{"id":128480,"date":"2018-06-14T07:22:36","date_gmt":"2018-06-14T11:22:36","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=128480"},"modified":"2018-06-14T06:59:03","modified_gmt":"2018-06-14T10:59:03","slug":"oil-targeting-58-ppb-before-finding-support","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/06\/oil-targeting-58-ppb-before-finding-support\/","title":{"rendered":"OIL Targeting $58 PPB Before Finding Support"},"content":{"rendered":"
June 14, 2018<\/div>
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By TheTechnicalTraders.com<\/u><\/a><\/strong><\/p>\n

With the G7 meeting concluding and the world about to start reacting to what was said and what was heard, it is time to take a look at the Crude charts with our Advanced Fibonacci price modeling system.<\/p>\n

Our research team, at\u00a0www.TheTechnicalTraders.com<\/u>, believes Crude will continue to drift lower over the next few weeks testing the $60 ppb level before breaching this support level and ultimately targeting $58 or lower.\u00a0 Lacking a real resolution to the trade and other global issues, we believe continue global economic pressures will drive oil prices dramatically lower over time \u2013 at least through the Summer months.<\/p>\n

This Monthly Crude Light chart shows our Advanced Fibonacci price modeling system at work.\u00a0 As of right now, we see a recent price rotation top (highlighted by the RED DOWN TRIANGLE) near the right edge of price as well as the RED and GREEN Fibonacci projection levels near $69.50.\u00a0 These projection levels indicate that the $69.50 level is likely resistance.\u00a0 Notice the BLUE and CYAN Fibonacci projection levels near $58.00 ppb.\u00a0 The fact that these two levels nearly overlap one another indicates that the $58.00 ppb level is a key price level for current support.\u00a0 Obviously, the ultimate downside target, near $14.00 ppb, is an extended downside level that could happen \u2013 but is not likely till all other levels a breached with downside price activity.<\/p>\n

Currently, as long as the $60.00 ppb is not breached, the Monthly Fibonacci price modeling system trend is \u201cBullish\u201d and a move to below $58.00 would change the trend to \u201cBearish\u201d.\u00a0 As we stated, the $60.00 price level is critical going forward on this Monthly chart.<\/p>\n

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This Weekly Crude Light chart paints a shorter-term price picture and clearly highlights the most recent price decline with a clear sell trigger near $69.00.\u00a0 Take special notice of the Fibonacci upside targets between $54 an $58 near the right side of the chart.\u00a0 These upside targets, because the price is moving lower from above and has breached the Bearish Price Trigger Level (RED), are now downside target levels.\u00a0 With no real support between the current price and the $58.00 level, we expect oil to continue to fall to near the $58.00 level before finding some support \u2013 possibly as low as $54.00.\u00a0 Ultimately, if these levels don\u2019t provide sufficient price support, oil prices could fall back to near $45 ppb before finding any real support \u2013 a -30% decrease from current price levels.<\/p>

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One thing that we find interesting is that the ERY (Energy Bear ETF) has yet to reflect any of this concern.\u00a0 Yes, we can see some price support near the right edge of this Weekly ERY chart, yet it appears the general market is not factoring in the gap in support below the $58.00 price level \u2013 meaning ERY could see a big jump higher on any price breakdown in Crude prices.\u00a0 How big?\u00a0 Our research team believes this move could be greater than 70% ROI from current levels if our predictions are correct.\u00a0 A breakdown from current levels to below $55.00 ppb in Crude would likely cause ERY to rocket above $60.00 per share from the current price levels near $32.50.<\/p>\n

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To be clear, Crude is poised to retest the $60.00 ppb level before attempting to find support near $58.00.\u00a0 If this support fails, then expect Crude to fall to near $54.00 ppb before finding support.\u00a0 This move will likely cause ERY to rocket upward to well above $50.00 on a short-term move (possibly higher).<\/p>\n

Watch for news this week regarding oil supplies and the G7 aftermath.\u00a0 We are certain the news cycles will provide some hints as to the future economic cycles and expectations for the Summer months.\u00a0 We believe the supply glut and current trade issues are causing concerns in trade and transportation activities, thus we believe the downside move in Oil is almost inevitable at the moment.\u00a0 Great supply, diminishing demand, and global trade\/economic concerns will likely push Oil prices back below $55 within the next 30~45 days.<\/p>\n

Stay aware of these fantastic trade opportunities by visiting www.TheTechnicalTraders.com<\/u>\u00a0and learning how we can help you stay ahead of the markets with our advanced predictive modeling systems, expert research, daily video content and detailed trading signals.\u00a0 Our proprietary research is second to none \u2013 you won\u2019t find these tools or capabilities anywhere else.<\/p>\n

Visit\u00a0www.TheTechnicalTraders.com<\/u>\u00a0to learn how we\u2019ve called nearly every move in the markets this year and continue to astound our members with our detailed research.\u00a0 Opportunities exist for profits every week \u2013 it is simply a matter of finding them and executing them.<\/p>\n

By TheTechnicalTraders.com<\/u><\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

By TheTechnicalTraders.com With the G7 meeting concluding and the world about to start reacting to what was said and what was heard, it is time to take a look at the Crude charts with our Advanced Fibonacci price modeling system. Our research team, at\u00a0www.TheTechnicalTraders.com, believes Crude will continue to drift lower over the next few […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-128480","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/128480","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=128480"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/128480\/revisions"}],"predecessor-version":[{"id":128481,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/128480\/revisions\/128481"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=128480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=128480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=128480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}