Crude Oil Elliott Wave IdeaA similar idea to the ideas below but a bearish move in between:
Looks like a bearish flag if you compare to the previous one; 0.618 is at $5860 which is where the daily EMA200 sits currently:
Brentoil
Crude Oil Elliott Wave IdeaAn update to a few ideas:
Could be nearing the start of an aggressive bullish move (wave C).
There appears to be a channel up formed and well supported; a break below this channel would invalidate my theory.
I believe we could see USOIL prices near to $70 by the end of 2019.
Crude Oil Elliott Wave IdeaA small timeframe idea linked to these two ideas:
Possibly in the early stages of an impulsive wave 3, but possibly a dip in price before it gets going.
If price drops below $54,98 then this count is invalid and a move down below last weeks low at $54,70 may happen.
4H chart is showing bullish divergence:
Oil: Monthly Equilibrium, Break Coming!Hello dear energy sector fans & oil traders, hope you're doing well! ;) Welcome to this special analysis on the WTI Crude Oil.
On the monthly chart we're currently inside a nice Equilibrium/tightening range , which will see a breakout coming towards the end of this year. This Equilibrium is also perfectly visible on the Weekly chart:
=> A break of the range highs at $60 could lead to $65 and $75, giving 5-25% profit.
A break of the range lows at $52 could lead towards $45, giving around 17% profit for short sellers.
On the Daily chart we have successfully made a Morning Star reversal at $55 and are currently trying to make that zone to a higher Low compared to $52 of the Equilibrium range.
What about the fundamentals?
While we currently have the tanker issues still going on between Iran and Great Britain, it doesn't seem to have a huge impact on the price: The market is not expecting a costly war between those parties.
Moreover the market is fundamentally still dictated by weak industrial & manufacturing activity : Supply is still stronger than demand.
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BRENT crude oil triangle patternThe Brent crude oil is currently trading in a triangle pattern.
Two scenarios are likely to occur during the following trading sessions.
First, the pair could aim for a resistance level formed by the 23.60% Fibonacci retracement level.
On the other hand, a resistance cluster at 63.81 could provide resistance for the commodity in the short term.
Crude Oil Elliott Wave IdeaAn update to this idea specifically:
Thinking that A & B of of a larger Y wave are completed and C of Y could begin soon; the red dashed line on this chart is the monthly bearish trendline below:
All part of larger degree idea here that the bearish trendline is tested again near $70, back to $50, then breakout of the massive triangle towards $90 >
Crude Oil Elliott Wave IdeaUpdate to several ideas below:
I think the correction may be over in form of WXY, completing wave B and near to the 0.618 level.
Daily chart printed a very bullish pattern, a Bullish Harami Cross:
usoil wticrude Supply And Demand AnalysisPlease refer to picture for analysis. we are in a daily uptrend with price back into daily demand. bullish oil with price in this area.
Brent Crude OilAfter a perfect bullish move Brent Oil has reached an area where is facing horizontal resistance, downtrend resistance and it is at the upper end of the uptrend channel.
I am foreseeing the price to come down to the lower end of the channel, at around 64.6 area where it will also be the lower end of the channel.
On the 4H chart I want to see a break of structure, marked by the black line, before going short. If the price holds above it might signal a price compression and that is a bullish signal.
Brent Crude OilBrent Oil has reacted to a support area making an engulfing candle on D timeframe and it is supported by an ascending trendline.
MACD confirms that it is gaining strength and it could easily reach the 67.5 area where both resistance and the descending trendline since April confluence.
Trade safe!
USOIL UKOIL LBLS AnalysisLBLS clearly shows the price must be following this channel and for sometime the price will continue within this channel only for both USOIL and UKOIL.
There is not much to explain why this is will move in this direction.It is very evident that this will follow the parallel price channel .
If the price closes below or above then that will be the trend reversal for both UK and US Oil.
I used LBLS for analysis ,Here is the details of the LBLS more...
with the help of LBLS indicator , i check three basic yet effective rules for Entry.
Long:
Make sure the candle color transitioned from Black to Blue / Red to Green .
The Strength-meters Here is the example of Strengthmeters with Open Pine code ,it is nothing but group of top performing indicators,Used 7 indicators to predict this.Minimum 4 or above showing in charts in the current candle or within two candles in Green Color (Red for Short).
Background Color changing from Red to Green is the added advantage.
Short:
Opposite of the Long Logic's.
USDNOK BACK AT SELL ZONEUSDNOK is back into the key daily lows where we could see sellers re-enter the market.
The USDNOK is currently trading within a weekly range and could see prices test the key lows
of the range in the demand zone labeled on the chart. With Oil prices on the rise once again the
NOK could benefit and gain strength. We will be looking for lower timeframe shorting opportunities
here of waiting for a daily bearish close to look for a short position.
Crude Oil Elliott Wave IdeaUpdate to this idea >
May be in wave 4 (of A) now but if price breaks below 5480 then the count is invalid.
Crude Oil trade of the year.Looks like OPEC will extend its supply cut. If that so, just buy this discounted OIL and hold till it reaches $70. Do not have to enter with crazy risk to reward ratio like mine.
TVC:USOIL
Crude Oil Elliott Wave IdeaSmall time frame idea of a correction in crude oil in WXY and possibly a bullish flag.
Crude Oil Elliott Wave IdeaAn update to this idea >
I thought we'd see a 5 wave down side move but I think that move is now over as a 3 wave ABC; the down channel is broken and this could be the start of an impulsive move towards $70 before the year ends.
Larger timeframe idea here >
Crude Oil Elliot Wave IdeaUpdate to this long term idea >
It doesn't look like we'll see below $50...$47 was my estimate but it looks like a bullish leg has started which could end near the $70 area at the .786 extension and meet the long term bearish trendline (red line).
Will oil be bullish? 20 june 2019There is a break of LHLL structure. If 53.76 hold and forms a lower high formation, we can expect oil to go higher. Watch 53.76 closely.
Crude Oil Elliott Wave IdeaAn update to this idea with the channel and the potential triangle added >
Other parts of the idea below:
