OIL (WTI) - 4H Three PushThe WTI Oil 4H chart displays a classic bullish reversal pattern, often referred to as the "three pushes" or "three drives" pattern. This pattern is characterized by three distinct attempts by the market to push lower, each attempt being met with increasing buying interest. The current setup shows that after three downward pushes, the price has started to rebound, indicating a potential shift in momentum from bearish to bullish.
The price action has recently broken above the upper boundary of the descending wedge, which suggests a weakening bearish trend and the possibility of a new bullish phase. The target for this bullish movement could be around the $84 level, where previous resistance lies. Traders should watch for continued higher highs and higher lows to confirm the upward trajectory, and consider long positions as the price action aligns with this bullish reversal signal.
Crude-oil
WTI CRUDE OIL: Neutral on 4H but at the top of the Channel Down.WTI Crude Oil is neutral on its 4H technical outlook (RSI = 44.657, MACD = -0.100, ADX = 42.834) as it has been trading sideways since the start of the month. Nonetheless, it got rejected yesterday at the top of the Channel Down and the 4H MA100, was where it got rejected last time on April 26th. We are short, aiming a the 1.5 Fibonacci extension (TP = 73.20).
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OIL (WTI) - 4H Sell SetupIn the past hours, OIL (WTI) experienced a sharp rise driven by news of Iran's president's death, which significantly impacted market sentiment.
This surge allowed OIL to break above the bearish channel and catch the liquidity over the resistance zone, as illustrated on the chart.
However, despite this upward spike, the price action suggests that OIL may continue its downward trajectory within the descending channel.
Traders should monitor this closely as the price looks set to resume its fall, adhering to the prevailing bearish trend.
The liquidity hunting above the resistance zone indicates potential for further declines as the market reverts to its established downward path.
CRUDE OIL Will Go UP! Buy!
Hello,Traders!
CRUDE OIL has made a
Retest of the rising support
Line and it is making
A bullish rebound so
Our local bullish bias
Is confirmed and we will
Be expecting a further
Bullish move up
Buy!
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USO: Heading down to 200MAUSO (crude oil ETF) is trending down toward its 200-day moving average, coinciding with a previous pivot up within this range and slightly below it. This commodity tends to make dramatic moves so wouldn't be surprised if it made a sudden drop along the way and then bounced, but the channel range may serve as the upper bound. Until it can break free of this sideways or downward price action is more likely.
Why Is Today's Low Crucial For Crude Oil?Crude Oil (June)
Yesterday’s close: Settled at 82.15, down 2.68
June WTI Crude Oil futures are now front month and our levels are updated below. A sharp move, in this case the two-day drop, is not uncommon during times of roll and post option expiration as Crude Oil tends to cleanse positioning. With geopolitics front and center as the weekend approaches, major three-star support was tested head on at 80.78-81.06. This aligns with the gap close and gap open after a pennant consolidation from March 20th through March 27th.
Bias: Neutral/Bullish
Resistance: 82.70-82.82**, 83.32-83.44***, 84.01-84.39***
Pivot: 82.01-82.15
Support: 81.45**, 80.78-81.11***, 80.12***, 78.80-79.02***, 78.01-78.43
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USOIL Nearing Resistance Trendline Area: Breakout or Pullback?USOIL prices have been on an upward trend in recent weeks, driven by supply concerns and geopolitical tensions in the Middle East. The price has approached a key resistance trendline area, where a breakout or pullback could occur.
If the price breaks above the resistance trendline area, it could signal a continuation of the uptrend, with potential targets at 93.21 and higher. A breakout could be fueled by further supply disruptions or escalating geopolitical tensions
Alternatively, the price could pull back before breaking out. A pullback could find support at the 67-70 levels. If the price rebounds from support and breaks above the resistance trendline, it would still be considered bullish.
CRUDE OIL Will Grow! Buy!
Hello,Traders!
CRUDE OIL is making a local
Bearish correction but the
Price will soon retest a
Horizontal support level
Around 80$ per barrel
From where we will be
Expecrting a bullish
Reaction, as Oil is trading
In an local uptrend
Buy!
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CRUDE Analysis - Continuous, Just as the Markets !This is a Thread, so Follow for Technical Analysis performed with TrapZone Pro & Unusual Market Volume Detector (UMVD) Indicators.
* Trend is Based on TrapZone Color
* Bar Colors give us Momentum Green from strong Up Moves. Red Bars point to strong Down Moves.
* Red UMVD = Selling Pressure & Green UMVD = Buying Pressure. Purple is for Divergence = Battle of Supply & Demand
--------------------
1-15-2024
DN trend with Red TrapZone but Green UMVD at the moment. Price has not retraced deep to the top of the TrapZone and we have RED Bars indicating strong downward price momentum
CRUDE OIL Bullish Breakout! Buy!
Hello,Traders!
CRUDE OIL broke a strong
Key horizontal level of 79.61$
And the breakout is confirmed
So we are now bullish biased
And I will be expecting
A further bullish continuation
Buy!
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BRN - CRUDE OIL Short opportunity📉 Breaking News: BRN Crude Oil Faces Bearish Pressure Amidst Global Uncertainty
Interest Rate Concerns: Federal Reserve Governor Christopher Waller’s recent comments hinting at delayed interest rate cuts have raised concerns about sluggish economic growth. As a result, oil demand is expected to be curbed, impacting BRN crude prices
Pipeline Shortage in Canada: Canadian oil production is poised to hit a record high of 5.3 million barrels daily, straining the country’s pipeline network. This excess supply is contributing to the bearish sentiment.
Remember, the oil market is as volatile as ever, and unexpected twists can sway prices in either direction. Keep an eye on the news and consider diversifying your portfolio to mitigate risks during these uncertain times. 🛢️💸
Disclaimer: This post is for informational purposes only and does not constitute financial advice. Always consult with a professional before making investment decisions.
CRUDE OIL Potential Short! Sell!
Hello,Traders!
CRUDE OIL has formed a
Bearish wedge pattern
And is now trying to
Make a bearish breakout
So we are bearish baised
And IF the breakout is confirmed
Then we can go short
Sell!
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