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Bullish trend is still relatively weakWest Texas Intermediate crude oil continues to trade within the upward-sloping channel. However, its bullish trend remains weak, as reflected in the relatively low (but growing) value of ADX (on the daily time frame). In the past two trading sessions, the daily RSI continued to flatten, Stochastic turned lower, and MACD performed a bearish crossover while staying above the midpoint. With these developments unfolding, we pay close attention to the 20-day SMA and resistance levels at $79.25 and $79.72. The price’s ability to retest these resistance levels and ideally maintain a ground above them will bolster a bullish case in the short term. In contrast, a breakdown below the 20-day SMA might hint at oil wanting to slide toward the channel's lower bound. Illustration 1.01 Illustration 1.01 shows the daily graph of USOIL and two simple moving averages. The yellow arrow indicates the oil’s recent retracement toward its 20-day SMA, which acts as a support. Illustration 1.02 Illustration 1.02 shows the daily MACD. The yellow arrow highlights a bearish crossover between the MACD and signal lines. While this is slightly bearish, it is important to note that MACD remains in the bullish territory. Illustration 1.03 The chart above illustrates simple support/resistance levels derived from past peaks and troughs; one more alternative resistance lies at $79.72. Technical analysis Daily time frame = Bullish (weak) Weekly time frame = Neutral Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
TVC:USOILLong
by Tradersweekly
2
WTI oil - Global oil demand is set to fall with deeper recessionIn the recent past, we abstained from setting price targets for the short and medium term. Meanwhile, we became focused on the long-term price target of 70$, which stays in place as we continue to be bearish on USOIL. Our view is based on the deepening recession and falling oil demand. Yesterday, the IEA Executive Director, Faith Birol, said in his interview with Bloomberg during the COP27 summit, "The recent decision of OPEC+ to cut the production by two million barrels a day was definitely not helpful." Additionally, he said that this move by the cartel was fueling inflation in developing countries and may require a "rethink". If his words come true, the world could see temporary stabilization of USOIL prices between 80$ and 90$. However, all depends also on Joe Biden, who currently does not support more drilling activity. Since the stance of the U.S. administration might quickly change (with an even deeper recession and end of midterms) and send prices much lower, we pay close attention to the energy dispute between the U.S. and OPEC. Technical analysis - daily time frame RSI, Stochastic, and MACD show signs of exhaustion. DM+ and DM- are bullish but due to cross each other. Overall, the daily time frame is neutral. Illustration 1.01 The image above shows the hourly chart of USOIL and simple sloping support/resistance levels. Interestingly, the immediate sloping support was broken to the downside, which is bearish. Technical analysis - weekly time frame RSI and MACD are neutral. Stochastic is bullish. DM+ and DM- are bullish. Overall, the weekly time frame is neutral. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
TVC:USOILShort
by Tradersweekly
14
USOIL - Oil will continue to drift lower over medium/long termWe continue to be bearish on USOIL. Accordingly, we still maintain our price target of 90 USD per barrel of WTI oil. Indeed, we would like to change this price target from medium-term to short-term. Additionally, we would like to set a new long-term price target for USOIL at 80 USD. Illustration 1.01 The sloping line acts as the resistance; the more touches it gains, the more important it grows. Technical analysis - daily time frame RSI is neutral. MACD is also neutral. Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
TVC:USOILShort
by Tradersweekly
14
Technical analysis update: WTI oil (8th February 2022)Recently, WTI oil reached a new high of 93.14 USD per barrel. Simultaneously, all our price targets were reached. Because of that we decided to update our thoughts on USOIL today. We continue to maintain a bullish stance in the medium-term and long-term. However, in the short-term we foresee headwinds for oil due to many technical indicators pointing to an overbought condition. We expect the price of USOIL to drift lower towards Support 2 at 85.39 USD. Because of that we would like to set a short-term price target for USOIL to 87.50 USD per barrel. Technical analysis - daily time frame RSI is bearish as it performed crossover below 70 points. MACD is flattening which suggests that the