US Crude Oil 4H : Under sell pressure
Updated
USOIL
New forecast
The price of oil continued to decline and traded in the descending channel to test the pivotal support at 82.00, and we notice that the price is consolidating below this level, which supports the chances of a rebound down again, heading towards testing the 78.64 level initially. By breaking the level of 80.56, the task will be easier for the price to head towards our main target.
Therefore, the downward trend scenario will remain effective, as long as price trade under 83.24 ,taking into account that breaking 83.24 will stop the expected rise and put pressure on the price to make an additional correction.
The expected trading range for today is between support 78.34 and resistance 83.24 until breaching one of them .
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
support line : 80.56 , 78.64
resistance line : 82.00 ,83.24
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New forecast
The price of oil continued to decline and traded in the descending channel to test the pivotal support at 82.00, and we notice that the price is consolidating below this level, which supports the chances of a rebound down again, heading towards testing the 78.64 level initially. By breaking the level of 80.56, the task will be easier for the price to head towards our main target.
Therefore, the downward trend scenario will remain effective, as long as price trade under 83.24 ,taking into account that breaking 83.24 will stop the expected rise and put pressure on the price to make an additional correction.
The expected trading range for today is between support 78.34 and resistance 83.24 until breaching one of them .
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
support line : 80.56 , 78.64
resistance line : 82.00 ,83.24
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Trade closed: target reached
USOIL
New forecast
The price perfectly fulfills my last idea
and price reached to our targets and still running +280 pip .
The price of oil has returned to decline, which provides signs of a trend to resume the downward corrective path, noting that breaking the 78.64 level will push the price mainly towards the 78.00 areas.
Therefore, a bearish bias will be likely for today, supported by the negative pressure formed by the 50 moving average, taking into account that consolidation above the 80.56 level will lead the price to recover again.
The expected trading range for today is between support 78.00 and resistance 80.56 until breaching one of them .
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
Additionally ,Today News will affect the market .
support line : 78.64 , 78.00
resistance line : 80.56 , 82.00
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Trade closed: target reached
USOIL
Update
The price perfectly fulfills my last idea and price reached to our target +200 pip and still running .
The price of oil traded with strong negativity yesterday, succeeding in achieving our expected target at 78.00. It reached 76.93 and continues to move within the descending channel that supports the chances of surpassing this level and opening the way for continued decline during the coming period, noting that the next negative targets extend to 75.70.
Therefore, we will continue to favor the downward trend in the immediate term, keeping in mind that stability above 78.58 will lead the price to begin recovery attempts.
The expected trading range for today is between support 75.70 and resistance 78.64 until breaching one of them .
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
Additionally ,Today News will affect the market .
support line : 75.70 , 73.80
resistance line : 78.00 , 78.64
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Trade closed: target reached
USOILThe price perfectly fulfills my last idea and price reached to our targets + 140 pip
Trade closed: target reached
US OIL
Update
The price perfectly fulfills my last idea and price reached to our first target +140 pip .
The price of oil declined yesterday and reached our target, moving away from the 78.00 level and approaching our second extended target, which is at 73.80, to support the continuation of the expected downward trend in the immediate and short term, awaiting further decline.
Therefore, the downtrend scenario will remain effective, supported by the negative pressure formed by the moving average 50, our next target will be 73.80 , keeping in mind that breaching 77.20 will stop the proposed decline and push the price to begin recovery attempts in the immediate term. so it is possible to do a retest to 77.21 and then drop .
The expected trading range for today is between support 73.80 and resistance 78.00 until breaching one of them .
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
Additionally ,Today News will affect the market .
support line : 75.70 , 73.80
resistance line : 77.21 , 78.00
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
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