Oil dropped below $30 a barrel in New York as equities tumbled and no agreement emerged from Venezuela’s tour of crude-producing nations. Speculators’ short positions on crude were near a record and Crude oil Futures fell 3.9 percent.
On Technical charts, Major trend of crude oil is still negative and market is making lower top and lower bottom formation on chart. Market look like it is likely to go below psychological level at $30.00 again. During last week trading session it took resistance of 200 DMA on four hourly chart. It has been trading below 200 DMA and 50 DMA appearance of dead cross on technical chart. Resistance is seen near the level of $33.55, while support is seen at $29.55. On intra day basis Crude oil price likely to trade lower today. If it break the support of 29.55 then it is likely to show the level of 28.00.
Indicators
RSI is still place in negative territory below the mark of 50.
Best of luck trading guys and let me know how you get on!
Oil is a falling nife now its making 3 rd wave of the 5th wave on daily chart(weekly and monthly we have a long way to go) also made a H & S pattern min target 18 bucks i think it will go close to 23---24 then reverse on 4th wave towards 31 dollar then will make its final dive to 18 dollar to complete 3rd wave (its making ending diagonal ABC then 5 wave move up(as retail traders trying to take it up then fall again ) then ABC(this is the 2 nd set) then we will see retailers trying to take it up then one last ABC
then u can expect a large wave move up to 46---48 dollars(on 4th wave ) then will resume its 5th wave down move .If u look at monthly chart oil has broken 200% of wave one on the 3rd wave next halt 2.618% fib that will put oil around 7 dollar a barrel (some times this year)
piponomics
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Could you post your chart? Would be interested to see!
michael231
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Hi, Kate, recently, every week after API and EIA, the OIL would rebound, however the data was bearish. Do you think this will happen in the next weeks ?
piponomics
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HI Michael, I suspect so there is no reason to suggest otherwise... supply just keeps on coming!
DamonDavies
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Thanks Kate,
How far down are you looking to set a TP?
Thanks
Damon
then u can expect a large wave move up to 46---48 dollars(on 4th wave ) then will resume its 5th wave down move .If u look at monthly chart oil has broken 200% of wave one on the 3rd wave next halt 2.618% fib that will put oil around 7 dollar a barrel (some times this year)