Oil(wti)
CRUDE OIL BIG PICTURE!
Hello, Traders!
WTI OIL has reached a falling resistance line
And I am expecting a pullback from this level
However, the fundamentals of oil are very bullish
Therefore, I expect Oil to go UP after pullback
Break the falling resistance and hit the key level at around 64$
SWING BUY!
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USDCAD Conflicting CluesLast Friday we had unemployment figures from both Canada and the US. Below were the results.
USA - Average Hourly Earnings (YoY): 5.4%
USA - Nonfarm Payrolls: 49K
USA - Unemployment Rate: 6.3%
CAD - Employment Change: -212.8K
CAD - Unemployment Rate: 9.4%
Here you can see the US reported their unemployment rate at 6.3% signaling a nice improvement, following a not so nice NFP report with only 49k new jobs. On the other ide of this pair, Canada reported a much higher Unemployment figure at 9.4%. The initial reaction with USDCAD was bullish but then as the trading session progressed this pair continued getting weaker.
Some key drivers heading into this week include: Earnings, Stimulus, Core CPI (Wednesday) US Federal Budget d (Wednesday) Fed Monetary Policy Report (Thursday) and perhaps some further CAD strength if Oil Continues it's bullish path towards $60. As we know, certainty surrounding additional stimulus supports a stronger equity market and thus drives the TVC:DXY lower.
On a technical basis, the pair is indicating some strange behavioral patterns such as the convergence seen here on the daily chart. RSI did manage to close below 50 heading into Friday's close. A close below 50 does indicate that we could be heading lower but if you take a closer look how the 50 level behaved with this pair, you'll many instances when that may have been a misleading clue.. Needless to say, holding below 50 is taken into minor consideration, but we should also monitor the next 2 major fib levels such as the 50% and 61.8% illustrated on the chart.
Key clues regarding the direction of this pair should include keeping a close tabs on the TVC:DXY TVC:SPX TVC:NDX TVC:VIX and of course overall market sentiment.
Trading Recommendations
== keep bullish trading activities light with this pair considering we may still see some further bearish downside
== keep shorts limited as well considering there very well could be some upside towards 1.30
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Regards,
Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc.
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Information and opinions contained with this post are for educational purposes and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors. Before deciding to invest in Forex you should consider your knowledge, investment objectives, and your risk appetite. Only trade/invest with funds you can afford to lose.
USOIL - Bullish Bias - Target $64Bullish bias remains supported by the strong ascending channel. Until the weekly timeframe makes a decent lower low, I will continue to hold onto the bullish position with my end target set at $64
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Please don't forget to FOLLOW, LIKE, and COMMENT ...
If you like my analysis:)
Trade Safe - Trade Well
Regards,
Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc.
RISK DISCLAIMER
Information and opinions contained with this post are for educational purposes and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors. Before deciding to invest in Forex you should consider your knowledge, investment objectives, and your risk appetite. Only trade/invest with funds you can afford to lose.
Oil Consolidation BreakOil has been consolidating for a couple weeks, posting tight profiles for Jan and last week.
We are seeing some positive demand come in early this week.
With price getting rejected several times above value last week, a move back above and acceptance would b a bullish sign that a retest of the highs is in.
Whether we break from there and head higher towards 55, or get rejected we will have to see.
Watching how it plays out.
CRUDE OIL (WTI) Swing Trading & Technical Analysis
Here is our technical view for Crude oil.
Our analysis is based on fundamental & technical metrics.
According to our drawing OIL is coiling on support cluster.
Based on our analysis the price will start growing
to the underlined supply level.
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OILOil can finish his retrace soon. Now is supported by ma50 TF4h, but he can go lower, and after reverse.
Good luck for your trades.
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market.
But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Oil markets seeing a brighter future24th February 2020 was when the last time we saw oil hovering around the $55.80 mark. The Oil markets were hammered in 2020, taking investors and traders back to their economics 101 classes.
However, unlike traditional markets, the Oil markets have something traditional markets do not – controlled supply.
OPEC+ controlling the supply of Oil
OPEC+, a 24- country cartel, took drastic measures as of late to control the drop in oil price by restricting supply. The most recent supply cut by 1 million barrels a day by Saudi Arabia has pushed Oil markets to levels not seen since 24th February last year. Saudi’s unexpected move was on the back of the OPEC+ decision to gradually bring back supply to the market in January.
However, the de-facto leader claims the Oil market throne
The Energy Minister of the Oil-dependent country, Prince Abdulaziz bin Salman stated that “ are the guardian of the industry”, showing their influence in the Oil markets.
Oil markets getting bullish recommendations from institutions
Since December, Oil prices have rebounded 18% on the vaccine’s slow rollout, peaking at around $56 a barrel. With the rollout of Vaccinations, analysts at Goldman Sachs are becoming bullish on the Black Gold, stating that they predict Brent could rise to $65 a barrel by the summer of this year, bringing the timeline half a year from their previous prediction. However, they stated that “given the magnitude of the recent rally, however, markets are likely to consolidate near-term,”
Given the Coronavirus situation worldwide, the demand situation has not improved to the point where it was on the 24th February, giving the price of oil the characteristic of a forward-looking stock instead of a spot looking commodity. However, if the vaccine continues to make its way around the world and demand truly starts picking up, we may see the Oil markets return back to a relative norm.
WTI OIL Buy SignalPattern: Channel Up on 4H.
Signal: Buy as the price is near the Higher Low trend-line of the pattern, the RSI near the Lower Low of its Channel Down and the MACD made the Bearish Cross
Target: 50.50 (the -0.236 Fibonacci extension).
Recent WTI signal:
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The CAD/JPY surrenders to the stability of the resistance The CADJPY pair attempted to form some correctional bullish trades recently, while the stability of 81.05 resistance blocks the bullish attempts and reinforces the chances of renewing the negative attempts.
Note that it is important to gather the additional negative momentum to manage to crawl below 80.50 level and open the way to record the main negative targets by reaching 80.05 and 79.60 levels.
With Risk Management you will Never loss.
thank you
USOIL(WTI OIL) TECHNICAL ANALYSIS|
Hello, Traders!
USOIL looks pretty interesting on the higher timeframes
We can see that 50$ is a strong technical as well as phycological level
As well as a nice round number, which is important
The rising resistance line forms a confluence with this resistance
In a point where oil price is supposed to test the level
Based on the fundamental news of a new strain of coronavirus
Which will lead to more lockdowns and subsequent slowdown of the economic recovery
Oil is loosing strength
And while it might test 50$
I think it will drop to retest the strong support area of 40-41$ per barrel
Lets see what will be the markets decision
But I am bearish on oil right now
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🛢️ WTI Oil on the Rise!WTI is setting out to new oceans of black gold. The crucial hurdle for the bulls is now the resistance line at $46.68. The bulls need to break above this line to further develop wave in green. In case we fail, there might be a correction on the way. Under $43.92, the bears unlock downwards potential, and lower prices at around $40 might be imminent. For the first half of 2021, we expect higher shale prices at around $55.