bullish momentum is decreasing. Stochastic remains in the bullish area, however, it already points to the downside which is bearish. DM+ and DM- show bullish conditions in the market. However, ADX suggests that these conditions are near its peak. Additionally, the price deviated too far from its simple moving averages. Overall, the daily time frame suggests that the price of USOIL is ripe for correction. Technical analysis - weekly time frame RSI shows divergence with price. Additionally, it performed a crossover below 70 points, similarly like on the daily time frame. These developments are bearish. MACD and Stochastic remain bullish. DM+ and DM- are also bullish. Overall, the weekly time frame is mixed. Illustration 1.01 Illustration above shows the weekly chart of USOIL and its RSI. Divergence between the price and RSI is observable. This phenomenon is bearish. Support and resistance Major resistance lies at the recent high of 93.14 USD. Major support sits at 61.76 USD. Support 1 can be found at 87.90 USD and Support 2 at 85.39 USD. Another psychological support below that is at 85 USD. Please feel free to express your own ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
TVC:USOILShort
by Tradersweekly
2
Technical analysis update: WTI oil (19th January 2022)Today WTI oil reached 87.90 USD per barrel which coincides with a new high in price that has not been seen since 2014 and which confirms the continuation of the uptrend. We continue to maintain a bullish outlook on WTI oil in the medium-term and long-term. However, in the short term we are becoming very cautious as some technical indicators reached an overbought condition which suggests that the price of USOIL might be ripe for correction before continuing higher. We will watch the support level at 85.39 USD (previous high from 25th October 2021) and its ability to hold selling pressure in case it occurs. Our long-term price target remains 90 USD per barrel. Technical analysis - daily time frame MACD and Stochastic remain bullish. RSI reached overbought territory which suggests that USOIL might retrace lower before continuing higher. DM+ and DM- continue to show bullish conditions. Additionally, ADX increases which suggests that the bullish trend is gaining momentum. Overall, the daily time frame remains bullish while it signals possible correction in price. Technical analysis - weekly time frame RSI, MACD and Stochastic are all bullish. DM+ and DM- performed the bullish crossover recently. ADX undergoes reset. Overall, the weekly time frame is bullish. Support and resistance Immediate resistance sits at 87.90 USD. Support 1 is at 85.39 USD while Support 2 lies at 80.81 USD. 61.76 USD. Support 3 is then at 78.28 USD while major support is at 61.76 USD. Please feel free to express your own ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
Technical analysis update: WTI oil (17th January 2022)WTI oil continues to march higher and we continue to maintain a bullish outlook on oil. Our view is supported by a combination of bullish technical and fundamental factors. Currently, we will observe whether USOIL will manage to break above the major resistance at 85.39 USD which will further bolster the bullish case for WTI oil. We would like to set a new short-term price target for USOIL to 85 USD per barrel. Our long-term price target is 90 USD per barrel. Technical analysis - daily time frame RSI is very bullish and due to perform crossover above 70 points (into overbought zone). We expect such a phenomenon to be accompanied by further rise in price. However, after completion of crossover we think it is likely that price will retrace lower before continuing towards a price tag of 90 USD per barrel. MACD and Stochastic are also bullish. DM+ and DM- signal bullish trend. Additionally, ADX exhibits growth which suggests that the prevailing bullish trend is gaining strength. Overall, the daily time frame is bullish. Technical analysis - weekly time frame RSI is bullish. Same applies to MACD and Stochastic. DM+ and DM- performed bullish crossover recently. ADX undergoes reset as it declines. Overall, the weekly time frame is bullish. Support and resistance Major resistance sits at 85.39 USD while major support lies at 61.76 USD. Support 1 sits at 80.81 USD and Support 2 at 78.28 USD. Please feel free to express your own ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
6
