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Tuesday, 1 May 2018

Crude Oil Technical Analysis: 1 May 2018, Tuesday, 7.24pm Singapore Time

Crude Oil Technical Analysis: 
1 May 2018, Tuesday, 7.24pm Singapore Time
(Click on Technical Chart above to Expand)

Attached above is the Technicals for Crude Oil. What you will learn here is that The Chande Trend Meter (CTM) and the Ease of Movement (EMV) can often be used together to observe for high probability trends and how easy the trends can be achieved. In this case, notice how in December 2017 to April 2018, I had already fore-warned (before prices moved) that Crude Oil will easily move up without much obstruction in its uptrend. It had indeed moved up from $55 to $68 easily, a gain of 1300 pips (pts) in the crude oil market. EMV was mostly positive while CTM was mostly in Green Zone. In doing so, now Crude oil has broken up a Mid-Term Ascending Triangle with a successful backt-test in Green. The width of triangle is $8.00. This will yield a target price of $74.00. As the triangle is a mid-term structure, this means Crude Oil will move to $74.00 in the mid term (next 3 to 4 months). All Crude Oil stocks worldwide will move significantly up in the mid term (next 3 months). 

Lastly, as a further induction from this move, a move into the $70.00 zone will move Crude Oil beyond the $100.00 mark more than 80% of the time in the long term based on past precedents. 

Additional Note:
Besides almost all Crude Oil stocks worldwide, taking US markets as an example, these Energy ETFs will also move significantly up in the next 3 months (mid-term): 

Direxion Daily Energy Bull 3X Shares (NYSE: ERX),  
Vanguard's Energy ETF (NYSE: VDE)
Energy Select Sector SPDR (NYSE: XLE),
 iShares U.S. Oil & Gas Exploration & Production ETF (NYSE: IEO)
Market Vectors Oil Services ETF (NYSE: OIH), 
PowerShares DWA Energy Momentum Portfolio ETF (NYSE: PXI) 

All Crude Oil, Crude Oil Currencies and Crude Oil Related Stocks:
Highly Bullish

Mid Term TP: $74.00
Long Term TP: Beyond $100.00
Secular SuperCycle Term TP: $175-$180 
(refer to previous Crude Oil and USD SuperCycle Analysis)

Past Crude Oil Analyses:


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