WTI BULL March (initially Bear or sideways)26/02/22
FORECAST FOR WEEK 1 MARCH 2022 = NO CLEAR CALL
COMBINED FORECAST FOR MARCH 2022 = BULL (with an initial bearish start)
DAYS
WEEK 4 OF FEB FORECAST = BEAR = INACCURATE
PROBABILITY FOR WEEK 1 MARCH = NO CLEAR CALL POSSIBLE
This week was fairly neutral, until Thursday when a significant shooting star formed. The volume towered over all previous volumes, very nervous investors due to war. Friday's volume smaller, candle formed a spinning top. Next week has a good probability of being indecisive.
OBV is very bullish.
WEEK
WEEK 4 OF FEB FORECAST = BEAR = INACCURATE
PROBABILITY FOR NEXT WEEK = BEAR or Sideways
Large shooting star, a bull with exceptional volume. Previous weeks had tails rejecting move to the south. Overall week trend looks to be stalling. OBV is trending north, with this, it may indicate a stronger momentum at play.
Based purely on the price action path of least resistance says a few more bear candles are to come. No call for a reversal at this point.
MONTH
FORECAST MONTH = BULL
Sizable bull candle body with 1.2 times tail to the north. Clear of the previous resistance level this chart is now bull led by their influence. OBV now trends BULL another confirmation of a BULL dominated influence. The chart looks to have commenced a BULL rally.
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FEB WAS BULL = ACCURATE
JANUARY FORECAST FOR FEB 2022 = BULL
Crude-oil
Brent Crude - $100 in sightBrent crude came within a whisker of $100 today for the first time since September 2014 before profit-taking kicked in. Will it eventually capture this level?
There's been a number of times in recent months when $100 oil has been thrown around like it's a case of when rather than if it will hit that massive psychological level.
The shortfall of supply from OPEC+ which continues to fail to hit its targets by ever-widening margins, combined with stronger than expected demand has created a very tight market and with no end in sight in the near term, the price has been naturally rising.
November offered temporary reprieve, initially from the US-led coordinated SPR release as various countries sought to address the imbalance and lower prices, and then from the emergence of omicron which had a far greater impact.
Once the threat of omicron was deemed to not be too great, the price started climbing again and it hasn't really stopped. The crisis now in Ukraine has just added to the rally, with traders now pricing in additional risk premium in the event of Russian supplies being hit.
This brings us back to the initial question, will it surpass $100? There doesn't appear to be any lack of momentum, despite the price rallying 50% from the December lows. That was starting to emerge but the escalation at the Ukrainian border has seen that reverse.
In terms of how far it can go if it does go above $100, that depends on what happens in Ukraine, not to mention if a new nuclear deal is signed between the US and Iran that could quickly see 1.3 million barrels per day back in the market.
The next test could come around $105, where it saw plenty of activity almost a decade ago. The key will be the events on the border but in the meantime, momentum indicators could give us an idea of whether the break of $100 will accelerate the rally or not.
CRUDE OIL - Watching Closely!Hello everyone, if you like the idea, do not forget to support with a like and follow.
Here is the top-down analysis for CRUDE OIL, feel free to request any pair/instrument or ask any questions in the comment section below.
Best of luck!
CRUDE OIL Potential Short! Sell!
Hello,Traders!
CRUDE OIL is trading in an uptrend
But one might see the narrowing wedge
That was fomred, and now the price is trading
In the very tip of that wedge, while retesting
The rising resistance level
And becuase I think a correction is needed on oil
IF we see a breakout, we can go short
With the target of retesting the support below
Sell!
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See other ideas below too!
Crude Oil - 5 Feb - Buy TP1 alreadyJust an idea on Crude Oil. It is time to cash out on TP1 & look forward for a TP2. It is a safest way to take Partial profits on TP1
Crude Oil Approaches Key 90 Mark, but RSI Warrants CautionCrude oil is showing multiple Bearish RSI divergences, but the fundamentals -- which take precedence (IMO) -- e.g., OPEC spare capacity, Ukraine, increasing demand, etc., appear increasingly bullish.