Technical analysis update: WTI oil (4th January 2022)Today WTI oil reached our short-term price target of 77 USD per barrel. Furthermore, USOIL broke above the short-term support for a short period of time. Fundamentals remain bullish as OPEC agreed to proceed with a planned production boost of 400 000 bpd in February 2022. This signals OPEC's confidence in the oil market. Additionally, our bullish view is supported by a combination of bullish technical factors. Because of that we would like to raise our short-term price target for USOIL to 78 USD per barrel. We would also like to set a medium-term price target for USOIL to 80 USD per barrel. Technical analysis - daily time frame RSI is bullish. We will observe it in the following days and we'll watch out for a crossover above 0 points. We expect such an occurrence to further bolster the bullish case for oil. Stochastic is also bullish. Recently, MACD performed a bullish crossover above 0 points which is very bullish. DM+ and DM- show mixed conditions. ADX signals that the prevailing trend is relatively weak. Technical analysis - weekly time frame Weekly time frame remains unchanged from our latest update on USOIL. RSI points to the upside which is bullish. Stochastic is bullish too and MACD started to flatten (still in the bullish zone). We will observe MACD in the following weeks and we will watch out whether it manages to stay within the bullish zone and reverse back to the upside. DM+ and DM- show bearish conditions while ADX continues to decline. Though, ADX's value is a little bit higher than the value of ADX on a daily time frame. Illustration 1.01 Picture above shows the weekly chart of USOIL. It also shows setup for head and shoulders being formed. We will observe whether this pattern will continue to develop further. However, at the moment, we believe this pattern will get distorted and price will continue higher. Support and resistance Following support and resistance levels are derived from the peaks and troughs in price of USOIL. Short-term support sits at 73.30 USD and short-term resistance lies at 77.41 USD. Next closest resistance appears at 79.20 USD and then at 81.78 USD. Major resistance lies at 85.39 USD. Major support level can be found at 61.76 USD. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
2
Technical analysis update: WTI oil (3rd January 2022)WTI oil rose over 20% since its low at 61.46 USD on 2nd December 2021. We previously noted that weakness in the general stock market posed a threat for further rise of the price of USOIL in the short-term. However, since then the general stock market seems to stabilize. Because of that we regained our bullish view; additionally, we would like to set a short-term price target for USOIL to 77 USD. Technical analysis - daily time frame RSI continues to develop bullish structure. Stochastic is also bullish and MACD performed a bullish crossover above 0 points which further bolsters the bullish case for USOIL. DM+ and DM- show mixed conditions; and ADX declined substantially which suggests that the prevailing trend lost strength. Technical analysis - weekly time frame RSI points to the upside which is bullish. Stochastic is bullish too and MACD started to flatten (still in the bullish zone). We will observe MACD in the following weeks and we will watch out whether it manages to stay within the bullish zone and reverse back to the upside. DM+ and DM- show bearish conditions while ADX continues to decline. Though, ADX's value is a little bit higher than the value of ADX on a daily time frame. Illustration 1.01 Picture above shows the weekly chart of USOIL. It also shows setup for head and shoulders being formed. We will observe whether this pattern will continue to develop further. However, at the moment, we believe this pattern will get distorted and price will continue higher. Support and resistance Following support and resistance levels are derived from the peaks and troughs in price of USOIL. Short-term support sits at 73.30 USD and short-term resistance lies at 77.41 USD. Next closest resistance appears at 79.20 USD and then at 81.78 USD. Major resistance lies at 85.39 USD. Major support level can be found at 61.76 USD. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
4
Technical analysis update: WTI oil (7th December 2021)Today WTI oil broke above 70 USD and it currently trades around 71.50 USD per barrel. In our previous ideas we stated that ongoing politics between OPEC and the U.S. presented headwinds for the price of oil. We also noted that USOIL reached oversold conditions and its price was very attractive for long position (re)entry (as we remained bullish in long-term). Then we updated the most recent idea on 3rd December 2020 where we said that a bullish breakout above 69.21 USD took place. Today's breakout above the 70 USD price tag is even more bullish; additionally, it suggests that correction most likely ended. We are bullish on oil in the short-term as well as in the long-term. Because of that we would like to set a short-term price target for USOIL to 72.50 USD. Our