Oil Price Technical Analysis - Sept 16
Posted: Wed Sep 19, 2018 8:03 am
I get stuff like this each morning and some times I just have to laugh at it. MY TAKE: We are in Phase 4A ($67 to $70) waiting to see how serious President Trump is about Iran.
Daily Technical Analysis
The main trend is up according to the daily swing chart. A trade through $70.89 will signal a resumption of the uptrend. The main trend will change to down on a trade through $66.67.
The minor trend is also up. A trade through $67.69 will change the minor trend to down. This will also shift momentum to the downside.
The short-term range is $66.67 to $70.89. Its retracement zone at $69.71 to $69.34 is controlling the near-term direction of the market. Crude oil is currently sitting inside this zone. Also inside this zone is a pair of Gann angles at $69.45 and $69.64.
Daily Technical Forecast
Based on the current price at $69.58, the direction of the November WTI Crude Oil market is likely to be determined by trader reaction to $69.71 and $69.34.
A sustained move over $69.34 will indicate the presence of buyers. If this move creates enough upside momentum then look for the rally to extend into a downtrending Gann angle at $70.27. Look for a technical bounce on the first test of this Gann angle.
Taking out $70.27 could trigger an acceleration to the upside with the next target angle coming in at $70.58. This is the last potential resistance angle before the $70.89 main top.
A sustained move under $69.34 will signal the presence of sellers. This could trigger an acceleration to the downside with the first target angle coming in at $68.67.
Look for heightened volatility following the release of the EIA inventories report. < Thank you Captain Obvious!
Daily Technical Analysis
The main trend is up according to the daily swing chart. A trade through $70.89 will signal a resumption of the uptrend. The main trend will change to down on a trade through $66.67.
The minor trend is also up. A trade through $67.69 will change the minor trend to down. This will also shift momentum to the downside.
The short-term range is $66.67 to $70.89. Its retracement zone at $69.71 to $69.34 is controlling the near-term direction of the market. Crude oil is currently sitting inside this zone. Also inside this zone is a pair of Gann angles at $69.45 and $69.64.
Daily Technical Forecast
Based on the current price at $69.58, the direction of the November WTI Crude Oil market is likely to be determined by trader reaction to $69.71 and $69.34.
A sustained move over $69.34 will indicate the presence of buyers. If this move creates enough upside momentum then look for the rally to extend into a downtrending Gann angle at $70.27. Look for a technical bounce on the first test of this Gann angle.
Taking out $70.27 could trigger an acceleration to the upside with the next target angle coming in at $70.58. This is the last potential resistance angle before the $70.89 main top.
A sustained move under $69.34 will signal the presence of sellers. This could trigger an acceleration to the downside with the first target angle coming in at $68.67.
Look for heightened volatility following the release of the EIA inventories report. < Thank you Captain Obvious!