Charmer Charts daily WTI Crude technical anlaysis forecast

[CharmerCharts]

Oil came lower but bounced off 7263 quite nicely and headed higher once more. Currently we are back below 7400 and to maintain strength we do need to break and hold
above this point.
If we can do this then we are looking at the market coming higher for 7460. If above
7465 we should see a little more upside with 7552/58 the targeted area.
Now if we hold below 7400we are going to go back and test the lows once more. Buyers
are expected in the 7265/60 region and only if we lose 7255 would sellers come back into
the market looking for 7220/15 then 7153/48.

 

[CharmerCharts]

Oil bounced yesterday to 7596 then headed lower to our 61.8 Fib level of 7388 before bounding back once more.
Today we have resistance located at 7517 and if we can climb back above here we can have another try at yesterdays highs.
Failure at 7517 however would leave Oil well placed to come lower with 7390/88 once more targeted. Sellers would be back in the market on a loss of 7380. We would then be able to see sellers take the market lower towards 7260/57.

 

[CharmerCharts]

Oil bounced higher on Friday and overnight we have seen the market retain strength and we have traded to 7740. We have resistance located at 7765 and this may well hold given the overbought conditions evident on the charts.

We should then see corrective pressure take us lower towards the daily pivot of 7585. Buyers are expected here therefore sellers are advised to cover all short positions. Only if we break 7550 would buyers wobble. Now after correction if we can then break 7765 look for 7810/40. Again this band offers good resistance and sellers are expected. They will run for cover if we break 7850.

 

[CharmerCharts]

Oil has double topped at 7799 and has fallen to the 38% fib level. Now if we can hold
this support then we have another crack at reaching 7799 once more. Now if we get to
this resistance there is a good chance that we can break it.

However best option is to sell to here, and keep extremely tight stop/reverse. If we break
7810 shorts are reverse as we would then trade higher for 7885/90 quite quickly.

As stated...downside support is at 7598.If below 7590 look for further weakness to follow
with 7405/04 then targeted.

 

[CharmerCharts]

Oil took a hammering yesterday, but this was to be expected given the top formation and med term bearish stochastics....we did see a pullback on the close but overnight trading has taken us lower again this morning.

So currently we are being by the s/t 61.8 fib level of 7470. A loss then of 7465 would be taken as yet another negative signal and prices will fall...7405/04 would be your first objective. If broken reverse any longs...looking for 7355.

7470 holding does leave a little more scope to come back and unwind the oversold scenario on the 60min charts, 7585/90 would entice. We would be re-selling here and reversing above 7615.

 

[CharmerCharts]

Oil was quite a little peach yesterday and behaved itself.....we have bounced from 7411 and currently back above 7500,but this is only looking to unwind the oversold conditions evident on the 60 min charts.

Dailies are still pointing lower thus we still look at this point to sell into strength. If we
can clear 7558 we have scope for 7580/90 where would once re-sell, only reversing if above 7611.

7411/04 remains support. Buyers are expected here, but if we lose this support look for further weakness leading to 7355 then 7300.

 

[CharmerCharts]

Oil remains looking under pressure and if we can lose 7350 we should see the market come sharply lower for 7300 then 7257. Now we should see profit taking at these lower levels, and this may well see the market supported here for a while.

However....there is more scope for Oil to trade lower for the lows of 7076 overall this
coming week... So the idea here is to sell into short term strength towards 7470.

If we fail to reach this high and break the 7250 support then go with it as we would then
be in as great position to trade lower with 7076 then targeted.

 

[CharmerCharts]

Oil has changed expiry months, but the outlook remains the same. We are looking under pressure, especially after yesterdays price action.

We have scope to trade lower with 7522 looking to entice. Here sellers are advised to cover all shorts. We would look then to re-sell a break of 7500. Further declines would then be posted with 7470 then targeted.

Now if we break back above 7611 it would ease the downward threat and see buyers take us higher for 7670/80then 7727.

 

[CharmerCharts]

Charmer Charts forecast:

Oil: Down we came yesterday reaching 7473. Now although we are edging higher this morning we still remain quietly bearish of Oil and will look to sell rallies. 7611 is quite a good re-entry point for sellers, and they should hold unless we make a break above 7640. If we do make a break above here look for the market to come higher to 7670/80 and possibly 7727.

7550 is downside support. A loss of this support keeps the immediate pressure to the downside, leaving 7470 once more exposed. A loss of 7470 puts the market in a spin for 7390/80.

 

[AC26XP]

Nice thread.
Agree in general with your TA.

$75.50 holding this morning at the US open.
I am sure, that EIA data at 10:30ET will tell the tale which side of $75.50 oil will favor.

Happy trading,
AC

 

[CharmerCharts]

Charmer Charts Oil forecast:

Oil oversold, and therefore we should expect to see some strength return this session. We have just blipped below the daily pivot, but currently trading back above here and so we look for 7585/90 to entice.