medium-term price target for USOIL is 75 USD and our long-term price target for oil is 85 USD per barrel. Technical analysis - daily time frame Stochastic reversed and it is currently pointing into a bullish direction. RSI broke above 30 points (from oversold zone) which is very bullish. MACD remains in the bearish area, however, it shows first signs of trying to reverse. This view is also supported by its declining histogram. Additionally, ADX peaked which suggests that correction peaked as well. Though, DM+ and DM- continue to show bearish conditions. Overall, technical analysis is less bearish than at the time of our most recent update. Indeed, several indicators point to the end of correction and reversal in trend. Technical analysis - weekly time frame RSI seems to reverse its bearish direction back to the upside. We will await confirmation of this move by gain in USOIL for the current week (and next week). MACD remains in the bullish area, however, it still points into bearish direction. It needs to be observed closely in the following weeks.Stochastic remains bearish. DM+ and DM- remain bearish, however, ADX declines which suggests that selling pressure is cooling off. In general, weekly time frame remains bearish. Because of that we remain little bit cautious. However, weekly time frame respons with higher latency than daily time frame. Support and resistance Closest psychological support sits at 70 USD while short-term support sits slightly below that at 69.60 USD. Other two support levels are at 69.21 USD and then at 65.11 USD. Major support level appears at 61.76 USD. Closest resistance lies at 74.21 USD, then other resistance levels sit at 75.47 USD and at 76.95 USD. Major resistance level is at 85.39 USD. Other possible resistance levels: These resistance levels are derived from the peaks that price made during the correction. They are at 79.20 USD and 84.95 USD. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
6
Technical analysis update: WTI oil (25th November 2021)USOIL seems to stabilize in range between 75 USD and 79 USD. Currently, it trades around 78 USD; and we are closely watching technical indicators as they continue to point to the bearish condition. Current state of oil coincides with the recent set of bearish news regarding realese of the strategic oil reserves by the U.S. and its allies. We do expect the OPEC to take counter measure in response to this action. We think this will most likely take form of lessening production quotas for OPEC's members. We still think that in long-term price of oil is headed higher. However, in short-term and medium-term ongoing politics between the OPEC and the U.S. create headwinds for further rise in price of oil. Despite that, we expect OPEC's counter measures to bolster bullish case for WTI oil. WTI oil continuous futures chart and volume: Volume continues to decrease which suggests that selling pressure cools off. Other developments in a world thatt are related to oil market: 1. First snow in Europe drags power prices higher. 2. EIA reports that crude oil inventories rose slightly last week with inventories of gasoline falling. 3. UN Nuclear Agency failed to reach agreement with Iran last week. 4. Oil markets take relatively well release of strategic oil reserves. Technical analysis - daily time frame RSI is very bearish. MACD is also bearish but it started to show first signs of flattening. Though, it needs to be closely observed for next action in the following days. If it manages to reverse to the upside and cross above 0 points then we will view it as very bullish development. Stochastic remains in bearish area, however, it managed to reverse and it currently points to bullish direction. It also needs to be observed closely in the following days. If it manages to oscillate higher then we will view it as bullish development. DM+ and DM- remain bearish. ADX suggests that prevailing trend is very weak. Technical analysis - weekly time frame RSI exhibits divergence in its medium-term structure. We will observe it in the following weeks and we will look for its ability to reverse back into bullish direction. MACD remains in bullish territory, however, it keeps moving sideways (bearish histogram is forming today). DM+ and DM- remain bullish. ADX continues to decline which suggests that trend is weakening. Divergence in RSI: Double divergence in RSI is not particularly bullish development. We will observe action of RSI very closely in the following weeks as it flashes warning signs at the moment. Support and resistance Major resistance level sits at 85.39 USD while major support level sits at 61.58 USD. Support 1 is at 76.95 USD, Support 2 is at 75.47 USD, Support 3 is at 74.21. These supports act as short-term levels of importance. Additionally, yesterday's high at 79.20 USD acts as immediate resistance. Another important level from psychological standpoint is 80 USD. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
