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Crude oil falls from heights! Next level $57.50?In our last analysis, we were targetting $65.50+ on oil and we got our profit target with a little help from the increased Middle Eastern tensions. From there the news subsided for the most part (tensions still high) and everything was priced in. Causing Oil to regulate back down to the "normal" levels. Price plunged through all the immediate support levels. Through $62.50, $61.00 and even $59.50. From here there are two short term opportunities. The bulls or the bears. The current intraday price action suggests there's more downside with the descending triangle. First the support structure at $58.70 has to collapse for price to continue to lows. We could see price use that broken support as resistance on the retrace which will confirm the downside. The downside target is first at $57.85 then $57.00. There could be a late run by the bulls through the immediate resistance. If price moves above $59.65 and holds it as support on the retrace we could see $61.00 oil yet again. The downside volume is, however, coming out pretty aggressively. This idea is for educational purposes only. This does not constitute as trading or investment advice. TRADEPRO Academy is not responsible for any market activity.
NYMEX:CL1!
by TRADEPROAcademy
1
CLJ0 Daily AnalysisThis analysis of CLJ2020 , the contract for April 2020 delivery, is an attempt at forecasting oil price into Q3 2020. A potential supply area around 6275-6325 via an increasing urge to lock in profits/reduce short risk exposure . Also, the risk of downside for longs is ever more noticeable as oil approaches the 3-sigma area where odds of mean reversion greatly increase. Looking for selling into strength opportunities in the lower timeframes is reasonable it seems.
NYMEX:CLJ2020Short
by Zoen_Trieste
1
Crude oil poised for a rally up to $85 OR down to $33???Crude oil has been on a good uptrend since the large 2018 retrace, the price has slowly trickled up and there is an indication that it continues. ONLY IF certain conditions are met. There is an equal likelihood that we could see a large dump... Support structure is holding really well after a broke high on a larger scale at $53.00-$53.50. As of recent price has gone up a lot in the winter month due to high demand but could this be temporary seasonal inflation? The Bull case: Price has been holding upside market structure over the past few weeks and months holding support at the $53.00-53.50 area, the trend is holding well and the downside volume has been decreasing. We need to see price break above $64.00 on a longer perspective on strong volume into the $70.00 area or so then retrace and hold that broken peak at the $64.00 as support. We want to see price then move through the $73.50-73.60 level. The Bear case: Price overall is looking bearish based on the monthly candles lower lows lower highs from 2013 even, the impulse high that has to hold is at $73.60. As long as price remains beneath that level we could see a press lower. The buy volume is looking really weak as well to the swings higher, which means this could be seasonal buying of crude which could evaporate. If price breaks below $53.00-53.50 and holds it as resistance on the retrace we might see a move even lower down to the $33.00 area and even below that. Disclaimer: This is a trade idea for educational purposes only. This does not constitute as investment or trading advice. TRADEPRO Academy is not responsible for any market activity.
NYMEX:CL1!
by TRADEPROAcademy
1
Crude Oil breaks bull structure, will we see $50.00 oil? Over the past few weeks, oil was making some gains slowly to push up from the lower $50.00 level and nearly into $60.00. There was some technical stagnation just under $59.00. A triple top had formed and we were waiting to see if support would hold for a push through resistance into $60.00, then the news came out from OPEC and OPEC+ that brought a strong 5% drop in the price. Through all support structure that was supposed to hold for upside. The bull trend is officially broken, which means we are looking for level at which to short CL to a move lower. The news is short-term however we may an extended move lower in the coming days or weeks. The first support level was $57.40, however price closed at $55.45 on Friday's close, right at support. The next level for the retrace based on the market structure is around the 50% retrace move from the whole downside and the previous support level is broken ($56.75). The year to date POC is at $56.50 so there is a 25 cent range between those levels that could be a good area of resistance for the shorts. Above that, we may start looking for longs again. The target to the downside is $54.05.
NYMEX:CL1!Short
by TRADEPROAcademy
1
Oil Forecast Today - Going All Short On Oil The US economy appears to be heading towards one of its worst quarters in recent memories, But amid signs that PMI readings are stabilizing in Europe and North America, relative to the backdrop of a hopeful resolution to Phase 1 of the US-China trade war deal, it seems that traders are otherwise treating disparaging economic data as red herrings. As traders remain distracted by the impeachment hearings, signs that the US-China trade negotiations are on uncertain ground has seemingly been ignored. For Me oil it's a short for now
FX:UKOILShort
by DR.