Buyers would be advised to cover all longs to here. We would then advise going long above 7600. If we break above here look for 7670/80. Now if we do trade back below 7460 it would take off upward pressure and leave us in a weaker position with 7405/04 then likely. Here buyers are expected to come back in to the market and they should hold unless we break the 7400 support region.

 

[CharmerCharts]

Today's CharmerCharts.com forecast available from 7am (UK time)

WTI Oil November Contract - Oil has rallied as expected due to oversold conditions. We have hit 7685 and this is theshort term 61.8 short term fib level. Now we may well come under pressure from these highs, but the outlook does remain quite positive and after correction possibly down to 7550 we should break the 7685 region and carry on higher for 7780/99. Buyers are advised to cover to here as we expect selling pressure at these higher levels.

Now if we cannot hold over 7550 look for 7470/65 where buyers are expected to come back into the market once more.

 

[CharmerCharts]

Our forecasts are available from 6am, UK time.

WTI Oil November Contract

Oil held support well yesterday and we blitzed higher above 7717 reaching 7813. Small retracement overnight, but unless we see a loss of 7760 then we should trade higher, breaking yesterdays highs and continuing to strengthen to 7885/90. Buyers are expected to cover all longs to here, and sellers may well come back into the market to test the water. They however will not hold shorts if we break 7900.

Now if after this strong move higher of yesterday we cannot hold over 7760 look for further corrective pressure with 7717/12 then exposed. Buyers may well come in at this pivotal level and they will hold unless a loss below 7700 is posted. If this is the case we are looking at downside moves once more with 7550 once more your targeted area.

 

[CharmerCharts]

Today's Charmer Charts forecast:

WTI Oil November Contract

Oil has come within striking distance of target area of 8200, reaching 8187. We are experiencing a small pullback currently but there is nothing to suggest that the bull run has stalled in Oil and all we are seeing currently is a correction. Now we can go back to 8080 and this would give buyers another chance to grab some longs looking for eventual break of 8200. Once we can clear 8200 you can see that there is little to hold us until 8390 which we achieved in August. The only little fly in the ointment would be a loss of 8080. If this occurs we would be under pressure quite quickly and we would see 7990 to 7960 and this is where buyers are likely to come back into the market.

 

[CharmerCharts]

Today's Charmercharts.com forecastS (available from 6am)

WTI Oil November Contract - Oil has pulled back after breaking the 8200 resistance and reaching 8238. We are overbought on both 60min and daily charts and this may well lead us into a corrective phase before we can fulfil 8390 target. Pullbacks are looking limited to 8080 and buyers are expected to come back into this region and held defend against any short term selling pressure. They will only give up and reverse if we lose 8045. A loss of 8045 sees further weakness to 7975/60.

Now if we can break and hold above 8200 again we are looking to try for 8240 and if we succeed in breaking above here we again have the 8390 resistance target in our sights.

 

[CharmerCharts]

Charmercharts.com daily technical analysis forecast:

WTI Oil November Contract - Oil has broken 8300 and therefore we see ourselves on course for target area of 8360/90. Initially buyers are looking to take profits here. As it was our objective sellers may well appear here with it being the previous highs. However shorts will only be held if we hold below 8400...If we fail we should be able to reverse position as it would be likely that we can trade higher for 8450/65 quite quickly. If we see a retreat to 8265/45 buyers will once more be coming back into the market.

 

[CharmerCharts]

CharmerCharts.com daily forecasts:

WTI Oil November Contract - Oil reacted well yesterday and failure to break 8360 took us lower to our target of 8200. We overextended to 8185, and this morning we are lower once more.

We have support in the 8140/10 region and initially sellers are advised to cover to here. Sellers will re-sell if we lose 8110. A loss of this support keeps the pressure to the downside, leaving 8080 as your immediate objective. Sellers are advised to cover to here and only re-instate if we lose 8080.

Resistance is at 8245/65. Sellers are likely to be waiting here and we would join them in attacking any buyers. Only if we wriggle past 8265 would buyers win through and we would then be in a good position for 8300 where sellers would be waiting once more.

 

[CharmerCharts]

WTI Oil November Contract
Oil slumped Friday, and overnight we have come lower. We have support at 8045, and
given we are so oversold in the short term we are looking to come higher on a correctionary basis.
However correction does look limited to 8175/8200 and sellers are likely to be waiting at
these higher levels. Only if we break above 8200 is it that the pressure will be off the
downside.
However...if we break the 8045 support all topside bets are off and we come lower then
to 7975/60 then 7917.

 

[CharmerCharts]

Today's CharmerCharts.com WTI Oil forecast attached.

 

[CharmerCharts]

Today's CharmerCharts.com WTI Crude Oil daily forecast (available from 6am BST) is attached.