14
Technical analysis update: WTI oil (2nd November 2021)USOIL ceased its decline at 80.62 USD per barrel just three days ago. Since then USOIL reversed to the upside and now it trades around 84.25 USD per barrel. In our previous two ideas we noted that despite correction in price we would remain bullish on oil in medium-term and long-term. In addition to that, we noted correction in price could serve as good (re)entry opportunity for long position. Demand continues to pick up while recovery progresses further; and we continue to maintain bullish stance as we expect price to climb even higher. We would like to set new short-term price target to 85 USD per barrel. Our medium-term price target is 87.50 USD while our long-term price target remains 90 USD. Technical analysis RSI is bullish as it strives to penetrate 70 points into overbought territory. If it manages to do so, then we expect such occurence to be accompanied by further rise in price. Stochastic is also bullish, however, MACD is bearish. DM+ and DM- remain bullish. Although, ADX started to decline slightly which suggests that trend is weakening. Overall we are bullish on USOIL. Support and resistance Major resistance sits at 85.39 USD. Short-term support sits at 82.50 USD and Support 1 lies at 80 USD. Support 2 appears at 76.95 USD while Support 2 lies at 74.21 USD. Then major support level sits at 61.58 USD. Our latest idea on USOIL from 28th October 2021: Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
15
Technical analysis update: WTI oil (18th November 2021)We abandoned short-term price target of 85 USD in our previous idea (as correction resumed). In addition to that, we noted that it was very likely that price would drop towards 78 USD. Currently, USOIL trades slightly below that level. We will observe WTI oil in the following days and we will look for more weakness or possible end of correction. Though, at the moment, we think it is likely correction will continue little further towards 76 USD. Because of that we will watch support level at 76.95 USD; and we will observe whether this support will be able to hold further selling pressure. Technical analysis on daily time frame suggests more weakness for oil. Despite that, we think current price is very attractive to start considering (re)entry of long position in WTI oil, however, with big cautiousness. Picture below shows USOIL on daily time frame. It also shows possibility of bearish breakout below crucial support level at 76.95 USD. If this support is broken then we expect price to drop even further. Technical analysis - daily time frame RSI and Stochastic are very bearish as they continue to move downward. MACD is also very bearish. Indeed, MACD nears crossover into bearish area. If MACD manages to perform crossover then we expect such occurence to be accompanied by more selling pressure. ADX contains low value which suggests that trend is either neutral or very weak. Technicals are overall bearish and suggest more trouble ahead for USOIL. Technical analysis - weekly time frame RSI has bearish structure. MACD remains in bullish territory, however, it strives to reverse into downside. Similarly, Stochastic is in bullish area but it already reversed its direction into downside. DM+ and DM- still suggest that bullish trend is present but ADX continues to decline which reflects that this trend is weakening. Support and resistance Major resistance sits at 85.39 USD while major support lies at 61.58 USD. Short-term support level sits at 76.95 USD. Another (closest) important support appears at 75 USD (as psychological support). Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILShort
by Tradersweekly
11
Technical analysis update: WTI oil (28th October 2021)On 25th October 2021 USOIL reached our price target of 85 USD per barrel. After that we announced that we would not be surprised to see shortlived correction since USOIL reached overbought condition in the short-term. Now it is clear that price retraced from high of 85.39 USD to as low as 80.62 USD today. It is likely that correction will continue little longer since indicators point to more downside. In short-term we are bearish and we will observe whether support at 80 USD will manage to stop selling pressure. However, in long-term we remain bullish and we think that current price drop presents good opportunity for long position (re)entry. Our long-term price target remains 90 USD. Technical analysis RSI penetrated 70 points to downside. It is bearish. MACD and Stochastic also turned bearish. DM+ and DM- are due to perform bearish crossover. ADX started to decrease from recent peak. Price retraced towards 20-day SMA. We will observe whether price manages to hold above 20-day SMA which would be bullish sign. Overall technical analysis is very bearish for WTI oil. 1-day RSI: Support and resistance Short-term resistance sits at 82.60 USD while major resistance sits at 85.39 USD. Support 1 appears at 80 USD and Support 2 sits at 76.95 USD. Support 3 lies at 74.21 USD. Major support sits at 61.58 USD. Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
