There is a head & shoulder pattern with head at 53.77 -neckline at 52.70$- Going below 52.70 - Can CrudeOil put a top to the upside rally with 53.77$ intact which started from 47$ in the update - Stretching in a final wave Any upside move we shall look only above 53.40$ which is the right shoulder high. Previous Update Stretching in a final wave upside ...
Wow!- what a knock as Oil bounces from 47$ to 50.85$ on global exchange & on local exchange -MCX (Multi Commodity Exchange) from 3075 to 3288. Previous Update - Stretching in a final wave before collapse As per short term update in previous post- Taking stops below 47$ & looking for a bounce was the strategy which has paid well so far. Next resistance comes...
In Dec1998 when crudeoil was trading at 7$ -no one even thought that it will travel to 147$ from 50$ base. The explosive rally from 50$ to 147$ was in wave-5 & It behaved exactly as bookish structure. In commodities wave -5 is 80-90% time bigger than wave-1 & wave-3- which was the excellent case for the oil between Jan2007 & July 2008 5th wave scenario. Always...
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.
* Trendline * Bullish crossover on Stochastic * RSI back from oversold territory
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...
US Crude commencing Wave 5 after corrective Wave 4. Heading toward 55/56 levels before reversing.
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
Final Leg down will take price down towards $52 below.
Both the Levels STILL Holding Nicely. Have Patience
I will Favour Shorts Below 49.50 and Longs above 54.50 with bias towards Shorts Happy Trading and Happy Christmas.
Gap UP on Monday, Distribution and the kind of price action of last 2 Days, I am staying away from this market for the time being. i will be interested in going long only between 55-60 Level.
Crude Oil Again Testing the Crucial 50-52 Zone/Area. If it fails to break UP here, it could well be formation of Triple TOP. With COT Commercials Starting to turn Weak this may well happen. But i am not in a hurry to Jump to Conclusions. I will be interested in this market ONLY if Either it starts closing above 52 on Daily Charts (For LONG) OR it Starts closing...
From previous update- was likely looking for a bounce - got the bounce to 48-49$ & In the last trading session- Oil gave the big red candle & going below 45$- shall be looking for downside first in the zone 42-41$ Related Analysis Attached below