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.
Crudeoilshort
USOIL Weekly Trend Analysis and Strategy with FIBONACCI Levels Crude Oil is at a crucial point with price action reaching the 61.8 Fib level and the yellow zone which is a major weekly resistance. We also have a major trend line being touched as well. We are predicting a reaction and will give an update next week. TVC:USOIL
High Probability Intraday Trade Setup for Crude Oil FuturesThe following are trades setup ideas in 15 mins chart for Crude Oil Futures .
There are 2 distinctive dotted lines labelled as
1. AI's Intraday Resistance line
2. AI's Intraday Support line
If price action was below the AI Intraday support line AND price closed below Pivot Point S1 line, the idea is to short and take profit at Pivot Point S3 price region.
Instead of relying on 100% discretionary (human) trading, the robots will provide trade execution plan and it is entirely up to the human trader's decision to follow.
While it is optional, it is a good practice, in general, to trade this product during the US Future Market Session when there are higher volume and liquidity.
Crude Oil downside to continueCrude Oil have been strong from last year with succession of new tops and lows-whilst it just broke the multi-days bullish channel and undergoing a linear compression setup. Price action and momentum indicators are suggesting the downside to continue towards the prior support area around 61.94. I am looking to short this market around 67.27-66.20 with stop around 68.69, for a target to 61.94 over the coming days.
Crude- Fall is Coming?Crude has been continuously in uptrend since June 2017. Now It has reached 50% retracement level of Monthly Fibonacci. as well as Crude has taken resistance from the April 2017 Trend line. So today If today or this week Crude closes below 70.50 it will be bearish signal and good sell opportunity for us. So my view is bearish for Target of 66-61 in upcoming 2-3 months with the stop loss of 74.50 which gives us Risk to Reward Ratio of 1:2
Crude Oil: cautiously bearish?Oil slides as Saudi Arabia and Russia consider output boost
Next week fundamental points:
Wednesday 04:30 PM ET: API Weekly Oil Inventories Report
Thursday 11:00 AM ET: EIA_issues weekly US Oil Inventory Report
Thursday 12-2pm: EIA_releases monthly report
Friday 1:00 PM ET: Baker-Hughes Rig Count
Friday 3:30 PM ET: Release of the CFTC weekly commitments of traders report on U.S. futures
Crude Oil Technical Correction continuesCrude Oil is testing the lower border of the cloud and below EMA 50.
64.50 is the Fibonacci Expansion 61.80%. RSI is bearish.
An H1 closing below the current level ( 64.75 ) will carry the price 64.50 and 64.06.
64.06 is our main support of today. Break below 64.06 may cause deeper pullbacks towards 63.28 and 62.50. ( We will also focus on the breakout of the red trend line)
If Crude Oil makes H1 closings above 65 USD, the direction will turn north towards 65.60 and 66.40.