Crude Oil: Trend?
Eddie Tofpik | Aug 03, 2018 08:10
I wrote last time:
The Bullish Apr - Jun Andrews Pitchfork is still on the Daily Chart above as is the 50% Fib of this move at 69.43. We'd need closes under the 50% Fib to just move it into a Neutral state and ideally Neutral would see the market under the Medium MA (currently 67.97).'. So...let me tell you what Jul has done...especially also adding the first few days of Aug! We've tested a few times below the 50% Fib at 69.43 and we're currently below it. We are also currently below the Medium MA. Finally, we have edged out on the downside the Bullish Apr - Jun Andrews Pitchfork. Closing where we are now tonight and we'll have confirmation that the Pitchfork (which is still on the Daily Chart above) will no longer be valid. The main hope for the Bulls is now the congestion between 66.95 - 66.67 which has held up the market back in Mid Jul.
Will it be strong enough now?. I'm not sure, there's less ammunition but it is all packed in closer together and may soon be tested as support. I'd add one other question...is this whole early Jul -to-date action part of a large Bearish Halfway Hesitation/Bear Flag...it would be interesting if it were as it would challenge the June low at 63.60 as a potential Target area. Topside, well to counteract this possible move down you'd need consecutive closes over the 50% Fib at 69.43 to start. The old AP is dead...you'd need to look for a new pattern instead as well. Finally, I note how the Short MA (currently 69.37), the Short/Medium MA (currently 69.08) and the Medium MA look as if they may intersect. They are in the right order as well....so watch out for a possible Bow Tie Formation. A bit early yet...but just in case. As a postscript...with two MAs pointing up and two down...it would be appropriate to move the bullet point into Neutral for the moment.
Disclaimer:ADM Investor Services International Limited is authorised and regulated by The Financial Conduct Authority. Member of The London Stock Exchange. Registered office: 4th Floor Millennium Bridge House, 2 Lambeth Hill, London EC4V 3TT. Registered in England No. 2547805 a subsidiary of Archer Daniels Midland Company. Risk Warning: Investments in Equities, CFDs, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value, investors should therefore be aware that they may not realise the initial amount invested, and indeed may incur additional liabilities.
Get The App
These Investments may entail above average financial risk of loss, and investors should therefore carefully consider whether their financial circumstances and investment experience permit them to invest and, if necessary, seek the advice of an independent Financial Advisor. Some services described are not available to certain customers due to regulatory constraints either in the United Kingdom or elsewhere. © 2014 ADM Investor Services International Limited 2014.
/h3
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.