the drop down is starting...went from 96.35 at 10CST to 94.67 about 1/2 hour later...forget $100.00 unless war or something extreme etc..next weeks EIA will be HUGE...and any more OPEC news today or over weekend
remember, nothing goes straight up or down. especially oil. there are plenty of zigs and zags to psyche you out. technicals are still bullish for now. we'll see what happens. i wouldn't be short going into a weekend that's for sure
a very sensible post but let me correct you here that you should go long only on the last hour or half-hour. That way you are bound to get a better rate because market generally exhibits a pattern of dropping till the last hour. However as I said before a drop was coming and here it is. But I have a feeling that this is just the start. Remember the technical indicators are lagging in nature. Already one can see a bearish divergence about to form in 4-hour chart. The exact one which JSS posted to prove that market will turn bullish Ill say it again....If you are long be very careful
Measured move puts crude (March) right around 100: 91.91 + 8.29 (94.72- 86.43) = 100.20 Looking to buy dips to sell at around 100.
what do you guys make of the head and shoulders pattern with the right shoulder being made right now ? If that pans out you will see oil fall to 77. http://futures.tradingcharts.com/chart/CO/W
According to how I view p/a in conjunction with MACD I would say that although it would be reasonable to assume decline based on H&S forming, MACD points to a possible BO above $100. Impossible? Do any of us understand fundamentals THAT well to go against the flow? I certainly prefer not to even go there, I have no clue. All I can see is that p/a + MACD's histogram do not show the end of rally as yet. I agree with Usman that caution has to be taken here. As expected majority now support $100 re-test. Also that poll done by Bloomy, come on, 25 against & 2 for, that was just appalling analyses on their part, I am very surprised.
Funny how different eyes see different things in the same charts. That's the nice thing about T/A. I don't see a H&S in oil's chart. I do see a rangebound chart, $85-$100, that followed a nice run up. Could be a flag pattern. A nice example of a H&S pattern, complete with a nice MACD divergence (on the daily & weekly), can be found in the Gold chart. If my neckline is drawn in the right place it was broken on close on Friday. Not to mention the 9day MA keeps pushing it down.