Crude-oil
Crude Oil Support Level Is Very Crucial For Its ReversalCrude oil price is presently "sitting" on a crucial support level. This level ($22 - $16) may be pivotal for the upward movement of the commodity for a long term buy
N.B
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk Management In Your Trades
EIA Report Shows Larger Than Expected Build in Crude InventoriesHeadlines
• EIA Report Shows Larger Than Expected Build in Crude Inventories of 13.833 Million Barrels
• Equities in Europe & US Continue Their Fall as Sentiment Surrounding the Virus Weighs on Investors
• SNOC Pauses LNG Storage Terminal Project as it Completes Further Evaluation on Discovery
Gasoline Falls in Asia + Stock Futures Fall in Europe & USHeadlines:
• Crude Finishes Flat Whilst Gasoline Futures Drop -6% Within Asia
• CNOOC Announces the Postponement of its Canadian East Coast Project Due to Covid-19
• US Futures Fall as Virus Concerns Reappear Whilst Asia Starts the Quarter Off Lower
WTI Oil: Close to a MACD bullish reversal. Bottom may be close.The MACD on the 1D chart, which remains vastly oversold (RSI = 25.205, ADX = 68.790, CCI = -108.7025), is close to making a bullish reversal. If successful it will be the first time since February 26th.
This is quite similar to the 2018 sharp sell-off, when Oil recovered on the 2nd MACD bullish cross (since the decline started). During that sequence the price bottomed on the -0.236 Fibonacci level, almost exactly when the 2nd MACD bullish cross took place.
At the moment we are almost on the -0.236 Fibonacci level and about to make the bullish cross. This can be an early indication of finally finding a bottom, and if that's the case Oil's target next month or two should be 33.00.
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Comments and likes are greatly appreciated.
WTI been dropping like a madman. We might as well consider this.I was posting an idea days ago about Wyckoff accumulation, but since the spring was dropping way harder than I expected, I started to consider another mid-term scenario.
Looking at how aggressive the drops have been lately, the chances are big that we'll make a drop of 75%~ over a mid-long-term just like the waterfalls from 2008 and 2008, a lot of noise will be made from former support levels.
Just an idea, but I think it's healthy to consider this.
As usual, trade well, trade safely and good luck to you all.
Elliott Wave Analysis & Forecast, OILUSD, M1, 20160419Crude Oil just finished its red wave 3 of blue wave C @ 26 and since it has been correcting in red wave 4 of blue wave 3. The ideal target for the red wave 4 is near 60-61 area where we will expect bears enter into market and this area will hold massive resistance. Once red wave 4 will finish, we will see sharp decline in last wave red 5 towards 10-11 area in coming months where we see long term bottom at the end of green wave II. Traders can enter into long near 38.80 and stop-loss just below the daily candle targeting 45-46 area or even higher.
muhiuddin
USOIL - moving inside the channelHello everyone, as we see we are currently moving inside a channel. We had a big drop today of the market, we are in bearmarket, so if we trade with the trend (down), then we have a higher chance for success! We should be expecting a drop atleast untill 28.5$ - 28$ . Like and follow for more ideas and leave your thoughts bellow!
OIL - the commodity they are killing for...If the oil would drop through the blue line, I start to believe that 10 dollars per barrel is coming next.Fractals in oil. What would happen in the world to send oil to 10 dollars? ..the commodity controlled by three men only... Black gold. :) Anyway, not looking good for oil... Do not take it too seriously, but consider it. Have fun, trade with smile folks.