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Oilshort

Elliott Wave View: Oil Resumes Lower ImpulsivelyShort term Elliott Wave view on Oil suggests wave (B) rally ended at 63.38 on September 17, 2019 high. The commodity has since turned lower within wave (C) which is unfolding as 5 waves impulse Elliott Wave structure. This view will get validation when it breaks below the previous low on August 7, 2019 low (50.52). Down from 63.38, wave 1 ended at 57.67 and the bounce to 59.54 ended wave 2. Oil then resumes lower in wave 3 which is extended and subdivides as an impulse in lesser degree. Wave ((i)) of 3 ended at 58.01 and wave ((ii)) of 3 ended at 59.39. Wave ((iii)) of 3 ended at 53.05 and wave ((iv)) of 3 ended at 54.42. Near term, while bounce stays below 59.54, expect Oil to extend lower to continue the 5 waves move from September 17, 2019 high (63.38). We don’t like buying Oil and as far as pivot at 59.54 stays intact, expect any bounce to fail in 3, 7, or 11 swing.
FX:USOILShort
by Elliottwave-Forecast
2
RoyalDutchShell (RDS.A) upcoming attractive oil stock dividend"The Company consists of the upstream businesses of Exploration & Production and Gas & Power and the downstream businesses of Oil Products and Chemicals. It also has interests in other industry segments such as Renewables and Hydrogen." right now Shell currently offers the highest dividend yield among the oil majors, at 6.5%. Moreover, that dividend is comparatively safe: Even during the oil price downturn of 2014 to 2017, Shell didn't cut its dividend like many independent oil producers. It is also trading at an attractive valuation right now,, a consistent payout.. its a gasoline play thats not about the gas,, this is to become an attractive dividend stock by far.
RLong
by EMelsome
Oil - Zig Zag Correction to $32Between October 2017 and the beginning of 2019, we have seen a 5 wave move from the mid 70's to the low 40's. Any move that starts with a 5 wave move will end with and at least an equal 5 to complete what is called a Zig Zag pattern. The was a correction back to test the bottom of the previous wave. This didn't complete a 5 wave move, therefore this must be a 3 wave corrective move, which is the pattern that sits in the middle of a Zig Zag. An equal move for the top of the 3 wave pattern put the target for oil at $32. This is confirmed by the RSI failing to get over 60 and forming a double top formation. The entry begin the crossing of the RSI moving averages. We also saw a large move in the Composite Index, were price did not follow (purple arrow) and a divergence with the RSI giving weight to the analysis. Any time a indicator moves a great distance and price does not move, and your position is in the direction of the indicator, you are on the wrong side of the market. This target of $32 is very conservative, as some Zig Zag patterns can run to 1.618 % of the first 5 wave move. We won't see oil sit a this level for very long, as Zig Zag corrections are a quick and fast way for the market correct, before making a larger move higher.
OANDA:WTICOUSDShort
by TRADER-RI