Safe Trade Crude Oil

Trade In Oil 9-11-2017

Elliott Wave View: FTSE Intra-Day (09-Nov-2017 at 10:26:40 AM)

Short term FTSE Elliott Wave display shows primary wave ((4)) ended with the fall

To  7199.5. The collection from there unfolds like a zigzag Elliott wave structure

with the Intermediate wave (A) ending at 7565.11 and the intermediate wave (B)

ended at 7437.42. Intermediate wave (A) has an internal subdivision of an impulse

Elliott Wave Structure. Small golf 1 ended at 7327.5, retracted until 7289.75 ended.

Small golf 2, Small golf 3 ended at 7527.72, withdrawal to 7493.68 finished small

golf 4 and small golf 5 of (A) ended at 7565.11.

WTI: Oil can keep pause as raw test key levels (09-Nov-2017 at 07:18:42)

The price of crude oil declined initially and rose to a new height 2017 based on

“The latest oil inventory report from the US earlier” However, at the timeOil 

prices rose strongly from their peak, suggesting that prices could have Peak in the 

short term.  WTI trending higher since hit a low of just over $42 back in June. Many 

resistance levels have been removed in the process, which means there are many 

levels that are on the way to possibly supported prices.

 The revival has caused the impulse indicator RSI to hit extreme'overbought'  levels 

of around 77. This is a bullet warning sign, especially as WTI has reached its main 

long-term resistance range between $ 57.00 and $ 58.80 (see the weekly chart). The 

bears now need a price to confirm that the short-term trend has been reversed 

before they make a sense of pressure. That could happen

soon, possibly as WTI at the end of the game will print a bearish looking

candlestick pattern on the daily map. If that is the case, we can see a

decline in the coming days, or at least some form of consolidation. But as the

trend is rising, any pullback could offer new opportunities for those who missed

the rally to get on board at favorable prices. Specifically, the range between $

54.80 and $55.20 is where we would expect WTI to become positive again if it

came first. This area was the former resistance range, so it could now change in

support. But if WTI breaksbelow $ 54.00, the last low point before the last rally, the 

short-term bias would definitely be bearish. In this case, a deeper reteracement  to at 

least $52.80 / 85 would not be a surprise to me. Meanwhile, if the bullish run 

continues, the following goals

outside of the above range of $57.00 - $58.80 would be the psychologically

important $60 entry followed by the high of 2015 at $62.55.