Oilforecast
Oil update Congratulation for how bought and trust my TA , and strategy .
Oil have been wild this days we need , what we need now is more confirmation.
We have to back test 78-77 area , where we deform the bullish pattern to continue up .
Target putted in red .
Accumelation 78,79 ,77
Selling is risky , you can start buying from here .
Today my target is 81.5 if break it hold to 85 .
GOOD LUCK
Why buying oil Oil have to scenarios on is going up to 106 $ where it will form double bottom pattern . At 75 $ which is forming now .
How it fail ? Close 2 days below 75 $
Second scenario , going down as we have double top at 92 $ . Where it can reach 70 $
I believe upside worth more risk . Because it more logical and reflect the indicators as we are in over sold monthly
If we cross bellow 75 $ 2 days ill be seller to 70 max 63
For daily trades i believe we have a big bounce can kill the seller soon .
GOOD LUCK
USOIL Forecast: Position Trade IdeaHey trader,
As you can the price is currently bearish running in the head and shoulders level 2, and below the 50 and bearish crossed short-term MAs. It is preparing to drop for the patterns L3 together for the 200 MA (that's visible on the MT4 chart). But that bias will be fully confirmed once the price has bearish closed and retested below the Daily Neckline and 8 MA (1st trade) or 3rd Weekly Key Lvl (2nd trade), to trigger what I call the "H&S C-E.1 & E.2 signals". However if the price decides to bullish rally to break and retest the 3rd Monthly Key Lvl and 8 MA, the bias will be rejected.
With that said, take the trades at your own risk, because this is not financial advice. I'm just sharing my point of view, which you also can do in the comments section below. I don't mind if you do so; I'd love to know your thoughts!
That's it for today. I hope you found value from this article. If you wish to see more content on trade ideas and psychology, click the posts linked below. You won't regret it.
Trade Safe,
Sphatrades.
OIL Weekly Forecast 14-18 November 2022OIL Weekly Forecast 14-18 November 2022
Currently the implied volatility for this asset is around 6.59%, up from 6.36% of last week.
From volatility percentile, point of view, we are currently on 66th from ATR and 66th from OVX index.
With this volatility percentile values into account we can expected on average that the weekly candle is going to be:
4.56% for bullish
5.01% for bearish
With the current IV, we can expect with a 71.0% probability that the market is not going to close either above or below the next channel:
TOP: 94.68
BOT: 83.35
Lastly, based on previous calculations, we have:
31% to hit the previous weekly high of 93.8
65% to hit the previous weekly low of 84.65
High-risk buying opportunity USOIL !The price is now within the buying areas, but it is high risk, and is now based above the moving average 200 with an uptrend and within the demand area, but with this there will be risks, if it closes below the demand area, there will be more downside.
It is an opportunity worth entering into, but with a small contract that fits your wallet
Note: Opportunities do not end, but your account may expire quickly if you covet this market.
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Note: If you are a beginner trader, you should be aware of these rules:
1: Do not covet
2: Don't trade too much
3: Secure your positions after entering the profit
4: Enter contracts that fit your portfolio
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