Elliott Wave InternationalmyEWISocioniomics.Net
Home > Energy
Crude Reclaims $90: How Long Will Oil Bulls Have the Advantage?
EWI's Energy Specialty Service provides the objective details you need to know whether higher oil prices are here to stay
By Nico Isaac
Thu, 19 Jul 2012 16:45:00 ET
Add to Facebook Add to Twitter Email to a friend Printer Friendly Get the RSS feed Add to more social media services
Get investable insights sent to your inbox at least once a week – for free. Challenge the way you think about investing with The EWI Independent. Privacy

On July 19, crude oil prices scaled above $92 per barrel for the first time since May. The day's rally was a continuation on a rising theme that prompted one popular news source to write:  

"Oil Clinches 7th Straight. Oil Bears Were Wrong." (MarketWatch)
 
The burning question of the hour is -- how long will the oil bulls have the advantage?
 
Well, the following crude oil chart puts the recent uptrend in focus. In order to answer the "burning" question above, you have to be able to answer these equally vital questions below:
 
  • Is the rally from July 11 low indicative of the larger trend? (In Elliott wave terms, has it been developing in 5 waves, or 3?)
  • If the larger trend is bullish, how high will prices rise?
  • If the larger trend is bearish (i.e. develops in 3 waves) and the rally has only been an upward correction, when will prices peak? And how low will they fall?
  • What are the key price levels to watch that should confirm or negate either trend?  
 
 
Now ask yourself this: Does my method of market analysis answer every single one of these questions? If it doesn't, then your trading may be like driving a car with no brakes.
 
The Elliott Wave Principle is a market discipline that helps you answer ALL of those questions. As for "how," EWI's premier, trader-focused Energy Specialty Service update at 3:05 PM on July 19, revealed the key levels of support and resistence that would indicate whether the recent gains are here to stay.
 
Get objective analysis of the world's key energy markets today with EWI's Energy Specialty Service.

How Can You Tap into Energy Market Volatility?
 
 
Let EWI's most specialized forecasting service for global energy markets alert you to opportunities happening right now in crude oil, natural gas and other major energy markets. Subscribe today and get instant access to comprehensive intraday and daily forecasts that can help you make smarter trading decisions.
 
 
 

Tags: crude oil, Elliott wave, Elliott Wave Principle, trading lessons
Rating: - based on [7 rating(s)]
Rate this content:
  
EWI's Event Calendar
Aug. 15-17       

San Francisco Money Show

Nov. 10-13      

New Orleans Investment Conference



Identify Your Next Opportunity in Oil Now

Energy Specialty ServiceTurn possibilities into probabilities with insight from EWI's Energy Specialty Service, a service designed to help you stay in front of the trend in Energy Futures.

Actionable forecasts across all timeframes help you anticipate and act on opportunities in oil, natural gas and other major energy markets.

Learn how you can put an Elliott wave expert to work for your trading>>
Free Video Course


Learn the Why, What and How of Elliott Wave Analysis

Financial media use news and economic events to explain market moves. Steer clear of this misguided approach. Take part in the Elliott Wave Crash Course to learn what really moves the markets.

Energy


The Elliott Wave Principle is a detailed description of how financial markets behave. The description reveals that mass psychology swings from pessimism to optimism and back in a natural sequence, creating specific Elliott wave patterns in price movements. Each pattern has implications regarding the position of the market within its overall progression, past, present and future. The purpose of Elliott Wave International’s market-oriented publications is to outline the progress of markets in terms of the Wave Principle and to educate interested parties in the successful application of the Wave Principle. While a course of conduct regarding investments can be formulated from such application of the Wave Principle, at no time will Elliott Wave International make specific recommendations for any specific person, and at no time may a reader, caller or viewer be justified in inferring that any such advice is intended. Investing carries risk of losses, and trading futures or options is especially risky because these instruments are highly leveraged, and traders can lose more than their initial margin funds. Information provided by Elliott Wave International is expressed in good faith, but it is not guaranteed. The market service that never makes mistakes does not exist. Long-term success trading or investing in the markets demands recognition of the fact that error and uncertainty are part of any effort to assess future probabilities. Please ask your broker or your advisor to explain all risks to you before making any trading and investing decisions.