BRENT OIL - Wait For It!Hello everyone, if you like the idea, do not forget to support with a like and follow.
BRENT is approaching strong resistance in green from Weekly so we will be looking for sell setups on lower timeframes.
on H4: BRENT is forming a trendline in red , but it is not valid yet, so we will be waiting for a third swing low to form around it to consider it our trigger swing. (projection in purple).
Trigger => Waiting for that swing to form and then sell after a momentum candle close below it (gray zone)
Until the sell is activated, BRENT would be overall bullish and can still test the upper bound of the resistance.
And of course, as BRENT approaches our lower blue support, we will be looking for buy setups.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Crude-oil
Crude oilRecently, there has been a weaker supply response from US oil producers to higher prices and stabilization of stock levels following the abnormal freezing temperatures in Texas last week.
Technically, the price reached a long-term resistance line and a supply zone around 63-66.5.
I expect a rollback to support level 51.6. There is a big chance this year to reverse the long-term trend for bulls. I don't believe the oil price has surpassed 80 until 2022.
Best regards EXCAVO
Crude Oil burnt out Seldom post about Crude Oil but this is too obvious to miss and a very good learning point...
You see, Crude (and Energy) has recently been on fire (almost literally) with the rise of Crude oil due to many factors in recent months. The thing is, warning signs appear to tell of a retracement pullback, or even end of bull run.
The Weekly chart kindly heads up with long upper tails above 61.50. The RPM clearly warns of a pull back too. Net interest from Non-Commercials are not increasing as it was in early Nov, and the Top 8 Traders appear to be going more Net short.
Perhaps the daily chart (right panel) shows it clearer... with a marubozu-doji-reversed marubozu top pattern, and technicals to boot where RPM has crossed down, and MACD cross down after a bearish divergence flatline.
Something is clearly about to change... the party is almost done.
BP - Range BoundBP bounce off key support created a opportunity to buy on the pinbar candle off support. I waited for the pin off and retest of support for my entry, this is the most conservative entry on a pinbar setup. You can enter at close of pinbar to aggressively enter the market. I waited for confirmation of TRND Bot buy signal! Clean charts = Clean profits! Long calls to $25.
If you like this idea follow for more and hit that like button! Good luck! Trade smart! Cheers!
CRUDE OIL BIG PICTURE!
Hello, Traders!
WTI OIL has reached a falling resistance line
And I am expecting a pullback from this level
However, the fundamentals of oil are very bullish
Therefore, I expect Oil to go UP after pullback
Break the falling resistance and hit the key level at around 64$
SWING BUY!
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Dead wrong on Oil, but what now?Obviously my previous predictions on Oil were wrong, however, it is hard to forecast a vicious virus from the far East. Now, the doomsdayers are back, touting their long bond positions with gold, saying "I told you so." Those positions have worked, and oil has tanked. To be clear, I don't dislike bonds or gold here, but Oil is ripe for a rebound. We are deeply oversold, indeed, I believe this sell-off is far overdone. From a pure technical perspective, the RSI is now turning, and MACD looks to be bottoming out. We should retest the ~60 level again, as this was the previous range bound channel crude was trading in. If 50 is broken, this thesis is invalidated and I am dead wrong. We will see.
Current Thinking on WTI weeklyDown sloping PF off 2016 low and 2018 high (red)
The median line provided some key areas of resistance/support from 2017 to present
Support in 2020 low off lower parallel (good rejection)
Test after price break late 2020
Next target is upper parallel. An option is that price breaks above upper parallel then pulls back to test the break
Dont be negativeso you losted all your munz, so what? it cud always be worser. this is important history lessn for pro traders from a vetern who livd through the histori of stuff
ok so let me educ8 u, this happen a long time ago, i tink around... april 2020? ya
peepo was looky looky at da oils cuz da oils was droppa it was $2 buckarinos or sumtin and dey though: "hey i kno is so low i buy i buy", but they died.
what dems were really buying fo real werent da oils at all, dey was da oil future contracs. lemme get u learned about dat a futures contract is when you say hey bro i wanna pay you for this now and get it later lol.
anyway, oil future be all like: ima go low and low, it went so low it was crazi. it went to $0.02 cent and den peeps really went mad. it cant go much lower!!! lol!!!
