Crude Oil Prices Have Only One Way To Go
“Crude Oil can be seen at the last support area. Are we going to $26-28, and perform a move that will lead to $51-54 area?”
http://www.fxempire.com/opinions/guest/will-crude-oil-continue-the-bullish-trend-329294
Your capital is at risk
This move was realized one by one, then I repeated several times that oil prices will fail to go above these levels.
“Crude Oil can be seen at the last support area. Are we going to $26-28, and perform a move that will lead to $51-54 area?”
By the behavior of oil prices, technical patterns, traders positions and global economy, we currently predict that oil is on the way to $34-36.
Two specific dates in 2016 have been a major trading volume and price behavior. 11 of May 2016 & 6 of September 2016
Any upward movement of oil trading volume – either higher or lower during the last year created a trend in oil prices.
An abnormal amount of transactions occurred only twice this year –
05/11/2016 candle marks on buying (Acquisition of goods)
While 09/06/2016 candle show sales sign(Release of goods)
If this is the case so expect to see crude oil moves down.
COT position and MAP position
In terms of open positions, we can see an interesting data ,there is more space for oil price to decline – short traders overcome long positions. Pay attention to the number of positions.
Technical Analysis
If oil will move below 39.70 again, the next stop will be at 37.20. We can see that there is even more gap for lower prices at $33-35 area.
The trend is bearish as long as crude oil stays below 46.89 support level. A move above will change the trend as you can in the Gartley pattern charts.