"Oil slides as Irma heads for Florida, threatening demand" www.reuters.com
Let's see whether we can catch a significant bottom in USOIL price for 3rd August in a row :) I am looking for decline through the next 5-7 weeks due to the following brutal rejection at Weekly Pivot R1, which is also Daily EMA100. Note RSI - although the new high of 47.71 is slightly above previous major high 47.29 on Jul 4, downtrending RSI makes me think...
green circle is my interpretation of investors shifting to long in WTI. watch gold too, both should be rising now. MAJOR TREND CHANGE got 3 longs in WTI, as stated in my status on my profile
got 3 longs in it from different prices (look at my status on profile). wti is a BUY , psychologically for the market, it would lose to get again to 3x.xx $, not reckoning anymore with thirties area. if you can hold, hold it for 20 years around, we'll get prices over 150 $
Strictly Technical WTI Channel In Play // STOCH SIGNAL // Bullish start H1/H4 // Oversold conditions GMACD // Trend/UP Medium M15/M30/H1/D1/ Very strong downtrend for WTI and if breakouts of channel we will look to short Crude Oil but if we get a bounce from this upwards channel we can take a position going long to 48-49. I will update this Idea if I find a valid setup.
If this is the bottom, could be the completion of the right shoulder of a multi-year inverted head and shoulder. Hight of pattern takes us to 80+
Clearing this trendline should send prices back to the $40s.
the 4 hour time frame for WTI is showing strong bearish momentum and when also taking in consideration that the price of oil on the daily time frame has broken through a support its highly likely that the 4 hour time frame will also break down further. My advice: Sell at current market price: Tp 45.60 > 43.80 SL 48.20
WTI Crude Oil shows a breakout of the upper range on the 4 hour time frame. This can lead to a wave towards 50.30 before retracing a bit back down again. A few days ago I also published an idea on WTI Crude Oil at the Daily time frame which shows 52.50 as longer term target. Short term the 4 hour time frame is now atleast supporting a break of 50 and I am not...
Please refer to image. Crude oil will breakout, just a matter of on the first try or not.
With no further cuts announced yet and Iraq increasing production by the end of this year, oil is squeezed in a narrow trendline which it could break once resistance levels are hit.
it should be going down , the api weekly crude stock release is in a day, it should be another surplus enough to put the crude price down
USOIL formed am Ascending Triangle that targets 65. Buy on breakout or the pullback. Cheers!
Now we have the following structure on WTI It is likely that we will break(besides taking into consideration technical indicators) the resistance line of 51.75 $ and then we go to the area of 60 $ Globally, it is the 4-th wave and it will be the last part of this growth Note: This is not trading chart, only the analyst.
This is my perspective for this subyacent for the next weeks.
A bottoming formation with valid setups suggest trend reversal, better to long 35.8x if happens RR wise, one should dig in smaller time frames for long setups.
Bullish on WTI CRUDE OIL,on bullish falling channel formation. If the channel breaks, next resistance level is at around 47 - 47.5 area. More of a long term trade