Crude-oil
Crude oil On the top, we can see a rising wedge and we already break out the resistance line.
waiting for 23.6-32.8% level Fibonacci
The additional shift of workers to remote work is a bad prospect for the oil industry. This means that tens of millions of people in developed countries will greatly reduce the movement of their cars.
Only this factor for 2021 means a decrease in world oil demand by 0.4-0.8 million barrels per day (or 0.4-0.8% of oil consumption).
Best regards EXCAVO
Brent Crude: Watch recovery for sellThe long awaited correction in oil has kicked off as we got beautiful impulse down with all 5 waves visible and clear.
It could be a wave A of (2). And I expect some recovery soon as another short opportunity.
The next leg target will be updated upon completion of the wave B.
The wave 5 of A is still in progress and could drop lower.
Bearish Idea on Crude Oil Consider this just an idea, IF the scenario happens, we will have an interesting setup to take, and if not, we don't do anything, and that's always good for your trading capital.
Main items we can see on the chart:
a) The price was inside a compression
b) Currently, we can see a bearish breakout of the previous structure
c) This doesn't mean that the price should start a new bearish trend. The price has been on a bullish movement since APRIL; we need confirmations first.
d) That's the reason we will wait for a clear pullback to the broken structure. IF that happens, we will trade towards the next support zone.
To the rescue 17yr Cycle reveals post COVID19 futureTo the rescue 17yr Cycle reveals: bull market in SPX Gold WTI & bounce in TNX & bear market in USDCHF & DXY. Importantly on 3 occasions no change in DXY after 39 WKS. NOT ADVICE. DYOR
OIL is buy - shorting is riskyTrend is still up
dont look to short
infact try to buy lower
there is no short untill this trendline breaks - even that would be corrective
oil can make a flat here and continue going up
Crude intradayLong and short zones shown using 2 lots.
Morning entries- Buy t1 hit and 2nd entry SL.. Then sell hit both targets
Net points=8-10+8+18=24
Use same levels to reenter for the day.
WTI Crude Oil - USOIL Possible bearish scenario!The chart, wave count, and support resistance level shown indicate a possibility for bearish trend.
WTI Crude Oil: Long-term Buy OpportunityOil just broke the 4H MA200 which hasn't been touched since May 3rd. The chart is close to turning oversold (RSI = 29.01, MACD = -0.170, ADX = 32.681) so it is natural to see some buying now, especially as the Higher Low trend-line of the June Channel Up was almost touched (the dashed Channel). If it holds, we expect 42.00 - 42.50. If it breaks, we will halt buying until the price tests the top of the 37.50 - 37.00 Support Zone. Also, as you see the 4H RSI follows a very specific Channel Down pattern, and if that test happens to be within the RSI 24.90 - 19.00 levels, then the buy will be even stronger.
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Brent Crude: Ending diagonal, down then up in 5 of (5)This is the updated map. Could be an ending diagonal in wave 5 to complete the first impulse up
It goes in line with the big map (see related) and also my forecast
that price should fill in the gap occurred when Saudis started price war this March
Bullish movement expected on Crude Oil by ThinkingAntsOkMain items we can see on the chart:
a) The price was inside a compression
b) The price broke the compression and now we are observing a corrective structure above it
c) If the price breaks the new corrective structure we expect a bullish movement
d) The target we will be aiming for is the next Resistance zone
CRUDE OIL SELL SET UP (1H)I am seeing an Ending Diagonal develop in the Crude oil chart for an upcoming Sell opportunity. This seems to line up with this week's EIA data indicating an oversupply. If this plays out, we should be hearing more about over supply over the next week or more. I will look for a sell when we get to the end of the 5th leg of the ED as indicated by my Sell zone box.
𝗖𝗿𝘂𝗱𝗲 𝗨𝗽𝗱𝗮𝘁𝗲: $CL_F Daily. Nice pop today over 200dmaComing into a resistance area I expect to hold (42.50-43.70) for a pullback. Could be a large one in August which is also when seasonality flips
$USO $XLE $XOM $CVX $XOP $GUSH $DRIP $SPY #Oil #CrudeOil #OOTT 🛢️
Brent Crude Updated Map - Triangle in wave X - watch 41.30 This is an update for the earlier map (see related)
Wave X could have built a triangle ABCDE.
All rules are obeyed.
Price should trigger the terminal point of wave D of triangle to destroy it below 41.30.
The target is the same
WTI Oil: Made a Top formation on 4H. Two possible rebound pointsWTI Crude Oil is trading within a Channel Up on the 4H chart (RSI = 36.632, MACD = 0.170, ADX = 31.347). The MACD turned flat and as you see on the chart that has been a signal of a top formation on three previous occasions. In two of them the price dropped a little more than -11% and on the other around -15.50%. The Symmetrical Support zone that held on three occasions since June 16th is 37.50 - 37.00. It is possible to see the price rebound either there or a little earlier on the 4H MA200.
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🛢 Brent Crude Full Analysis - July 07Please hit the "LIKE" button if you find this post useful. Also, don't forget to subscribe to get more trade ideas like this. Thanks!
TECHNICALS:
Brent crude is trading at an important long-term rising trendline which acts as a solid support at the moment.
The 1-hour chart shows a nice retracement today, signaling further strength in the price from a technical standpoint. The RSI formed a hidden bullish divergence just before the spike.
CORRELATIONS:
The chart shows the USD index (inversed) and Brent crude. The recent up-move in Brent can be partly explained by the downtrend in the US dollar.
However, notice that Brent is closer to its June highs than the USD is to its June lows, signaling a slight bearish divergence.
THEMES:
Recent reports suggest oil demand to rebound despite the spike In COVID-19 cases.
China's crude oil imports of 11.93 million bpd also hit a record high in June.
UPCOMING ECONOMIC REPORTS:
The US Crude Oil Inventories report is scheduled for release tomorrow (July 08) at 15:30 GMT with a forecast of a -3.2 million barrels. The previous release showed a fall of 7.2 million barrels.
=== SUMMARY ===
I remain bullish on Brent crude as long as it trades above the rising trendline.
Our previous post on Brent suggested taking a long position at the $39 pullback which is in a nice profit so far.
A close above $43.50 paves the road to $50.
Crude oil - SELL on the Long runCrude oil - SELL on the Long run
One might think Oil may fly but reality will be different
US CRUDE OIL - Still Cautious, Still Driven By Travel & $40structure is clear
$40 clear pivot point
bullish above
