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Oilanalysis

USOIL a possible breakout soon Hello everyone, as we all know the market action discounts everything :) _________________________________Make sure to Like and Follow if you like the idea_________________________________ The Crude Oil market has shown itself to be resilient as we had initially pulled back but now are turning around to show signs of life again. In the last 2 weeks, the market has been moving sideways between a Resistance located between 70.40 - 71.04 and a Support of 68.27 - 66.79. The price has increased from the last drop that happened last month in August by 15% where the market was trading near the 61$ range. Could this movement be the start of a Bearish long-term trend ?? Notice on the chart that for the last couple of months we've been having lower Tops and lower Bottoms, So if we look at the big picture of the market right now it seems that the market is having a corrective wave at the moment but a certain drop will most likely happen soon. But Technical Analysis shows that the market is still in a Bullish state. Possible Scenarios for the market : Scenario 1 : The market is having its corrective wave right now and trading near the resistance zone extended from 70.40 - 71.04, If the Bulls were able to group up and gather their power then we might see a breakout happening in that zone which could lead the market back up to the 73.84 resistance level. The market has formed 3 Outside up candlestick pattern (Strong Bullish Sign). Scenario 2 : Looking at the chart we notice that we are having some kind of a Bearish trend (It Could be Small it Could be BIg) and the price has reached the edge of the resistance zone, which could indicate that the bounce down from that zone will happen and it will drop the price to the 68.27 Level, Where the support zone start. A battle will happen between the Bulls and Bears and the Bears will win if it turns out that the bearish move is big, and a further drop will happen which could lead the market back to the 60$ level in the next 2 months. Technical indicators show : 1) The market is above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish sign) 2) The RSI is at 56.00 showing strength in the market. No divergences were found between the indicator and the market. 3) The MACD is above the 0 line which indicates that the market is in a Bullish state, With a positive crossover between the MACD line and the Signal line. Daily Support and Resistance : support Resistance 1) 69.76 1) 70.40 2) 69.35 2) 70.63 3) 69.12 3) 71.04 Weekly Support and Resistance : support Resistance 1) 68.27 1) 70.63 2) 66.79 2) 71.51 3) 65.91 3) 72.99 Fundamental point of view : At the beginning of the week, OPEC ( Organization of the Petroleum Exporting Countries ) will release the latest monthly oil market report. WTI crude oil prices have been weakening since July. This comes amid concerns about the global growth outlook as the Covid Delta variant has been sapping demand woes. US retail sales may also stir volatility, especially if Covid shows increasing signs of making its way into the economy. Earlier this week OPEC decided to increase output by 400,000 barrels per day (bpd) for the month of October, in line with its gradual plan to reintroduce supply into international markets after drastically withdrawing supply at the start of the pandemic. According to Dailyfx This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view, not financial advice. If you have any questions please ask and have a great day !! Thank you for reading.
TVC:USOIL
by GabiDahduh
Check the oil situation It has already touched the resistance and has not been able to break it, and it is likely that the price will fall and return to further support from breaking the resistance because there is a death cross in the stock RSI indicator. If we see another attempt to break the resistance and succeed, it is likely to climb to its nearest peak In general, the price is more likely to fall because it has not been able to overcome its resistance and a death cross has occurred in the stock RSI indicator.
FX:USOILShort
by javadrezvani
4
OILUSD On A Short Term ConsolidationHello everyone, if you like the idea, do not forget to support with a like and follow. Oil is consolidating on 57$ to 61$ region for the last days, not much is happening but opportunity's are everywhere. First of all what is consolidation ? Consolidation is generally market indecisiveness, which ends when the asset's price moves above or below the trading pattern. A consolidation pattern could be broken for several reasons, such as the release of materially important news or the triggering of a succession of limit orders. We can trade this region with a pretty simple plan. A break and a candle close of the resistance will lead us to the upside target. A break and a candle close of the support will lead us to the downside target. Also trading within the range is possible by just longing the support and shorting the resistance. Be on alert for important news about oil with the current world situation that can change the whole analysis with a sudden move. Thank you for reading my post, have a great day, wish you all the best ! Information provided is only educational and should not be used to take action in the market. Feel free to ask anything in the comments :)
O
by AM.98
10
CrudeOil Breaks Out Of From The Up Trend Channel Hello everyone, if you like the idea, do not forget to support with a like and follow. Oil price broke the lower trend line of the ascending channel, for the moment i am looking for a retest of the broken trend line as we found support at 59$ and the indicators showing strength to the upside. As market moves i will updating this post stay tuned. Thank you for reading my post, have a great day, wish you all the best ! Information provided is only educational and should not be used to take action in the market. Feel free to ask anything in the comments :)
O
by AM.98
1
CRUDE OIL TECHNICAL ANALYSIS, BULLISH VIEW. Since the beginning of January there has been a strong bullish momentum, reaching almost a price of 54.00. Looking at the 1h Chart we can see how a double top has formed and buyers failed to break above previous high. Market is currently in a correction phase, a good buy opportunity can be at the retest of support level: 51.50 otherwise if the price manages to get below support i would wait and see if the 4h/1D bullish trend line gets respected and look for the formation of new higher highs and higher lows to enter for a buy. Safe sells are set only if the strong bullish trend line breaks.
OLong
by Luke220600