Crude

For today

Intraday Elliottwave Analysis: Oil, a potential rising wedge formation?

Short term we see a potential rising wedge formation.

Once downside resolved, some deeper correction could not be ruled out.

If not, the trend may directly surge higher.

It's too early to build short positions against major trend until we see a clear reversal sign.

If today no touch 71.02 and close below 70, I highly suspect a small top may already formed.

However, above 60.32, there's no major resistance until 74.95, 79.93.

Daily support Levels: 70.38 70.01 69.92 69.78 69.48 69.34

Daily resistance Levels: 70.96 71.02 71.15 71.48 71.51

Intraday Trade Idea:

Sell Latentinterest Order: 71.32

Buy Latentinterest Order: 69.34

I am bullish on Crude.

The price of WTI oil continues falling and completes nine consecutive sessions to the downside. The price of WTI oil breaks below the 200 week EMA at the 61.54 level and it is getting closer to the 60.00 level where it may find some support. But the bearish trend is still in place and the price may fall to the 58.00 level. On the other hand, the price is clearly overextended to the downside and prone to a correction. In case of a pullback, the 61.54 level where we can find the 200 week EMA, could act as resistance, followed by the 55 week EMA at the 64.46 level. The 55 day EMA has changed its direction to the downside and that is an indication of a trend reversal on the daily chart.

WTI oil continued dropping towards the 56.00 zone where it finds a good support, but consolidates around that level. The price is actually stuck between the 56.00 and the 58.00, but the bearish trend is still in place and it could go back down. Below the 56.00 level, the price of WTI oil has the road clear to the 49.00 level. Above the 58.00 level, its next resistance is still the 200 week EMA around the 61.35 level.

WTI oil has been consolidating for the past 25 sessions around the 53,00 level and the 55 day EMA. From the current levels, the price may head in any direction.

If no data /politics comes out I expect WTI to start falling within the next 10 sessions. Current move up has stopped and recurrance of fall is likely

Maybe turning now. move up is losing momentun. Still a bit early to enter short for me. Crude has a habbit of going up and up

WTI oil has found a good resistance around the 57.00 level from where it may bounce to the downside, maybe towards the 53.00 level. To the upside, oil may find some resistance around the 60.10 level where we can find the 200 day and 200 week EMAs.

here comes the drop. Price has falled $3 already today. I can see oil getting down to $50 a barrel over the next 2 months
 

WTI oil makes a new daily high around the 57.90 level, probably trying to reach the moving average confluence zone between the 59.00 level and the 60.00 level. In that area we can find the 200 day exponential moving average along with the 55 week and 200 week.

anticipated for today


Result

Looking for lower oil prices from May 6 to May 8 based on my cycle analysis.

Our analysis for today. Click on my name to know where you can get these levels everyday Or So.

Today 61.10 or 63.35 around will be reached, what is your choice ?

Down was

https://www.myfxbook.com/files/Crudeoiltrader1/5154E11EE29C48B5B2F5A059EF100640.jpeg
Setup