WTI Oil pulled back as we expected on our previous trade and filled the 0.618 Fibonacci level. Consistent with the March 24th 0.618 Fib fill (and the RSI on a harmonic buy level), a rebound now is heavily favored as the Falling Resistance from the prior market top, has already broken. Trading Plan: 1. Buy on the current market price. Targets: 1. 76.00 (MA200...
The weak trade and inflation data from China further casts doubt on the ability of fast economical recovery of the country after COVID. This puts a rench in OPEC's forecast that China will drive the demand for crude oil to record high. The technical indicators are also confirming the downtrend, with MACD histogram being below 0 and RSI under 50 neutral...
WTI Crude Oil is approaching Resistance (1) at 83.50 after OPEC cuts. The MA200 (1d) is almost there at 83.97 and has been untouched since August 30th. The pattern is a Channel Up and its top is only a little over Resistance (1). Trading Plan: 1. Sell on the current market price as the above three levels form the strongest Resistance Zone possible. Targets: 1....
We're seeing an ascending support line hold prices just above the 72.72 support level. If price were to break this support level along with the ascending support line, we could see a big drop to major multi-swing low support at 61.97. It's worth noting that there's a bearish ichimoku cloud that is pushing prices lower too with its bearish momentum. Any opinions,...
WTI Oil continues to move sideways. We need a clear breakout through one of our levels in order to consider the next short-term directional move. Disclaimer: easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced...
US YoY CPI came above expectations yesterday, which led to expectations of further push of the prices. Although US Oil cushion reserve came above expectations, OPEC reported declined production of the month of January, and the expectations are for further increase of global demand for the crude oil. On the 1H graph the price had broke the resistance of the Flag...
WTI remains firmer for the second consecutive week even if the intraday buyers retreat during early Friday morning in Europe. That said, the black gold slides to $80.95 while paring the daily gains by the press time. In doing so, the energy benchmark takes clues from the recent stabilization of the US Dollar, as well as hawkish comments from the Federal Reserve...
This may come as a shock to all of you but we are at the lower end of the market historically, and we have begun to see the rapid decline of market trends. Long positions are being made which is why we are seeing such a short market to buy up all the great pricing for a swing to the 100s in the mid-year rise. this cycle will place us in new market highs pretty soon.
WTI Crude Oil is at a key support level now and i don`t think we have seen the last of it. OPEC+ unexpectedly decided to cut output in October by 100,000 barrels a day. It`s not much for now, but they will continue cutting the supply until they will get the oil to $90. I`m looking for a bounce to the $85 - $92 area before heading to $62 by the end of next year,...
Looking for higher prices in Crude Price cap talk, Diesel shortage and OPEC+ cuts all hint on higer prices
After Saudi Arabia denied a report that it was discussing an increase in oil supply with OPEC and its allies, there are now reports that they will promise additional measures to ensure oil market stability. Saudi and Iraqi energy ministers have been reported saying that there is an importance of working within the OPEC+ framework. as a consequence, oil rose in...
Shown is an overlay of Bitcoin's previous top ~$69k. We are showing very similar price action of a wide, heavy range at highs, with the micro lower highs on the underside signalling a continuation / blow off top spike is possible. Product supply is increasing from several refineries opening from maintenance alongside seasonal demand, allowing for the current...
When crude was trading at $120 a few months ago, all you would hear on Twitter from people like Javier Blas from Bloomberg and other propaganda pundits is about how the fundamentals of oil are so bullish, because OPEC production is maxed out, the Russian Federation's invasion of Ukraine, domestic demand because summer, the government donating the strategic...
The chart may suggest a next move for US WTI Crude Oil Price. When the ongoing price correction which may lead to $80/bbl area satisfied market sentiment, price may start to enter a bull demand for crude oil. The eventual short to medium term target may be to as high as $150/bbl, meanwhile sustain trading below $75/bbl destroy this scenario which may take crude...
Reviewing the daily chart shows extreme pressure to the downside over recent days, yet the bottom trend line held. We are still range bound with no clear trend, however analysing the current range, an uptrend is assumed. It is important to counter in the news and market sentiment. With ongoing conflict affecting supply chains, and concerns over supply chains...
28/03/2022 FORECAST FOR WEEK 5 MARCH 2022 = BULL DAYS WEEK 4 OF MARCH FORECAST WAS = BULL = ACCURATE PROBABILITY FOR WEEK 5 MARCH = BULL This week opened Bull with some of the lowest volumes in a while indicating price can easily rise further. Tuesday produced a small bear candle noting an increase in volume, decent too. This didn't produce any move the next...
Prices are on bullish momentum and abiding by an ascending trendline. We see the potential for a bounce from our buy entry at 103.9 in line with 61.8% Fibonacci retracement towards our Take Profit at 113.5 in line with 50% Fibonacci retracement . RSI is at levels where bounces previously occurred. Any opinions, news, research, analyses, prices, other information,...
On the H4, with price moving above the ichimoku cloud , we can expect bullish continuation from our entry at 90.72 in line with 78.6% Fibonacci retracement towards our take profit at 99.74 which is a strong resistance and in line with 78.6% Fibonacci retracement . Alternatively, price may break entry structure and head for stop loss, which coincides with the...