CL
Technical Expectations for CRUDE OIL behavior (explanation)For the Moment, the volumes are weak comparing to previous ones. the red inclined line is a strong resistance which began since 2008, the horizontal yellow line is a support which serves for 16 years now (since 2004). Now there are 2 plans :
- If the market breaks (or tests then breaks as mentioned in the chart) the strong red resistance, the prices may fluctuate between the horizontal upper dotted line and the yellow support, since it was an ancient trading range -> see the green arrows
- If the market fails to break the strong red resistance, there is no other choice than going down, breaking the yellow support, and fluctuate between the below, dotted line and the yellow support to join the ancient range highlighted in the chart -> see the red arrows (the breaking of the yellow support needs to be strong)
Let's see how it would react with the mentioned lines.
Crude oil On the top, we can see a rising wedge and we already break out the resistance line.
waiting for 23.6-32.8% level Fibonacci
The additional shift of workers to remote work is a bad prospect for the oil industry. This means that tens of millions of people in developed countries will greatly reduce the movement of their cars.
Only this factor for 2021 means a decrease in world oil demand by 0.4-0.8 million barrels per day (or 0.4-0.8% of oil consumption).
Best regards EXCAVO
Bearish Idea on Crude Oil Consider this just an idea, IF the scenario happens, we will have an interesting setup to take, and if not, we don't do anything, and that's always good for your trading capital.
Main items we can see on the chart:
a) The price was inside a compression
b) Currently, we can see a bearish breakout of the previous structure
c) This doesn't mean that the price should start a new bearish trend. The price has been on a bullish movement since APRIL; we need confirmations first.
d) That's the reason we will wait for a clear pullback to the broken structure. IF that happens, we will trade towards the next support zone.
Elliott Wave View: Further Upside in Oil (CL)Elliott Wave View of Oil (CL) suggests the correction against the cycle from July 30 low has ended as wave B. The dip unfolded as running flat Elliott Wave Structure. Down from August 5 high, wave ((a)) ended at 41.33 low. The bounce in wave ((b)) ended at 43.29 high. Afterwards, the commodity resumed lower and ended wave ((c)) at 41.45 low. This ended wave B pullback in the higher degree. Since then, the commodity has extended higher and broke above August 5 high, confirming that the next leg higher in wave C has already started.
Up from wave B low, wave (i) ended at 42.89 high and wave (ii) dip ended at 42.42 low. The commodity then extended higher in wave (iii) towards 43.57 high. Wave (iv) pullback then ended at 42.77 low. Currently, wave (v) is still in progress and could see another marginal high before ending 5 waves up from August 21 low as wave ((i)). Afterwards, 3 waves pullback should happen before upside resume again. As long as 41.45 low stays intact, expect the dips in 3,7 or 11 swings to find support. The structure from July 30 low is unfolding as zigzag Elliott Wave Structure. Therefore, the potential target to the upside for Oil in wave C would be 100-161.8% extension of A-B between 46-49 area.
Brent and crude: the story of one resistanceGap fill straight into major weekly resistance for both $CL and $BR. Good place for a significant retrace.
A great long trade is going on the 15MI still see a great opportunity to buy crude oil on the 15M. I am going to give you the signal when you should close this trade!
Looking for the first push on CL +130 ticksCL one hour time frame is above the 42.00 known U-turn level. I am waiting for the market to close above the counter trend line bullish above 42.00. I am looking for the market to push bullish about +130 ticks towards the one hour up fib extension. If the CL is too much margin there is also the QM which is the E-mini version.
Petroleum (CL) very shy recentlyHi trader, After the sharp crackdown of petroleum, it was obvious that a sharp correction will begin. These last weeks (days), candles, and volumes are small, which means a lack of strength in the move.
2 scenarios:
- We can expect we will assist a correction of the move and then an ascending behavior will occur (red arrows).
- We can expect some volumes that would allow a PULLBACK to the previous trading range.
Let's focus on volumes!
Selling signal of CL (Crude Oil)the next target of CL is 39.61, and if selling volumes are important, it will go to 38.76
Many signals approve my idea, the market has broken down the VWAP first. And there are chances that it could break the blue dotted line (the market resisted many times recently). In terms of prices, the RSI also broke its uptrend behavior which is coincident with 50% level.
Also, is you apply EMA (14) and EMA (21), you will see that 14 period one crosses down the 21 one.
Simple Analysis (CRUDE OIL future - sep 2020)The market is to be watched over the coming days to exit the range, it will either go up or down. Follow and share
$USOIL #CrudeOil - Buying on a $40 Handle is a GIFT profit targets (41.42, open) & invalidation (volume breakdown of 39.75/39.50 levels) marked
Trade Safe
TRADE CL AT BREAKOUT (CRUDE OIL)THERE ARE TWO POSSIBLE SCENARIOS:
1. CL will breakout the resistance and skyrocket to touch the target
2. CL will breakdown the support of the pitchfork and touch the target below
TRADE ONLY AFTER BREAKING ONE OF THE TREND LINES.
ridethepig | Oil Macro FlowsHere we go for another round of updates to the Oil chart...
📍 Oil TBC....
CL +800 Tick push above $42.00CL daily time frame is just under future resistance 42.00. If the market can close above 42.00 on a daily time frame. I am expecting the market to push bullish towards 50.00
Impulse or Correction on Crude Oil by ThinkingAntsOkMain items we can see on the chart:
a) The price has been ranging between 40 and 35 for several weeks
b) Currently, we are observing a bearish movement
c) We have a Bullish perspective on Crude Oil with two variations
d) FIRST: The price reaches the lower line of the yellow channel, and after that, we have a bullish movement towards the next Resistance
e) SECOND: The price retest the Support zone, and after that, we have a bullish movement towards the next resistance zone
scenarios for the Crude Oil (CL) Hi traders, concerning the CL I expect two possible scenarios:
1st (green arrow): If the market has sufficient green, strong volumes the market will go over 42.21.
2nd (red arrows): I think this is the most probable situation because of the last small sizes of the candles, as if the ascending behavior is losing power. So I expect a possible bumping into the 0.786 level to drop to 34.63. Your opinion interests me!
