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Monday, 1 August 2016

Crude Oil H4 Analysis









General overview for 01/08/2016:

The corrective cycle in wave 2 is getting more complex and time-consuming. The market had slipped below the 38%Fibo at the level of 41.86 and below the Schiff's modified pitchfork that ranges worked so well during the corrective cycle. Moreover, there is no sign of overbalance yet as the green corrective rectangle still has not been violated. The next projected target for wave c of wave Y is 50%Fibo at the level of 38.84.  The higher time frame outlook is more bullish than bearish due to impulsive recovery from mid- February lows at 25.21.

Support/Resistance:
38.15 - WS2
38.84 - 50%Fibo
39.49 - WS1
41.90 - Weekly Pivot
42.99 - Technical Resistance
43.25 - WR1
44.41 - Technical Resistance
45.75 - WR2
47.09 - WR3

Trading recommendations:
Sell orders should be in play, but only for intraday time frame as the market might be close to reversal when the wave 2 is terminated*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. 


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