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Crudeoilanalysis

Oil prices have spiked more than 10%|Next rally can hit $75.24On 13 Sep 19, Market closed on $54.87 but Oil prices have spiked after a destructive attack on the Saudi Arabian oil production on weekend shocked markets and produced shortage in global supply of crude for some time. Now we can see the price spiked more than 10% in a day after market opens and hits the 50SMA even the 100SMA on week chart. At this point we also have the price resistance level and the pennant's resistance at $60.63 which is not broken since May 2019, if this resistance level would be broken then the price action will take no time to reach the 2nd resistance at $75.24 where we also have tail of the pennant and in case of breaking out $75.24 resistance level the price action can hit the strong resistance at $107.45. If we see the technical indicators then can be clearly observed that the all of a sudden the chop zone is turned strong bullish and even MACD has given strong bullish signals including bull cross. For me after breakout the 1st resistance and if all indicators would be remained bullish even after price correction would be ideal for buying. Market fundamentals + technical analysis are very strong in favor of bullish move. Next target should be : $75.24. Regards, Atif Akbar (moon333)
TVC:USOILLong
by moon333
5
USOIL short! - EQYUIY.Dear traders, So as you can see we expect USOIL to go short. We think it will go short because the markt is now in a strong weekly supply zone. If you zoom in on the daily chart you can see we are now also created a new strong supply zone that’s been filled right now. It will be much clear on the 4h chart, you can see the 4h trendline is been broken and a new 2 demand levels are created. We will wait when it will reach one of these zones and watch for some conformation to take is short. For take profit levels and stoplos check our telegram group: t.me NOTE; if you follow our telegram group you will be always up to date about the last market trades and conditions. This is not everything, there is a lot more in the telegram group: What can you expect from us in the telegram group? -A watchlist video. This will be uploaded every Monday in the morning. -Trade setups. We only share high probability trade setups. -At the end of the week we will upload a market recap video. This means that we will look back at the trade setups we have discussed in the trading group. - Mini lessons about our strategy and mindset Furthermore, we have created this Equiy trading community group, because we want to create a community in which you can ask us questions, but also other people in the trading group. In that way we can grow as a community. We will share the link to this group in this message: t.me So, we hope you will enjoy this whole idea and that we will grow together! Team Equiy.
TVC:USOILShort
by EQUIYtrading
Short oil Oil has now reached the 0.618 fibonacci line although it has gone past it slightly, which is ok. In my opinion, it hasn't reached a resistance line yet which means this has the potential for more further upside around 67-68 but of course it could just go down from here. Oil can go straight down from here to 60.70 before going back up to 63.22 and then another down to 58.04. This is of course just my humble opinion which could be wrong, so please trade safely at your own risk. Disclaimer This chart is published as an opinion based chart only.
FX:USOILShort
by Quinkong
Light Crude Oil #CL long term longs, weekly demand in controlLight Crude Oil #CL long term long bias, weekly demand level in control, similar scenario is also available on Brent. Weekly chart is uptrending, weekly demand imbalance at 64.94 is in control and printing higher lows. Daily demand at 65.82 in control attacking a used-up daily supply zone at 70.39, expecting daily supply level to be eliminated. If that happens a new daily demand imbalance will be created. Definitely long term long bias on Light Crude Oil
NYMEX:CL1!Long
by AlfonsoMoreno
2
Crude Oil Technical Analysis and Forecast Sep 27thFundamentals of today: Crude oil prices gained in Asia On Wednesday as industry estimates on U.S. inventories threw up an unexpected drop in supplies. On the New York Mercantile Exchange crude futures for November delivery rose 0.39% to $52.08, while on London’s Intercontinental Exchange, Brent gained 0.17% to $58.02 a barrel. U.S. crude oil inventories fell by 761,000 barrels at the end of last week, the American Petroleum Institute (API) estimated Tuesday, compared with a 2.296 million barrels build expected. Oil supplies at the hub of Cushing, Oklahoma, rose by 1.1 million barrels. Official data will be released on today from the U.S. Energy Information Administration (EIA). The API and EIA figures often diverge. Charts and Technicals Crude Oil current price is 52.19. The next target of Crude Oil is 52.95. 51.50 and 51.12 are possible pullback levels as we have mentioned yesterday. Today EIA data will be released. Depending on the EIA figures, the price may pullback towards 51.50 and 51.12. However, as we have mentioned in our previous articles, fundamentals turned positive on Crude. Price is above the green supply zone. Upside targets are 52.95, 53.50 and 54.30. There are no bearish signals in any smaller chart frames. Conclusion: We will keep our LONG positions and will use possible pullbacks as buying opportunities
TVC:USOILLong
by eacemi