Tag Archives: Crude

Broken Channel Indicates More Bearish Movement For OIL

Gregor Horvat

Crude oil made only three waves up in September that we labeled it as a zigzag in wave 4. Notice that that wave 4 moved up into the area of a former wave four near 50.80 from where price turned down very sharply, through the lower support line of a corrective channel. This breakout confirms continuation lower, so we suspect that price is headed back to the lows of 2015. We see wave 5) of (C) that can be targeting even $30 in months ahead. more…

Crude Holding Up Well Despite More Bearish News

Fawad Razaqzada

Judging by Thursday’s and most recent price action, crude oil is continuing to shrug off bearish news. This suggests that most of the negative news may now be priced in, which in turn implies that prices may have hit a bottom. But it is still early days and there are no concrete signals to confirm this thesis. Therefore, crude oil speculators should proceed with extra caution now and trade what they see rather than what they would like to see on their charts. more…

Crude Oil Trades Within Impulsive Downtrend

Gregor Horvat

On Crude oil daily chart we have seen a nice retracement from February low to 63 level, but with three waves which is a structure of a corrective price action. We labeled it as completed wave 4) so we believe that price is falling now in wave 5) that can be $33 by the end of the year. Currently we see price in sub wave 3 of 5) that can be looking for some support around $40. more…