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Crudeoilwti

WTI CRUDE OIL - complete analysisWTI trades at a three month high currently, around the 60 psychological value. From a technical perspective, we want to see the USOIL drop from the resistance given by the descending trend line, all the way to the 0.5 fib level of previous daily impulse which also aligns with previous structure. Previous Daily High 61.05 Previous Daily Low 60.04 Previous Weekly High 60.46 Previous Weekly Low 58.11 Previous Monthly High 58.76 Previous Monthly Low 54.12 Daily Fibonacci 38.2% 60.66 Daily Fibonacci 61.8% 60.43 Daily Pivot Point S1 60.04 Daily Pivot Point S2 59.53 Daily Pivot Point S3 59.03 Daily Pivot Point R1 61.05 Daily Pivot Point R2 61.55 Daily Pivot Point R3 62.06 Yesterday, the US API weekly statistical bulletin published positive values with Crude +4.7, Cushing -.3, Gasoline +5.6 and Diesel 3.7. So today from the crude oil inventories a pullback is expected. However, the longer term trend of the WTI is still bullish, especially from the beginning of 2020, we have a strong fundamental reason for it. OIL: 2020 PRICE FORECAST UPGRADED ON OPEC+ CUTS, IMPROVED ECONOMIC OUTLOOK – JP MORGAN 17 December 2019, 06:44 The conclusions of the report are as following : The OPEC, Russia and other producers, a group known as OPEC+, have agreed to cut output by an extra 500,000 barrels a day in the first quarter of 2020, because of the current forecast of next year's end quarters surplus of 0.6 million barrels per day. In conclusion the US investment bank, JP Morgan raised its oil price outlook for 2020. Next year price target is 63.50. If you find this complete analysis on point, please like and subscribe for more free market review's. Comment your view.
TVC:USOILShort
by TradingExpertGroup
2
Crude Oil Elliott Wave IdeaPurely a guesstimate as predicting long term is impossible but oil could be in a long term correction (ABC). Now nearing the end of (b) (shown in bright blue) to the red trendline around the $47 level, before an impulsive move for (c) (of a larger degree B wave) to $95 (point D of the Gartley and between the 0.5 and 0.618 retracement of the larger degree A wave), then the larger degree C wave to new lows. With Gartley removed > Gartley on its own >
TVC:USOIL
by Joseph_King
5
ridethepig | Oil Breaking Down !There were the usual people who did not wish to engage in the sell-side before understanding what was being said from the WHO. Experts calling this a national emergency and now stronger players entering into the market with direct shocks on the demand side. Moves likes this, which weaken important structures should if possible be played and as a matter of fact, with large sizings. What is important is that the long-term flows have kept us comfortable in the move: The same highs we traded earlier in 2019: Things have continued.... Sellers are better. Clearly the downside is the correct move. In this position, sellers undoubtedly have the control, but since no one knows the full extent of the penetration nor impact that the coronavirus is having on output, we will remain in uncertain waters and only a supply shock can save the buyers. Those on the bid are praying for protection from OPEC, the silence is crippling. Sellers can consider to either play the direct breakdown through the floor (intending to clear some at 46.97 and holding the rest for the home-run). This of course has to be introduced by NY today and the securing of the break with a daily (and weekly) close. The reply from buyers would be muted, there is no contest below the file. This method is how I have characterised the entire activity by Sellers on each swing attached below. As usual thanks so much for keeping the support coming with likes, comments, questions, charts and etc! Good luck!
TVC:USOILShort
by ridethepig
6
Crude Oil Elliott Wave IdeaUpdate to this idea Slight variation as I noticed that when price bounced from 5400 levels it was the 0.5 retracement of the yellow wave 1 I have shown. If it is a wave 2 retracement at 5400 level then we may have had wave 3 early in the week post Saudi attack and already completed wave 4 at 5765. There appears to be an ABCD pattern pointing towards 67 and the .618 extension of wave 3 is at 6560. If price breaks below 5743 it invalidates this count (wave 4 crossing wave 1) and may indicate that the high 6330 was the end of wave C, not wave 3, a drop back towards 50 may happen in that case.
TVC:USOIL
by Joseph_King