Showing results for 
Search instead for 
Do you mean 
Reply
Regular Contributor
Posts: 210
Registered: ‎04-06-2016

US Crude Oil short term top in

Chart suggests that buyers are facing a point where the sellers have been waitingCapture crude.PNG

Valued Contributor
Posts: 580
Registered: ‎24-07-2017

Re: US Crude Oil short term top in

Looking at the current 4 hour chart set up then I can see where you are coming from.

Respected Contributor
Posts: 1,141
Registered: ‎21-03-2016

Re: US Crude Oil short term top in

https://marketrealist.com/2016/03/seasonality-impacts-crude-oil-prices

 

same chart as eur usd  , can't say sellers there. Tops and bottoms is little information , little info can be dangerous.

 

https://www.thebalance.com/how-the-dollar-impacts-commodity-prices-809294

Valued Contributor
Posts: 580
Registered: ‎24-07-2017

Re: US Crude Oil short term top in

I can see where @elle is coming from. 

 

The oil chart is at an interesting juncture. I accept it could go either way and it may just be a slight pause before the next leg up due to supply restrictions. 

 

However, going forwards there are advances in alternative energies that mean the world could be less dependant on oil than in the past which does not bode well for the oil price long term. 

 

A shift is slowly occurring and it may take many years but my personal opinion is that the demand for oil will decline. 

Regular Contributor
Posts: 210
Registered: ‎04-06-2016

Re: US Crude Oil short term top in

US inventories today  , price has turned , but really needs to get below that blue line for me to feel comfortable            Capture crude.PNG

Regular Contributor
Posts: 210
Registered: ‎04-06-2016

Re: US Crude Oil short term top in

Blue line taken out

Regular Contributor
Posts: 210
Registered: ‎04-06-2016

Re: US Crude Oil short term top in

Capture   bcl.PNG

Regular Contributor
Posts: 210
Registered: ‎04-06-2016

Re: US Crude Oil short term top in

update  ......   trend line break                     Capture cre.PNG

Regular Contributor
Posts: 210
Registered: ‎04-06-2016

Re: US Crude Oil short term top in

  update    looking better          Capture  ccrr.PNG

Regular Contributor
Posts: 210
Registered: ‎04-06-2016

Re: US Crude Oil short term top in

Got sub $60     , not bad

Regular Contributor
Posts: 210
Registered: ‎04-06-2016

Re: US Crude Oil short term top in

$58.40 next target downwards

Regular Contributor
Posts: 210
Registered: ‎04-06-2016

Re: US Crude Oil short term top in

Just Lovely               Capturekk.PNG

Valued Contributor
Posts: 580
Registered: ‎24-07-2017

Re: US Crude Oil short term top in

After the bounce do you think there is potentially another leg up for Oil or simply another leg downwards?

Regular Contributor
Posts: 210
Registered: ‎04-06-2016

Re: US Crude Oil short term top in

It's had a pull back, but as you can see from the lines , it's still in an uptrend. If  it makes a more significant  lower high, then a reversal may be on. I thought it might least reach that upper white line before reversing, but as my previous charts showed I saw the reversal happening before thatCapture clf.PNG

Highlighted
Valued Contributor
Posts: 580
Registered: ‎24-07-2017

Re: US Crude Oil short term top in

I can see that Crude Oil prices have broken past the support. Going through the 59.00 level was key. It will be interesting to see if prices test support near the 50 day moving average of around 57.00. There looks to be a upward trend line that is around the 61.75 level. For me momentum is going to be important. It seems a little bit negative to me. 

Occasional Contributor
Posts: 8
Registered: ‎08-02-2018

Re: US Crude Oil short term top in

Hi Traders,

 

Buyers are aggressive on the Oil, but the upside of the price action is limited by fundamentals and technicals factors.

I will be looking for a swing trade to the down side.

 

Best Regards,
Omar.

.

19.02.18.png