so it go to -$40 a baller LMAO REKT BUT WAIT HOW
so ok basically u buy dis ting and u get 40 bux back?! ya ya ay cool. dey post in on websit for mentally challenged wall street bets on la reddit and peeps were buying it like a hot cake
howeva da story aint ova.... cuz wat dem pepes didnt know is they had to take physical delivery of dat oil...... yup! dat was how da futur contrac worked, u buy u buy and den u can sell, but nobody want to buy cuz u needed to go der and get all dat oil LMAO or else u was in breach of contrac
so let dat be a lesson to you about stuff, i not sure wat da lesson is, let me make some shit up. yeah, the lesson is there is no bottom for sum tings so make sure u know wat u buyin
and also buy algorand cuz it gon go uppa a lot
the end
🏛OIL SHORT TERM CORRECTION↘️ LOCAL SHORT👍🏻
↘️ OIL hit a long term horizontal resistance level
And also hitting a rising channel resistance line
Which created good prerequisites for a correction
With the target being the nearest support area
From which I expect oil to continue rising
In its obvious uptrend
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CL: USO: Crude Oil Awaiting OPEC Decision to Boost ProductionCrude Oil chart is consolidating awaiting OPEC's decision to boost production by 500,000 B/d in February, with a total of 2 Billion B/d increase by April of 2021.
Prices may dip to $45 level. Economic recovery from COVID-19 is in the cards with expectations of higher demand coming in the spring and into H2 of 2021.
Currently, Crude Oil prices are holding grounds, pressured by the OPEC production increases news, but supported by expectations of growing demand.
Based on the OPEC agenda and Russia's position seeking price stability, 2021 oil prices are expected to trade within the range of $45-$55.
Lower prices, down to $45 -42 level may be seen in the near term, while demand has not recovered yet, but production increases are already agreed upon.
Technical analysis: 4 Hr RSI chart shows mid-range consolidation, which may get resolved by testing the bottom before going back up.
Multi-frame MACD chart analyses show consolidation at the top of the range on a Daily chart, with mid-range consolidation on a 4 Hr chart.
The most significant Fibonacci level from the most recent run up appears to be 50% at $45.50, which is also 200 EMA. This area is expected to
get tested first, should OPEC approve its production increases on January 4th. Lower levels of $42 and $39 are also possible targets, depending on the
EIA inventory reports in the coming weeks. We still do not have full demand recovery, while production may start increasing ahead of time.
WTI Crude - Time for a correction?Oil prices have been tearing higher since the start of November, rising more than 40% to return to far healthier levels.
The rally has started to slow though and with so much good news - vaccines, OPEC+ deal, US stimulus deal (almost) - now priced in, I wonder whether we're about to see a bit of a corrective move.
WTI has trended higher nicely, following the 55/89 period SMAs on the 4-hour chart and a break of this may be the first clue that it's run its course.
WTI peaked just above $49 today, entering what has been a major area of support over the last couple of years before becoming resistance in early 2020.
While a US stimulus deal would be positive for oil demand in the coming months, I wonder how much it is already priced in. It may give crude a small bump but would profit taking then kick in?
ridethepig | USDCAD Market Commentary 2020.11.25This linkage with Oil is a well known school, which believed only in absolute freeing moves can be a forced to be reckoned with. In 90 cases out of 100 I consider it worth recommending. Even after the defensive breakdown in Oil with Covid chapter I, it should in no way b overestimated that we are suddenly reaching the previous breakdown manoeuvre.
Thus in this position, what is in play is a cleansing of USD shorts as the move got out of hand. Some large macro players were caught on the CAD bid yesterday, out of position if you ask me and well into the middle of the range. Asking for a squeeze up towards 1.306x and 1.314x.
Thanks as usual for keeping the feedback coming 👍 or 👎
crude oil 25 novemberThis forecast is for the week.
bullish on crude oil with small stoploss for insurance!
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WTI USOIL still bullish on higher timeframesCrude Oil is still looking bullish on higher timeframes before a major resistance ahead.
The indicators are showing buy signals on the daily timeframes and 3 days chart.
If you are interested to test some amazing BUY and SELL INDICATORS, which give the signal at the beginning of the candle, not at the end of it, just leave me a message.
