Thread: Oil
well, very good thread...in the m30 chart this pair is start to move in the down channel it is having the resistance at 91.50 if this resistance is break then it will move to the higher resistance side at 91.70 we can long oil with the stop loss at 91.00.
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The light sweet crude market had a bullish session originally, but fell during trading in Wednesdays afternoon session as the market struggled with the $93.50 level. The International Energy Agency eased its global forecast for demand in 2013, which of course will weigh upon the bullishness of this market. With that being said, there is quite a bit of support down at the $90.00 level, and as a result its difficult to imagine a serious breakout at this point.
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Crude Oil (Apr 13) intraday: the bias remains bullish.
Pivot: 91.60
Our preference: LONG positions above 91.6 with 93.5 & 94.45 in sight.
Alternative scenario: The downside breakout of 91.6 will open the way to 90.8 & 90.2.
Comment: the April Crude Oil remains within a bullish channel.
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But frankly it dingy chart of oil, the levels work very badly, it is seen that there is no money in the market so well-practiced formations ... but still a straight line trend and managed to hold there seems no support what 92 dollars ... so more inclined to grow ...
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in the h1 time frame the price is rejected from the resistance 93.50 but lower side it is also hold at the 92.55. it is making a pin bar candlestick pattern so try to move again resistance side. we can long oil with the target again resistance at 93.50 with stop loss at 92.40
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As we can see on the chart, Oil has broken the resistance level at 90.76. So, I think this breaking indicates that Oil still in bullish momentum. For Oil today, I expect Oil will continue going up to the next resistance level at around 92.04..good luck.
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Crude Oil (Apr 13) intraday: bullish bias above 91.6
Pivot: 91.60
Our preference: LONG positions above 91.6 with 93.5 & 94.45 in sight.
Alternative scenario: The downside penetration of 91.6 will call for a slide towards 90.8 & 90.2.
Comment: the RSI is mixed with a bullish bias.
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in the H1 time frame the price is break the resistance trend line and move up side now the price is rejected from the resistance at 93.45 now this will be move to the down side. if the price is close below the 92.80 we can short this to the target 92.20
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Crude Oil (Apr 13) intraday: further advance.
Pivot: 90.80
Our preference: LONG positions above 90.8 with targets @ 92.45 & 92.9.
Alternative scenario: The downside penetration of 90.8 will call for a slide towards 90.2 & 89.55.
Comment: the double bottom pattern calls for further gains towards 92.9.
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