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Oil-forecast

OIL - Potential start of move up?Fundamental Analysis Oil prices (WTI) extended its recovery, rising yesterday to their highest level in two weeks, just over $74, after advancing for a second consecutive session. After political disputes between Iraq, the semi-autonomous Kurdish region of Iraq, and Turkey halted the export of approximately 450,000 barrels of crude per day, gains were driven by disruptions in energy flow. Oil's upside in the near term could be bolstered despite rising headwinds for growth-linked commodities, such as the increasing likelihood of a U.S. recession, if flows are not restored quickly. Consequently, traders ought to watch out for improvements in the Center East, basically until territorial erosions start to ease. Technical Analysis The recent bounce back from $64 price area is empowering, however oil still bearish in the big picture especially after that big sell-off from early March, with prices well below the current major MAs. So, in the event of a bearish reversal, the $72 price will serve as initial support, followed by the $70 psychological price level. Selling interest could accelerate quickly if that last level is decisively removed, and heading down further to retest the $64 price area of that Lower Low. And, the $62 region (red line) could still be a target, as a subsequent pivotal support on further weakness pass the $64 price level. Now, on the other hand, if price keeps pushing up, the resistance would lie in TL at $76 price range. In an even of a Trendline BO scenario, buyers could gain strength to launch an offensive aiming for $81 price level, which corresponds to the 2022/23 sell-off. Additionally, this push could encounter rejection or some resistance from this region (not shown on chart) and would then range for a while as per an indecisive market. All that said, from a pure TA stand point, we believe there is a good chance that price will keep pushing up, so let’s see!
FX:USOILSPOTLong
by financialflagship
Oil Short Term ForecastH4 - The price which is moving higher has created a triple wave to the upside. While measuring this triple wave using the fibonacci expansion tool, the 61.8% fibonacci expansion level of the first wave at 41.04, the 61.8% fibonacci expansion level at 37.17, and the 100% fibonacci expansion level at 41.25 of the second wave coincide on the same zone with the daily and weekly pivot points. Which makes this area a key resistance zone for us. Price has currently reached this key resistance zone. Bearish divergence. Until this key resistance zone holds I would expect to see corrections here.
TVC:USOILShort
by VladimirRibakov
Oil ForecastD1 - No bullish divergence that hints that the bearish trend is over. We may expect one more push lower until a bullish divergence is created. H4 - Bearish trend pattern, currently it looks like a correction is happening in the form of some sort of a range. H1 - If the price moves lower, breaks and holds below the uptrend line we may then expect further continuation lower. Note: Due to the Corona virus impact there is less transportation around the world so I expect the Oil prices to drop lower further.
TVC:USOILShort
by VladimirRibakov
2
WTICO/USD - Will it reverse??Hello traders, WTICOUSD - Still in major downtrend for now. Look for the completion of the small correction pattern and then the bigger one, at which point we will wait to see whether it will correct and give us an impulse that breaks the trend to start an up move or gets rejected and falls back down to break the end of 2018 low target. If you would like me to forecast a specific pair that I have not covered, feel free to comment it down below! Please don’t forget to like & give me a follow if you like what you see. Thank you, Good luck
OANDA:WTICOUSDShort
by UnknownUnicorn852976
1