Get started

Wticrudeoil

Urgent! WTI has successfully tested the broken support on D1As we've seen in our previous post, we succeeded to expect what will happen and we successfully had reached our target of 37$. Please note that our game now is on the daily chart as the price could successfully break the 37$ level which was a very important historical support, and then retested it on the H4 chart by making a bullish channel to touch the point and then to fall down, then it made a double-top formation on the h1 chart and RSI warning us that it's time to short. But on the D1 chart, why did it break the support then retested it? where it's going to? If you have a good eye, you'd see a double-bottom formation with a broken neckline on the 28$ level, but we haven't tested this line yet, so we need a confirmation between the area of 28$ - 32$. Yeah, a wide area, but it's because we have some strong resistances on 32.5$ (Fibo 23% of the bullish wave that started from 6.5$ + a historical resistance), 31$ (historical resistance, then 28$ (the neckline resistance). So, those should be our main targets in the long-term. When to sell on the H4 chart? As I've just said, it broke the 37$ level then went down to 34.4$, and from that point, it started to make a bullish channel and went to test our broken support. So, we need a H4 candle to close below the down-trend of the bullish channel, and we are about to have this right now, although it may go up a bit to close the gap that was made when the market opened today. And here we go, we are about to start shorting with so nice opportunity to have nice profits. Our target as I've said are 32.5$ (main target), 31$ (normal target), and 28$ (main target). We should put our stop loss above the right shoulder on 39.1$ and wait for H4 candle to close above it to make sure that it's time to close the 41$ gap. Don't forget to tell me your opinion and how you see OIL in comments! I'm waiting for you ideas Chiao!
FX:USOILShort
by Amro_Elzeiny
4
MARKET BULLS SAVED BY TECHNICAL CONFLUENCEThe recovery in the oil market has been driven mostly by fundamental forces. Bulls took the stairs directly to the 40th floor, then a lack of support, changes in the market sentiments, inventories building up, and the potential threat by a second wave hitting the leading economies have finally paid off. The OPEC+ meeting has done little for the oil prices; the extension of the production cuts by another month won't help much when the real problem is based on demand. Lockdowns, quarantines, and lack of a vaccine would drive the sentiment on the market for the time being. Now in the realm of the charts, the price was able to register a fresh high last Monday at 40$ handle. However, today Friday is recording a sell-off of about 11%. Price action was able to find support in a confluence area, holding prices by an ascending trendline, the exponential moving average (EMA) in confluence with Fibonacci level 61.8, and the 34.5$ handle. This mentioned area was able to contain the market. However, technical indicators as MACD has crossed to inform the bearish bias with a sell signal along with the RSI dropping sharply from the overbought zone where it has been since last Friday. In case the price action breakthrough the current area, the market could quickly drop to below 30$ handle. With the renewed concern about the market revisiting prices from last March, bears are lining up in high hopes, while bulls' only option is to rely on the technicality of the market seeking a clear break above 40$ to dive in. Enjoy your Friday and weekend ahead. See you all next week.
FX_IDC:USDWTI
by OGFXTRADER
US OIL : Break above 39.30 required for Bullish ContinuationOIL has started the downward correction and reached around 34.60 which is the Fibo Extn. 1.61 Usually, if the price extends above 100% on Fibo, it's a sign of trend formation; one can expect the pullback and continuation of the move in the same direction. Therefore, I remain bearish for OIL until it closes above the falling trendline and breaks resistance at 39.30 GOOD LUCK FOR YOUR TRADES !!! PLEASE SHOW YOUR SUPPORT IF YOU LIKED THE IDEA
TVC:USOILShort
by moneytize
3
WTI Crude US Oil- Long Opportunity On The Bounce Of The 50 EMA!- A very decent buy opportunity on the bounce of the 50 EMA. -Price is was acting as support of the EMA which indicates that there is still strong bullish momentum. -The 23.6% fib level also adds another confluence that price will have a strong move to the upside. -Another confluence is the supply turned demand zone which price has retraced from. This is a very good opportunity to enter a long position and set a good risk to reward ratio for this trade. Let's see what happens this week and make sure to comment your ideas and opinions on oil!
