Thread: Oil
Crude Oil (May 13) intraday: under pressure.
Pivot: 94.25
Our preference: SHORT positions below 94.25 with 92.15 & 91.3 in sight.
Alternative scenario: The upside penetration of 94.25 will call for a rebound towards 94.8 & 95.6.
Comment: technically, the RSI is below its neutrality area at 50.
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Oil today surprised the very strong southerly decrease, the price of almost effortlessly broke a number of strong support levels and is now coming to the next level but the long-term - 92.00 figure, most likely from the mark and will begin its start as the northern correction Bears need to start a record profit.
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Crude Oil (May 13) intraday: the downside prevails.
Pivot: 97.85
Our preference: SHORT positions below 97.85 with 95.9 & 95.25 in sight.
Alternative scenario: The upside penetration of 97.85 will call for 98.35 & 98.95.
Comment: as long as the resistance at 97.85 is not surpassed, the risk of the break below 95.9 remains high.
---------- Post added 04-04-2013 at 09:08 AM ---------- Previous post was 04-03-2013 at 11:46 AM ----------
Crude Oil (May 13) intraday: the downside prevails.
Pivot: 96.00
Our preference: SHORT positions below 96 with targets @ 93.6 & 92.8.
Alternative scenario: The upside penetration of 96 will call for 96.9 & 97.85.
Comment: the break below 96 is a negative signal that has opened a path to 93.6.
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Oil is now sandwiched between two sloping levels, and they formed a converging triangle, under the rules of technical analysis to determine the side of the travel price you need to follow what the boundaries of the triangle is broken, probably the northern limit is breached, as is the fall in the dollar index and the 4 hour chart, pair trading above the moving alligator.
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In the H1 time frame the price is break the support at the 96.60 but it is rejected from the resistance at 97.25 level. it is break this support and hold at the lower support at 96.00. we can hold our long position to the target at 97.20
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Crude Oil (May 13) intraday: the downside prevails.
Pivot: 97.85
Our preference: SHORT positions below 97.85 with 95.9 & 95.25 in sight.
Alternative scenario: The upside penetration of 97.85 will call for a rebound towards 98.35 & 98.95.
Comment: the RSI has struck against a major resistance around 70% and is reversing down.
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Oil is in a very decent northern trend, now the price is a little drawn consolidation, but there are clearly some level of support for 96 dollars ... that now the price just went down there and wait ... so that in this place formed a level from which you can will take the price of the top ..
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Achieved part of the oil price decline is expected yesterday
touching the level of 95.50 and bounce up form there to slow the trading side now
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In the H4 time frame the price is open with positive gap and making a perfect pin bar candlestick pattern. it is falling but how at the 95.80 level. it is again move to up side and break the resistance provide by moving average 14 at 96.80 we can long this to the target resistance at 97.90
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Crude Oil (May 13) intraday: the bias remains bullish.
Pivot: 96.25
Our preference: LONG positions above 96.25 with targets @ 97.85 & 98.35.
Alternative scenario: The downside breakout of 96.25 will open the way to 95.25 & 94.
Comment: a support base at 96.25 has formed and has allowed for a temporary stabilisation.
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