Lately we have seen a lot of catalysts as far as WTI Crude Oil but less and unreasonable volatility than expected. We had: 1.O.P.E.C enlargement deal. 2.Libya's and Nigeria's supply growth. 3.Arab nations cut ties with Qatar. 4.US increase Oil production 10 months straight with new cheaper drilling methods. 5.Summer rally seems to have an effect on inventories but price hasn't still followed.
TECHNICAL OBSERVATIONS 1.As we can see we have the change of the trend making lower highs and lower lows. 2.We have the previous ascending channel and the current descending channel. 3.Stochastics at overbought levels. 4.We can see previous resistance levels based on price action and ichimoku clouds. 5.We can also notice price pushed down from the resistance of the ichimoku cloud today. 6.We have fibonacci confluence as price is fighting right now the critical 61,8% Fibonacci retracement of AB move. 7.The first red resistance area created by previous price structure and ichomoku cloud coincides with the 1,414 and the 1,618 of the last swing CD Fibonacci extension. 8.We can also notice the two resistance zones.Resistance zone A is critical for changing from short to long bias. 9.We can see the two scenarios created by the arrows. 10.Previous trade-article attached below is still active and in profits as harmonic pattern is validated.
POSSIBLE TRADE WITH 3.6 P/L RATIO ENTRY PRICE WITH PENDING ORDER AT 48$ BUY STOP AT 49.50$ TARGET PRICE T1 AT 42.20$
THANKS FOR SUPPORT! KEEP FOLLOWING FOR MORE PROFITS!
Kommentar
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Price rejects the 61,8% Fibonacci retracement and confirms for now the continuation of the downtrend.
Kommentar
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Price exactly at resistance zone...Fundamentals try to show something as inventories once again in bigger decline than expected...
Kommentar
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Dollar's weakness is helping right now the upside for Crude Oil.
It will not get to 48 no way... we are down the channel!
The_Greek_Trader
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@eusoubrasileiro, You seem new to the markets because you are doing two significant mitsakes.First you are sure about the market's direction second you ignore completly the fundamentals.
Market will tell us the truth and we have to listen as i say.
Thanks for your opinion!
eusoubrasileiro
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@As_Is_Here, thanks for the answer. I am really new to the market. I will start following you maybe I will learn a little at least. If you have any other advice for a newbie I appreciate. Cheers
The_Greek_Trader
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@eusoubrasileiro, For beginning I like your attitude of learning and absorb knowledge.Now we see that price broke out of the descending channel.Fundamentals and the weakening of the dollar played important role..Let's see...