• 4 hours Gold Mid-Tiers Rally On Fresh Earnings Reports
  • 22 hours Can The British Pound Overcome Brexit?
  • 1 day Is A Gold Breakout Near?
  • 2 days Federal Reserve Downgrades U.S. Growth And Cuts Rate Hikes
  • 2 days Disney Beats Out Comcast In $71.3B Mega-Merger
  • 2 days The Feds Continue To Prop Up Equities Markets
  • 2 days Bejing's Sway In South China Sea Is Fading
  • 3 days Saudis Eye Billions As Stocks Get Emerging Market Boost
  • 3 days Airbnb In Acquisition Mode Ahead Of IPO
  • 3 days Gold Hangs At $1,300 Ahead Of Fed Meeting
  • 3 days Champagne Sales Slow As European Economic Worries Grow Louder
  • 4 days Putin Signs “Digital Iron Curtain” Into Law
  • 4 days Russian Metals Magnate Sues U.S. Over Sanctions
  • 4 days Tesla Looks To Jump Into Indian Market
  • 4 days Global Banks Lay Groundwork To Re-Inflate Asset Prices
  • 5 days Homeowners Experiment With Risky New Investment Trend
  • 5 days U.S. Tech Stocks Look Increasingly Vulnerable
  • 5 days De Beers To Expand World’s Most Profitable Diamond Mine
  • 5 days Ford CEO Gets Raise After Massive Layoff Round
  • 6 days Germany’s Flirtation With Recession Could Cripple The Global Economy
Lending: The Good, Bad, And Ugly

Lending: The Good, Bad, And Ugly

Aristotle said, “The most hated…

The Chatroom Cartel Running Global Bond Markets

The Chatroom Cartel Running Global Bond Markets

Eight major banks have been…

  1. Home
  2. Markets
  3. Other

Oil: Review of Elliott Wave / Technical Pattern

Monthly time frame:

  • We should consider the current advance as a countertrend rebound
  • So far we have a wide range bullish monthly candlestick
  • The support is located at 54.20
  • Above there is a large "pocket of air" until the 0.382 retracement of the down leg from the June 2014 lower high

Monthly Oil Chart
Larger Image


Weekly time frame:

  • After six consecutive weekly higher highs, with the upper Bollinger at 58.90, oil is now a bit stretched
  • Last week potential Spinning Top has not been confirmed yet since so far the small range body could belong to a continuation patter (As long as the gap at 56.14 is not closed)
  • If the gap were closed a test of the breakout now support at 54 would be probable
  • If the support at 54 does not hold the up-trend from the March low will not be jeopardized as long as the 20 wma which today stands at 51 is not breached

Weekly Oil Chart
Larger Image

  • Weekly oscillators are getting overbought: RSI(5) and Stochastic are now in the cautious zone.

Weekly Oil Momentum Chart
Larger Image


Daily time frame:

  • As long as the support at 55.70 is not breached it seems probable that the price action highlighted in the green box looks more like a continuation pattern rather than a distribution one

Daily Oil Chart
Larger Image

  • Daily oscillators are flashing warnings with the stochastic bearish signal cross and the MACD approaching its signal cross

Daily Oil Momentum Chart
Larger Image


60 minute time frame:

  • If 56.07 holds, Oil could be forming a Triangle with a measured target for the thrust at 60
  • If the Triangle pans out once the thrust is set and done odds would favor at least a Fibonacci retracement of the rally from the March low

Hourly Oil Chart
Larger Image

 

Back to homepage

Leave a comment

Leave a comment