TVC:USOILLong
by LDForex_
1
OIL MARKET RECOVERY STALLED BY UNCERTAINTIES AND GEOPOLITICAL TUWith June right at the corner, and this month staging 87% recovering in the black gold market, prices have unfortunately found a strong level at the $34 handle. The WTI index has struggled to cheer the USD's weakness and is currently trading in red in the Asian session with a correction of 1.5% from the Thursday session. Investors' sentiment is dampened amid heightening uncertainties with the current situation in Asia with the latest signal from the US of a possible change in its long-standing policy towards China and its internal affair within Hong Kong. Technically speaking, the price action had a seesawing week, consolidating between $30 and $34 handle. Although trading above the smaller EMA 18 & 50, MACD is finally showing diminished bullish momentum, turning a bit sour with the intention to form a sell signal. RSI condition is moving far from its overbought level. Investors should consider further movement in the price action before placing their bets. Any unexpected situation can quickly tarnish the positive momentum in the market. Yesterday's report about the massive buildup in the US crude inventories where the levels rose to 7.9 M barrels from a forecast of -2.5 M, instead of dropping the price, actually gave additional support to the market. It does not look right; the continued appearance of positive momentum and this rebalance faster than expected might be more artificial than real. However, by June is expected a 4 Mb/d increase in demand and cuts in the supply of about 12 MB/d could bring the market into balance.
FX_IDC:USDWTI
by OGFXTRADER
$27 WTI Crude Before $45 #USOILCrude Oil is recovering its value and positive sentiment. While the recent gains should subside, retracing to $25-$27 , the consolidation should set up the next leg to $45-$48 in light of increasing economic activity post-covid. The short term outlook is bearish, while a consolidation below $30 should give enough confidence to boost prices to $45. Thereafter likely a a range will be established between $35-$48 where oscillating indicators such as RSI and MACD should come in handy for swing traders.
TVC:USOIL
by IggyMoney
5
USOIL range still in playAs the API report yesterday was worse than anticipated, a small drop followed. However we can expect huge movement this week leaning towards the EOW. Once in the range, boolinger bands can be a decent indicator amid the swings within the range. But i would advise to take precaution as the channel has been holding for over a week now signifying a move is awaiting. under 24.6 we can expect downward action with targets 23.5 & 22 and 20. upwards we can target 28.8 > 30. lets see what this range brings us and remember to use stop loss! Check for yourself if the risk is worth the reward youre looking for and good luck out there! Comment/ like if you appreciate the post and let me know if you are interested in short/long term views in USOIL.
FX:USOIL
by Leezz
SHORT SWING FOR THE MARKET BULLSThe new month isn't exactly off a great start so far for risk trades. After the historic April 20th on the oil price for the first time closing at $0.01 per barrel, price action has been able to recover some grounds, as it couldn't go deeper in the charts, of course, price action register a recover of 244K% as the new high on May 6th touching $27.95 per barrel. The market remains under bearish pressure as production cuts won't ease or improve the impact on the demand sector as long as the trending COVID-19 "plandemic" is still capturing the spotlights, as quarantine, lockdowns and social distance policies remain, the most prominent world economies contraction is unavoidable. In the following weeks, expect economic releases to show worse conditions in the global economy, representing the height of downturn for most majors economies, no assuming much good news during this time, let us move on into the technical charts for the oil market. Reading the charts; after seven days' rally, the price action had reached the previous strong resistance level in confluence with Fibonacci level 0.5 stopping the rally as a clear technical correction. Price action has formed a triple top in this level; with stochastic in an overbought area, we could expect a downturn correction before the market can recover some strength and break the $27 handle. With a MACD in a bullish bias and the 200SMA still slopping down and overextended, we should consider entering the market only with additional confirmations from the technical side as the market remains under intense pressure from a global glut. With 27 million bpd removed from the market in April and the COVID-19 cases report rising, oil demand remains jeopardized. However, as it is widely known, the market is always benevolent to those smart investors and traders who take patience, usually in a sit-and-wait mode, before placing position. So, let's keep smart and sharp, as is expected in the short-term horizon, a solid hurdle around the $28 handle. Let us enjoy and recharge batteries in this weekend ahead and hopefully see you all next Friday.
FX_IDC:USDWTI
by OGFXTRADER