{"id":131843,"date":"2018-08-13T03:33:48","date_gmt":"2018-08-13T07:33:48","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=131843"},"modified":"2018-08-12T19:13:04","modified_gmt":"2018-08-12T23:13:04","slug":"oil-and-energies-on-the-move-lower","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/08\/oil-and-energies-on-the-move-lower\/","title":{"rendered":"Oil and Energies on the Move Lower"},"content":{"rendered":"
August 13, 2018<\/div>
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By TheTechnicalTraders.com<\/u><\/a><\/strong><\/p>\n

If you have been following our analysis and research of the Crude Oil trend and the energy sector, you know we\u2019ve been suggesting Crude would attempt a move lower and attempt to retest the $58~63 level.\u00a0 It appears the breakdown in prices has begun.<\/p>\n

Our research team, at\u00a0www.TheTechnicalTraders.com<\/u>, uses an array of proprietary technology, price modeling tools and price cycle modeling tools to attempt to keep our followers up to date with trend reversals, trend expansions and more.\u00a0 This recent downside price move is something we have been expecting for the last 20+ days.\u00a0 The breakdown of support in the Crude oil market, as well as the oversupply of oil on the planet, is setting up for a downside move that could be extraordinary.<\/p>\n

This Daily Crude Oil chart shows some of our trend following work where we attempt to identify break ranges, channels, Fibonacci levels and other advanced technical analysis studies.\u00a0 The daily chart only shows a shorter time span and is perfect for attempting to identify immediate support or resistance levels for the price.\u00a0 One can see from this chart that the current breakdown in price is attempting to breach a number of key Fibonacci levels.\u00a0 Should the $66.50 level be broken, we would expect Crude prices to fall to near $64.75 or $62.90.\u00a0 These are the next support levels below the current Fibonacci levels.<\/p>\n

The Blue and Magenta levels on this chart are price channels that will become more evident on the next chart \u2013 the Weekly chart.<\/p>\n

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This Weekly Crude Oil chart provides a better, longer-term, perspective of the Oil market.\u00a0 We can see from this chart the Magenta price channel originates from 2016 price rotation.\u00a0 The Blue price channel originates from early 2018 price rotation.\u00a0 The lower, Red, support level originates from the low in June 2017.\u00a0 All of these play an important role in understanding how the price is breaking free of these price channels and may attempt to move dramatically lower.<\/p>

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We\u2019ve already broken the Red support levels, are attempting to breach the Blue price channels and that only leaves the Magenta price channels as final support.\u00a0 Breaking all three of these levels would put Crude prices below $63.00 ppb and we believe that type of move could draw prices to below $60 ppb.<\/p>\n

Pay close attention to the size of the most recent Weekly candles \u2013 they are much bigger in range than the late 2017 candle ranges.\u00a0 This indicates that volatility in the Crude Oil market is extended and any breakout\/breakdown trend could be very aggressive in nature.<\/p>\n

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The last chart we have for you today is the OILD 3x Short Oil ETF.\u00a0 It is pretty easy to see that any downside price break in oil, with any longer-term capitulation, would likely drive the OILD prices from about $23.50 to possibly well above $27~32.\u00a0\u00a0 This type of move could present an opportunity for a 20~40% ROI on a small position if Crude Oil breaks further to the downside.\u00a0 Any opportunity to buy OILD below $22.50 should be considered a strong potential setup as we believe Crude Oil will move to between $60~63 ppb before attempting to find any real support.<\/p>\n

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Follow our analysis and read all of our past research posts by visiting\u00a0www.TheTechnicalTraders.com<\/u><\/a>.\u00a0 Learn how we can help you stay ahead of these moves and find new opportunities in the markets.\u00a0 53 years experience in researching and trading makes analyzing the complex and ever-changing financial markets a natural process. We have a simple and highly effective way to provide our customers with the most convenient, accurate, and timely market forecasts available today. Our\u00a0stock and ETF trading alerts\u00a0are readily available through our exclusive membership service via email and SMS text. Our newsletter,\u00a0Technical Trading Mastery book, and\u00a03 Hour Trading Video Course\u00a0are designed for both traders and investors. Also, some of our strategies have been fully automated for the ultimate trading experience.<\/p>\n

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

By TheTechnicalTraders.com If you have been following our analysis and research of the Crude Oil trend and the energy sector, you know we\u2019ve been suggesting Crude would attempt a move lower and attempt to retest the $58~63 level.\u00a0 It appears the breakdown in prices has begun. Our research team, at\u00a0www.TheTechnicalTraders.com, uses an array of proprietary […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-131843","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/131843","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=131843"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/131843\/revisions"}],"predecessor-version":[{"id":131844,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/131843\/revisions\/131844"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=131843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=131843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=131843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}