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Crudeoillong

Crude Oil Wave Analysis After a strong show in the last weeks, crude oil needs to make an obvious correction. We expect the correction to be of ABC structure and it has already completed waves A and B. Further, the structure resembles a bullish flag pattern and the price is at the upper parallel now. Currently, the pair is forming a bearish flag pattern in the short-term charts and a break below could guarantee a safe entry to bears. PS: Aggressive trades, refer to the resistance at 40.41 for the stop.
TVC:USOILShort
by traderpulse
1
Crude Oil Brent formed an Inverted Head & ShoulderBrent Crude Oil has been dominated by the bears due to the weak fundamentals and oversupply, demand constraint and insufficient OPEC+ agreement. Brent price dipped again after a short euphoria on the OPEC+ agreement reflecting conflicting vision on traders and investors. Having said that, the Technical Analysis reflects the market is re-testing the lower 20s range and is comfortable at US$25/Bbl. This could form an Inverted Head & Shoulder pattern looking forward to economic recovery signals.
RUS:BR1!Long
by QuantVox
Crude Oil targets keep getting hit, next level $62 & beyondCrude oil has made a strong run to the upside through a lot of resistance levels and target zones and the commodity still has room to the upside. The first level that was broken that we were targetting was at $59.90 and just above that the top of the channel at $61.00. The $61.00 target was barely hit on the day before price reversed slightly lower. The support structure we're watching for price to hold and continue higher is $60.35 but the price could move slightly lower into the $60.00 area before finding some support. Ultimately we have one last chance level at the impulse start which is at $59.50 but we don't anticipate price moving down to that area before seeing a rally through the $61.00 resistance area. A breakthrough $61.00 could drive the price up to $61.50-61.70 and the retrace, we want to see it stall at $61.00 to confirm the upside and continue to rally. This is what we're looking for. Disclaimer: This idea is for educational purposes only, this doesn't constitute as investment or trading advice. TRADEPRO Academy is not responsible for any market activity.
NYMEX:CL1!Long
by TRADEPROAcademy
Crude OIL longs have held, next stop back above $58.50!Crude oil manages to come back to a key support level and rotates well. The $57.90-58.05 area held really well and the long extended wicks on the candles suggest a strong buy sentiment is protecting the upside. The buyers are coming in on strong volume and we expect price to move back to the resistance level at $58.50 first and then through the $59.00 level. The support we identified also comes into confluence with the volume profile edge support for the month of November. Price needs to stay above $58.00 should the longs hold this level, below $57.85 this trade is losing steam, we have no seen a candle close under that level to end the week.
NYMEX:CL1!Long
by TRADEPROAcademy
CL bull channel holds, longs up to $59.60! Crude oil is still holding upside bull structure and it didn't even have to pull down into the $56.75 where the impulse started, the bottom of the channel at $57.35 held really well for the bulls to continue and the $57.85 held multiple times for the upside on rotations and wicks which indicates more upside. The only part that may break up the upside trend is the triple top formation at $58.60, the high probability long would be a break above $58.70 and close, into $59.00 and retrace to the broken high and hold as support. If we get below $57.85 again we may be done with the long side. Disclaimer: This is for educational purposes only, not recommended as trading advice or investment advice.
NYMEX:CL1!Long
by TRADEPROAcademy
CRUDE OIL LONG up to $59.80-$60.00The crude oil market was kind to us on the downside after we broke through support level time and time again. We were originally looking for shorts to continue however the upside opened up on Wednesday and didn't stop. The fact that we broke above a key resistance structure at $58.10 suggests the longs are out to play and there could be move upside if they hold their momentum. We could see price retrace to 2 levels for us to continue to look for the long. The first level and more ideal level is the broken high at $58.00-$58.10 for a move back into resistance at $59.60. The next level is the start of the impulse move at $57.00-57.10. This could still continue the upside structure. Over the last two days, volume was really strong. If we break under $56.80 we may see more downside.
NYMEX:CL1!Long
by TRADEPROAcademy