Category Archives: Crude Oil Futures

Watch Those Flags – CL

By | Crude Oil Futures | No Comments

Watch those flags.

Hi everyone !

I don’t pay attention to a lot of chart patterns, but flags are one of my favorites.

In the chart of crude oil below, you’ll see what I’ve coined a “double bear flag” for obvious reasons. Also notice the open gap from last year and remember, all gaps get closed.

Thanks !

Dave

Update on our new Trading Group, Bottom Line Trades

By | Crude Oil Futures, NASDAQ E-Mini Futures, Russell 2000 Index, S&P 500 E-Mini Futures | No Comments

Hi everyone,

Our new venture, Bottom Line Trades, is coming along well 🙂

I wanted to share 4 trades from this week, that as of this post, are showing a profit of +$19,555.00

(CL) Crude oil trade: http://stocktwits.com/message/57548920

(TF) Mini Russell trade: http://stocktwits.com/message/57548871

(NQ) Mini NASDAQ trade: http://stocktwits.com/message/57548831

(ES) Mini S&P trade: http://stocktwits.com/message/57548818

You can see all our charts that are posted publicly here:  http://stocktwits.com/BottomLineTrades

If you’d like to achieve results like this on a consistent basis, feel free to contact us for more information:

http://www.thefibdoctor.com/contact-thefibdoctor/
or http://bottomlinetrades.com/contact/

Thx,

dave

Crude Oil Futures playing out as projected $CL

By | Crude Oil Futures, Traders Education, Updated Charts | No Comments

In January of 2016, I did an article on Crude Oil Futures where I identified a resistance zone of 37.28 to 41.47 using my Fibonacci method, which I refer to as the “One Shot, One Kill” method. Note that I was able to identify this resistance zone after $27.01 had been hit and price had begun to enter into a relief rally. The chart below shows that while crude oil futures were trading at 58.88 (in June of 2015) there was a lower outstanding Fibonacci price target of 27.01. (this chart and target can be found in the link above)

Crude Oil Futures – 5 years, weekly chart

Crude Oil Futures June 2015

Crude Oil Futures June 2015

 

The 3-year chart below shows the target being hit in Q1 16.

Crude Oil Futures – 3 years, daily chart

Crude Oil Futures - Target = $27.01

Crude Oil Futures – Target = $27.01

 

Now let’s take a closer look at the aforementioned resistance zone and how I determined where that resistance would be.

My “One-shot, One-kill” method of identifying targets, support and resistance is a method I spent years developing and is amazingly accurate when used correctly. In the chart below, you’ll see the resistance zone highlighted as well as a level marked at $42.41.

Crude Oil Futures – 1 year, daily chart

Crude Oil Futures resistance range

Crude Oil Futures resistance range

 

And finally, let’s take a look at how this resistance zone played out. Hint: This is where the “amazing accuracy” part takes center stage 🙂

Crude Oil Futures – 2 months, daily chart (notes on chart)

Crude Oil Futures - 2 Month chart

Crude Oil Futures – 2 Month chart

 

If you’re interested in learning my “One shot, One Kill method,” email me here for a customized quote depending on your situation and work schedule.

Thanks for reading and always use a stop !

Dave

Crude Oil Futures Testing Higher Resistance Levels $CL

By | Crude Oil Futures, Traders Education, Updated Charts | No Comments

The sharp rally in crude oil prices over the last month has given the market a bit more confidence. But what oil does from here will bear importance.

Crude Oil Futures are currently testing a price resistance zone that I first identified in January 2016 in this post.

Just a bit higher resides another resistance zone at $42.41.  This level has been a magnet for crude oil prices since March 2015. In the chart below, you’ll see how price has gravitated to that area many times. So put it on your radar.

Crude Oil Futures – 3 Year, Daily chart

Crude Oil Futures 3 Year, daily chart

Crude Oil Futures 3 Year, daily chart

 

Now let’s drill down to a 3 month time frame. You can clearly see where price did, in fact, push into the price resistance zone and was able to close above it for one day. On Friday, March 18th, price once again hit the $42.41 level and was quickly rejected just above at $42.49.