Editors' picks
TVC:USOILShort
by Tradersweekly
66
Technical analysis update: WTI oil (11th October 2021)USOIL reached our short-term price target of 80 USD. Because of that we would like to update our idea. We would like to change medium-term price target of 82 USD to short-term price target. In addition to that we would like to set new medium-term price target to 85 USD. Our long-term price target of 90 USD remains unchanged. We continue to be bullish on WTI oil and we expect price to continue its climb. Technical analysis MACD is bullish. Stochastic is also bullish. RSI is bullish, however, it reached overbought condition again. We previously noted that such phenomenon is often followed by correction in price (we noted that before slump towards 75 USD occured). ADX continues to grow which suggests that trend is strenghtening. We continue to be bullish but we would like to see price stabilize at current level first. It is possible that USOIL will move in certain range for while before continuing higher. Support and resistance Short-term support appears at 79.76 USD. Another two supports below that sit at 76.95 USD and at 74.21 respectively. Next strong support sits around 65 USD while major support lies at 61.58 USD. Current short-term resistance sits around 82.50 USD. Another resistance level appears at 85 USD. Here is link to our previous thought from 7th October 2021: Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
Technical analysis update: WTI oil (7th October 2021)In our last idea we pointed out that RSI reached overbought condition and that such occurence is often followed by correction. We also noted that correction would drag price towards 75 USD per barrel. In addition to that we said that we would remain bullish even if correction took place. We continue to maintain that bullish stance. We actually think that current price is very attractive for investors as we expect eventual resumption of uptrend followed by retest of resistance at 79.76 USD. Our short-term price target remains 80 USD, medium-term price target 82 USD and long-term price target 90 USD. Fundamental analysis Recently OPEC decided not to boost prodcution further which is very positive fundamental development for oil worldwide. Several media news outlets reported that it is very likely that OPEC could not increase its production even if it wanted to because it lacks capacity to do so. Demand continues to pick up and we expect this trend to prevail over following 12 months. United Kingdoms continue to report shortages of fuel at its gas stations. Natural gas continues to grind higher altogether with oil while there is increasing talk of strong winter for 2021. Technical analysis RSI reversed from overbought condition and it currently points in bearish direction. We will observe whether it starts to flatten which would suggest that correction ceased. MACD continues to be bullish at the moment, however, it is losing momentum. Stochastic remains bullish. DM+ and DM- suggest that bullish trend is still present. ADX reversed but it continues to have bullish structure. We will observe it closely and we will look whether it manages to resume growth. Support and resistance Closest area of interest is 75 USD while short-term support appears below that at 74.21 USD. We will observe whether these two levels will manage to stop further selling pressure. Another two areas of interest are at 71.46 USD and 65.11 USD. Below that is major support level at 61.76 USD. Short-term resistance sits at 76.95 USD while another resistance above that lies at recent high of 79.76 USD Recent track record Here we did set short-term price target to 77.50 USD which was reached on 4th October 2021. Here we did set short-term price target to 75 USD which was reached on 27th September 2021. Here we did set short-term price target to 72.50 USD which was reached on 15th September 2021. Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
8
