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Oil(wti)

Oil, needs a Daily correctionStill in the same structure and we are expecting the down move to form a Daily correction something like the copy of the candles on the right. Happy Trading, Stay Green! ✌️ ➖➖➖➖➖➖➖➖➖➖➖➖➖ 💬 Please let me know your view about the idea 🔗 Check out the "Related ideas..." in the links below too ➖➖➖➖➖➖➖➖➖➖➖➖➖ 📌 Kindly note that Forexian is not a signal provider. The published idea is ONLY our views and analysis of the market! Forexian does not take any responsibility for your decisions and/or trades.
OANDA:WTICOUSDShort
by Forexian
Top Ways to Trade the Range in OilOil continues to range in a sideways corrective Elliott Wave as we have noted. In the long term, it is likely to remain in the ~300 tick range between the psychologically and technically significant $40 level, and $43.42. Mid term, you can watch $41.64 and $42.48. It is likely to continue to range between these levels. The Kovach OBV has flat lined confirming the ranging behavior. The Kovach Chande will be useful to determine entry and exit points on mean reversion trades. It's an oscillator so watch for turning points to confirm entry.
NYMEX:CL1!
by quantguy
OIL KEY LEVELS|STRUCTURE ANALYSIS OIL has recovered from the dramatic events of the previous months with -40 dollar per oil contract. Now, following the dollar demise, oil, that has a negative correlation with the dollar index has been on the rise. The last month or so have been spent in a range below the strong resistance level in the red, that seems to mirror the current support level in the DXY. If the dollar breaks or holds will pretty much define the fate of oil, and the direction of its trading for the time to come. Also, the rate of the global economy recovery will have its effects on the oil price too. Anyway, whichever way the oil goes, the chart above will help you in your trading, as you now see the key levels both up and down. Trading the breakout up is easier, as the resistance is clearly defined, while there is no precise support level for oil from below, which implies that we will have to look at the price action to get a decent short opportunity. Thank you for reading, I hope this guide was helpful. Like and subscribe and have a nice day!
TVC:USOILLong
by ProSignalsFx
1
Oil struggling to find momentumFor most of my investing life, I have been a part of the upwards bull run spanning nearly a decade. Growth stocks outperformed cyclical and value, interest rates were kept low, and oil was at favorable prices. However, this year I experienced two unprecedented events: The Pandemic and negative oil prices. Both the pandemic and negative oil prices come hand in hand Pandemic forced everyone in their houses, forcing a build up in oil inventories. So much so, that storage was filled to the brim, and oil producers were paying buyers (what a weird statement) to take their oil – hence, negative prices. Since that historic day, oil prices have doubled, and Brent Crude has stabilized around the $40 – $45 range. However, it struggles to find momentum getting back to the glory days of $60 and $70 a barrel for oil. If New Zealand is to be followed, higher prices for oil may be unlikely We are all optimists at heart – no matter our opinion, we want things to be better than expected. Better than expected results for earnings means we get a boost in a stock price. Better than expected, Coronavirus vaccine results mean we can return to a life of normal quicker. However, in the words of Prime Minister of New Zealand, Jacinda Ardern, “Things will get worse before it gets better.” Jacinda’s statement was on the back of New Zealand recording more Community transmitted cases after 102 days of no community transmitted cases. Two things can be deduced from this: No matter how successful you are at flattening the curve, just like New Zealand has, community transmission is inevitable If we argue that New Zealand has relatively been the most successful in trying to get rid of the virus through their harsh lockdown measures and there still is community transmission – how is the rest of the world going to cope? Oil isn’t just about supply This is important because no matter how much suppliers restrict the supply of oil, there are two sides to the picture – the other side being demand. If New Zealand, after fully flattening the curve for 102 days, goes into another lockdown, can we assume that the rest of the world will follow a similar trajectory? Not to mention that countries like the United States and places like Victoria, Australia, have not been able to achieve what New Zealand has. Countries like Japan and Australia were initially praised for their low Coronavirus cases. However, they both have seen spikes due to community transmission. That is a long-winded argument to back up the idea that Oil demand (and therefore oil prices) are inversely correlated to potential second lockdowns. And that may be the reason as to why we do not see oil push past $50 a barrel anytime soon. Oil producers are hoping that that the Coronavirus doesn’t force a second lockdown The International Energy Association (IEA) reported they predict oil demand would average around 91.9 million barrels a day (BPD) in 2020. This is 8.1 Million barrels a day lower than the average of 100m BPD last year. Quick maths Average oil prices were around $64 a barrel in 2019 Currently, Brent is sitting at around $45 a barrel in 2020 Difference is $19 a barrel $18 x 8.1 = $15.4 Billion of average potential oil revenues a day lost due to the Pandemic That $15.4 Billion is assuming that oil prices stay at $45 and demand staying at an average of 91 Billion barrels a day this year. If a second lockdown occurs, we will see oil demand drop and the price of oil drop, causing a double blow to producers. IEA noted that “Recent mobility data suggests the recovery has plateaued in many regions” and that the global oil supply was expected to be roughly steady in August. Assuming that demand is constant in August, we should see Brent Crude oil stay around the $45 mark. However, a second lockdown across the world as OPEC slowly increases its supply will lower oil prices.
TVC:UKOIL
by BlackBull_Markets
1
OIL STRUCTURE SHORT|SCENARIO TRADING PLAN Oil has broken one of the diagonal support lines, while keeping the diagonal resistance intact. Coupled with the strong horizontal structure just above the current price, and the consequent likely pullback from it, our target trade is a short. As I said, the first diagonal support is already broken, thus: TRADING PLAN: 1-Wait for the second diagonal support to be broken 2-Wait for the breakout to be confirmed 3->>Go Short IF the breakout happens keeping the diagonal downward resistance intact>> SL above it. In any other case, this setup is invalid. The next target trade on the higher price levels would also be a short, with SL above the horizontal structure, but the breaking of the diagonal resistance would be a sign of strength, so the new price action analysis will be needed. Thank you for reading, like and subscribe and have a nice day!
FX:USOILShort
by ProSignalsFx
5