Crude is in buy mood Target 54. Maintain stop below channel bottom
Inverse H & S pattern in weekly chart of crude oil......about to break neckline.....big move is expected if it breaks neckline.....
Crude Oil Short setup viewpoint. Trade with further price action confirmation.
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%...
My View Crude Going Down... Touch New Resistance Line and Go Down...
Crude oil appears weak and having completed an A on downside to 43 $ and a corrective B to the up around 48$ quite likely the C down has started which should be a five wave impulse. A break of the current trendline support at 45 $ will confirm first the fall to 43 $ and subsequently lower levels
Watchout Crudeoil. Indicators Pointing Downmove. BUT IMPORTANT, wait for Confirmation.
From Last week's update -It was said that 43.60-43.80 zone to be looked for a support & bulls could rejoin for nice up & strong leg in this week from that zone- Bang On Target -Crude Oil takes support & makes a low@43. 85 before going up -up & Away. Last Traded Price- 47$+
Oil has bottomed in 4th wave@43$ as per my previous post From lows@43$- It looks we have travelled the first tranche, which could finish in the zone 44.65-44.77 where the 5th wave at minor degree shall complete 61.8% of 1-3 wave distance. As a good student of technical analysis- I still use my lessons seriously- one of the lessons I learnt few years back was...
There is a rarest of rare pattern happening in Oil as well & taken bears with surprise in current session. Likely Oil has put up a low@43$. In the last update, I expected Oil to correct in the c - wave within 4th wave & had a target of 45.50-45.70 when it was trading at 47.30$- Congo, I got that move, but was even surprised by the wave getting extended & even...
If it travels below 46.40$- Let us look for a last wave in the 4th wave in the range 45.50-45.70 from a top 49.35$ or going above 48.50$- oil could turn bullish with immediate swing low as a stop. If turns bullish now above 48.50 or going first in the zone 45.50--45.70- either ways oil is looking bullish for targets 52.50-52.70 at present. Regards, Abhishek H. Singh, CMT
Oil is running in 5th wave. I have been looking since yesterday -for 47.20-47.40 zone- It cam close to 47.45- Once crosses 48$- Let us look for 4-5 $ push to carry it in 52-53 Handle.