Technical analysis update: WTI oil (4th October 2021)Today USOIL reached our short-term price target of 77.50 USD. Because of that we would like to update our thoughts on WTI oil. We continue to be bullish and we expect price to continue its rise. We would like to change medium-term price target of 80 USD to short-term price target. We would also like to set new medium-term price target to 82 USD. Our long-term price target remains 90 USD per barrel. Technical analysis MACD, Stochastic and RSI are all bullish. However, RSI penetrated 70 points to the upside and reached overbought condition. This development is normally followed with correction. Because of that we would not be surprised to see little correction in price towards 75 USD. ADX contains low value but continues to grow which suggests that trend is building up momentum. Overall we are bullish in long run on USOIL and we expect much higher price from here. Support and resistance Short-term support sits at 76.95 USD currently while closest resistance appears at 80 USD. Track record over past month Our previous thought from 27th September 2021. Here we did set short-term price target to 77.50 USD which was reached today. Our previous thought from 15th September 2021. Here we did set short-term price target to 75 USD which was reached on 27th September 2021. Our previous thought from 3rd September 2021. Here we did set short-term price target to 72.50 USD which was reached on 15th September 2021. Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
6
Technical analysis update: WTI oil (22nd July 2021)On 20th July 2021 USOIL halted its decline at 65.11 USD per barrel. Price traveled back to its short term simple moving average. Simultaneously, RSI reversed above 30 points, not piercing oversold line. This phenomenon tends to accompany strong trends of higher degree. In regards to oil it suggests that bullish trend of higher degree remains intact. MACD is flattening out. We think there are high odds of that correction ceased already. Our medium term price target remains 77.50 USD and our long term price target remains 80 USD per barrel. Developements from 20th July 2021: Here we announced that OPEC deal would be bullish in medium and long term for price of oil. This is mainly due to clearing out uncertainties about future supply boosts to the market. We also hinted at possibility of WTI oil going towards 65 USD under selling pressure. We also stated that any price below 67 USD per barrel would be attractive entry point for taking long position. Prior developements from 5th July 2021: Here we stated that we remain bullish despite increasing odds of correction. We set medium price target to 77.50 USD and long term price target to 80 USD. More prior developements from 1st June 2021: Here we correctly predicted move above resistance and subsequently reached our short term price target of 70 USD. Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
CADCHF LongContinuing to ride the bullish trend mainly driven by the new NAFTA agreement last Wednesday, but still need to be careful about risk of getting whipsawed especially CAD Ivey PMI news tomorrow at 2pm, and CHF CPI news on Friday. Closely monitoring possible breakout of this pair at 0.77144, and will either setup a buy stop @0.77297, or wait for bounce (safer option) and setup a buy limit at 0.77144 instead, with initial TP at 68.2 fib level and SL few pips below 0 fib level. www.marketpulse.com Daily: Weekly: Confidence: B (because of risks from upcoming news mentioned above)
Long
by aiza_belle
1
USDCAD Short Positions Post NAFTAThe USDCAD pair has been on a quite a choppy journey! A lot of false break outs causing shorts and longs to be squeezed. Following on from the Nafta weekend agreement in principle, the CAD has benefited nicely. We are now trading below the daily range, and we are seeing a lot of bearish candles. I will be running a trailing stop on this pair - As always, I am risking 1% capital on the stop loss, but will be reviewing the level. Ideally you would place stops back in the range to be safe, but that leaves too many pips on the table.
Short
by BayonetMarkets
1
USDCAD Trading PlanThe fundamentals that move the Canadian Dollar the past week or so were the updates on the NAFTA deal. If a deal struck, Canadian will definitely strengthen. However, the Commodity Market is an important catalyst as well specifically Oil. US-China Trade war somewhat affecting market sentiment and the energy market is no different. The market sentiment at the moment is fragile. Having said that though, technically we have setups and if the market players decided to dump their CAD longs that I would hope will be illustrated in the chart as a bullish engulfing candle, then I will be a CAD Bull. Should there be an update of the NAFTA deal specifically hinting or confirming a NAFTA deal will be struck, I will short the pair and target according to the daily range.
by sufiansaid