EIA inventories due out this week show an expected build of 962k barrels, according to Bloomberg. That would mark the third week of storage increases for WTI, but Cushing, Oklahoma, stocks have seen a corresponding reduction.
If prices continue to increase, the 90 psychological level may offer up some resistance.
CRUDE OIL Bearish Bias! Sell!
Hello,Traders!
CRUDE OIL is in the strong uptrend
And is going up almost without pullbacks
So I think the commodity is oversold
But there are no horizontal resistance levels nearby
So I use a confluence of the two rising resistance lines
As a potenital point from where we might see a bearish correction on oil
And I will be watching this price level with interest
Looking for the reversal clues
Sell!
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Crude Oil -Whom Do You TrustThe operators whipsawed the Back Gold and managed to create
another Fake Break @ Highs.
CL always pulls this stunt.
Now it's up to the Specs to pony up.
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API & EIA have not been supportive of the Price.
OPEC is now Silent.
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China has a 5-year SPR locked up along with foodstuffs.
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US Oligarchs can't wait to gobble up Companies on the Cheap.
The Rockies exited Oil for a reason.
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Can they stage the move back into the Channel and run to new highs
or is it lower lows... I never trust these pricks.
CRUDE OIL Local Short! Sell!
Hello,Traders!
CRUDE OIL is trading in an uptrend
But the price is about to hit the strong resistance level
And as oil looks locally oversold I would be
Expecting a local bearish correction
Towards the target below
Sell!
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WTI Same Price Action in between Jan-Oct 2018Good Afternoon Traders,
WTI weekly chart seems to be forming the same price action between January 2018 and October 2018.
RSI chart losing momentum while price getting new highs.
Price should pass Oct 2021 highs to lose momentum and get in the range between $50-65.
I decided to watch Crude oil and set up some alerts regarding its price action.
I will share ideas and I look for a good Short set-up for US OIL .
If you enjoy my graph, please make sure you like and follow me .
Your feedback will always be appreciated.
Wish you a great day and Stay Safe! TVC:USOIL
CL - 15 Minute MicroCrude Oil has an expanded range from 78.36 to 80.48.
Sellers have been roundly pushed back as CL would simply
collect the energy and grind higher.
API Today and EIA T0morrow will provide direction, the
Gap remains overhead and should be filled.
Rates have had a mild impact on CL, as has the DX.
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We currently hold no positions and are awaiting the next break of 80
or support to trade to consider a Position.
The Weekly and Monthly ranges are quite large and have us squarely
on the sidelines while the Indices are providing greater Velocity
Intra-Day.
Should TNX backtest the breakout, we will be closely watching the
reaction within Energy.
NG came up nicely off its 3.50/3.70 range to move back over $4.
RBOB remains in a larger Range and is becoming a leader in the
Energy Complex into March as reformulations begin to gain momentum.
CL - Into the Gap Fill81.12 to 83.32 are not open for the Fill and Overthrow.
There is plenty of Oil regardless of API / EIA Non0-sense.
Hookahs are having a party at Virtual Davos this Year.
Bless them, them as the Sultan is worth $2.1 Trillion, makes
Gates, Buffet, Besos, and Elon look like Pikers.
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NQ will be in trade on NPK for Spring Argo-Biz and reformulations.
CL usually peaks this time of YEar with Nasty January / February effect
now in trade due to December effect push forward.
All in all it's broken the Channel we indicated would be important for the
toss over, mission accomplished.
It's been giving SELLERs Hell on a pitchfork, why then keep coming back
is beyond me, but we will gladly pick their pockets,
CL - The Gapit appears OPEC is providing the nudge for Crude Oil.
Gasoline demand certainly is NOT.
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Macro factors will catch up with it soon enough, overall
we remain in wait and see mode for CL.
No positions simply Sell on PO's hit - today Sold 78.44 PO and
closed at 77.93
It is hanging on to the 50 SMA @ 75.96 for now, the 200SMA is
below @ 70.92.
MACD is diverging while A/D is sharply Positive.
Appears to be another Squeeze, an unrelenting one.