 71.00 T4: 72.75 SL: 64.76
Charts show multiple build up ranges. Considering time cycles, we're are in short term bearishness. Which would change post a break out above $71.50 while a strong support area can be observed around $66 levels.
Oil is forming a triangle on intraday time frames. Looks like a good opportunity to trade range breakout today. Prepped-up for both long/short opportunity with a Stop & Reverse strategy.
Crude Weekly is at make or break level, Also RSI is seen showing divergence.
NYMEX:CL1! Monthly Chart: ABCD Pattern on process. (D wave in making). T arget is $72 by mid June 2018. Also it is in safe buy zone = above $50. ( Trading above 0.618 of Fibo retrace of B to C wave). below $41 pattern gets nulled. Do Not to trade.
Short Crude oil below 73.80 T1: 72.85 T2: 70.80 T3: 69.50 SL: 74.55
Will it do what it always does? Thats the question that will be answered today. No risk no gains...
An Extended Flat taking highs and lows.. one big fall expected and then a big rise...
Looking forward to go short upon the channel bottom breakdown. Will update the entry, targets and SL soon.
With Saudi increasing output .. it going to get rejected from these levels for the 3rd time and this time it might be a big fall. Levels for crude could down side target .. long only above 66.35 levels. Cheers!
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TVC:USOIL is having a strong support zone at 58/60 levels, crude can find support near at current level and can bounce back again, else breaking support we will see its going towards strong support area or more if it not holds, do check every support and resistance, it will act STRONGLY that levels.