Crudeoilwti
TRADE OF THE WEEK | Finally I Caught This Move 💰
Hey traders,
I was waiting for a quite long period of time to catch a bullish movement on oil after a pullback.
This week the price finally reached a strong zone of confluence.
From that, I was looking for a confirmation to buy.
My confirmation was a double bottom formation on 1H time frame.
I bought the retest of a neckline breakout.
Great winner and nice trade.
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Uptrend - long positionCRUDE OIL FUTURES (MAY 2022)
WTI has stabilised in a thin $102-$106ish range and at current levels in the $103.00s trades broadly flat.
According to the International Energy Agency, oil markets could lose as much as 3M barrels per day in supply from Russia from April.
Daily Pivot Point S1 96.12
Daily Pivot Point S2 90.16
Daily Pivot Point S3 86.88
Daily Pivot Point R1 105.36
Daily Pivot Point R2 108.64
Daily Pivot Point R3 114.6
NATO countries-Russia Crude Oil CrisisDelicate situation with Crude Oil. Levels are almost to similar seen back on 2008. The price will definitely continue to rise if EU countries and other NATO countries don't find a new partner for Crude Oil. Venezuela and Iran are amongst the preferred choices to solve this crisis, but this could take a couple of months to see action from talks. Meanwhile the price keeps escalating as the pace as the war fought in Ukraine. We're adding more volume on Crude Oil and other commodities such as Wheat, Aluminium and other commodities affected by this crisis. Right now we don't own any stock, but only commodities, and we'll continue to add more volume as long as this crisis keeps escalating. Regarding technical analysis, it's very difficult analyse it from this angle, it's similar to March 2020 crisis, when this things happen, just take a look 1 weekly and 1 monthly chart with RSI and MACD and keep an eye on extreme levels. At any in the coming months we could see a trend reversal. There is no free meal here, and there's always an expiration date on commodities, don't stay there forever.
Crude.completed 1 wave as leading diagonalCrude going next level $105-$110-$120 now...it's completed its 1 wave as leading diagonal.. now 2 wave is going on as abc zigzag pattern...0.786 fib completed may be fly from here or either wait little lower from there..then make big move towards $103.....this is valid till not breaking.. invalidation level..🙏 thanks
CRUDE OIL (WTI) Bearish Move Initiates 🛢
On our morning's live stream we discussed Oil.
It looks like the market is finally preparing for a bearish move.
On hourly time frame, the price formed a descending triangle formation - a classic reversal pattern.
Its neckline breakout is our trigger to sell.
I expect a bearish move at least to 89.5 level.
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Crude Oil Start to Reverse from Recent Rally?? Crude oil facing strong resistance level at 76.45.
1. if market broken yesterday low at 75.53, market likely to have short term bearish signal.
2. stochastic level right at overbought level.
expected to have reverse action or so call profit taking from recent surged.
suggestion trade:
Initial short at current level
stop loss (resistance level) 76.50
target profit (support level)
TP1 74.00
TP2 72.00
TP3 70.00
*DISCLAIMER: FOR INFO ONLY. TRADING CARRIES RISKS*
Good Luck & Happy Trading Life.