Crude Oil Futures – 3 Month, Daily chart

Crude Oil Futures - 3 month chart

Crude Oil Futures – 3 month chart

 

At this time, I would not be in a rush to get long or short crude oil futures, but rather be an observer for continued rejection or a solid break above the resistance zone and the $42.41 level.

Thanks for reading and always use a stop !

Dave

This post originally appeared on See It Market

 

 

 

 

Crude oil futures in “churn” mode $CL

By | Crude Oil Futures, Traders Education, Updated Charts | No Comments

In this post from January, I identified a resistance zone for crude oil futures. Price has now moved into that zone and for 3 days has been churning:

  • Day 1 = Range of $2.02 and closed up.
  • Day 2 = Range of $2.27 and closed down.
  • Day 3 = Range of $2.27 and closed up.

Crude Oil Futures – Daily chart

Crude Oil Futures Resistance Range

Crude Oil Futures Resistance Range

 

Crude Oil Futures – 1 year, Daily chart

Crude Oil Futures

Crude Oil Futures

 

Thx,

Dave

 

 

New lower targets for Crude Oil Futures $CL

By | Crude Oil Futures, Updated Charts | No Comments

The Crude oil market has garnered a lot of interest over the last year.  Much of it has to do with its steep and historic decline, while some has to do with traders infatuated with picking bottoms.

Either way, Crude has been stuck between $26 and $35.  And I think it’s time to take another look at Crude Oil.

As outlined in this piece from June 2015, a projected target of $27.01 was hit in January, 2016. A relief rally ensued, helped out by rumors of a cut and/or production freeze by OPEC. As the rumor mill ground to a halt, so did the upward move in prices and crude made another low of 26.05 in February, 2016.

Cue part 2 and more rumors of a freeze in production levels kicked off another rally. Now I feel like price has moved enough in both directions to obtain a new target zone using my Fibonacci levels method.

Recently I identified a resistance zone of 37.2841.47 as outlined in this post.

My downside target(s) is now a very tight zone of 20.7820.18 as shown in the chart below.

Crude Oil Futures – 6 Month, Daily chart

Crude Oil Futures

Crude Oil Futures

Thanks for reading and always use a stop !

Dave

This post originally appeared on See It Market

 

 

 

Gold and crude diverging more in 2016 $GC $CL

By | Crude Oil Futures, Gold Futures, Traders Education | No Comments

I’m thinking out loud and sharing it with you; a quick look at crude oil futures vs gold futures.

Notice how gold mostly traded sideways until crude dropped to extremely low levels before it showed signs of life. I think this rally will be short-lived.

Thanks for reading !

Dave

Crude Oil Futures vs Gold Futures – 1 year 

Crude & Gold Comparison Chart

Crude & Gold Comparison Chart

Where Is The Crude Oil Rally Headed Next? $CL

By | Crude Oil Futures, Updated Charts | 6 Comments

Crude oil futures are volatile enough on a normal day, but with rumors of a Russia/OPEC February meeting to discuss production cuts, it’s really volatile now.

As far as I can tell, the meeting and/or production cuts are currently an unfounded rumor – so we’ll wait to see if there is actual confirmation of this buzz. Nonetheless, the crude oil rally has continued into this week.

Note that buyers came in after a capitation-like move down to my long term target of $27.01 on January 20th, 2016.

If crude oil prices continue to push higher, the question is how high will this crude oil rally go ?

No one truly knows where the price of anything is going, but as a technician, I can share my calculated best guess with you. Those of you that are familiar with my style know that I normally give a price target and two levels of support or resistance. In this case, we’re looking for resistance.

I’ve identified four levels of resistance, all within a $4.19 range . I’ve highlighted that range on the chart below. If the crude oil rally reaches this price resistance zone,  I’d expect a pullback there.

Crude Oil Futures – 1 year, daily chart

Crude Oil Futures resistance range

 

Thanks for reading and remember to always use a stop.

Dave

This post originally appeared on See It Market