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Crude oil preparing to continue long

Crude oil preparing to continue long | 30 December 2016

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Gold weekly Review
Crude oil preparing to continue long
Weekly Review:
 
For the past few months, Gold Markets have been falling relentlessly and is still showing signs of possible momentum to the lower side. Following the break into the falling channel, we are waiting for minor pullbacks towards the now resistive trend line to give us low risk sell opportunities. The anticipated downward rally should b the continuation of the impulsive wave (c)  towards 1054 and possibly lower. Ideally, we expect the gold markets to continue making lower lows as long as it remain below the just broken trend line, a clear breakout above this trend line may culminate into a possible bullish price action towards 1168. Expect an exact similar wave count Silver. These two commodities have a strong positive correlation of up to +85% and will have a similar price action during this intraday. only buy or sell gold if silver is giving the same signal.
 
Trade Recommendations:

Remain short with an ideal target at 1054.

Silver weekly Review:

 

Crude oil preparing to continue long

Wave Analysis:
 
The silver markets is currently trading with an increasing bearish momentum. During the later parts of the previous week, silver markets made lower lows and  will likely head to the lower side. Although the overall trend remains bearish, we're only going to be short up to 14.63 from where we'll be looking for a possible rebound or a breakout go continue short. The anticipated downward rally is the continuation of the impulsive wave (c) but should not go beyond 14.63. Expect a similar wave count in Gold, these two commodities have a strong positive correlation of up to +85 and will have a similar price action during this intraday. Ideally, gold drags silver alongside it, any move in gold attracts a similar move in Silver.

Trade Recommendations:

Remain short with the first target at 14.63.

Crude oil weekly review

Crude oil preparing to continue long

Weekly review
 
During the previous trading week ending 23rd December 2016, the crude oil gaped above a key weekly resistance level 52.41, and is currently preparing to continue long. As long as the level 52.41 limits any invasion to the lower side, we expect a possible bullish momentum. The anticipated upward rally is the continuation of the last impulsive wave (5) towards 60.34 and possibly higher. The current chart set and structure shows signs of potential bullish dominance; selling, or holding onto sell positions in this commodity could be very risky in the long run. Instead  of going short, we choose to sit on the sidelines and wait for buy signals.

Trade Recommendations:

As long as the level 52.41, limits any invasion to the lower side, look for potential buy positions with an ideal target at 60.34

 
Bob Stan
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