CRUDE OIL SHORT COMING SOONHi there,
As you can see, we got a DIVERGENCE on the HIGHER timeframe on the RSI and PRICE ACTION.
PRICE ACTION is rising whilst RSI is getting lower. So We can conclude that a DROP is coming SOON.
Our ENTRY will be on MONDAY 3hrs after MARKET opens because we STILL NEED to CHECK FOR FURTHER CONFIRMATION before entering the drop.
Our PROFIT TARGET will be the minor support level and potential the MAJOR support level.
kind regards
Oilforecast
Oil Corrective Price Action ContinuesThe large descending (often bullish) channel in blue continues to suggest that Oil will continue
to challenge the above prices. The weekly chart (not shown here) suggests that the trend is getting
weaker with the print of TWO LARGE DOJI candles. This does not inspire confidence to buy this
and better to just wait for confirmation. The plan continues to be that 93.23 area is where this
will turn back down. Nothing to me indicates that this will head higher than that target and if we take in to
account the weekly candle patterns that it might not even make it there. For now we just wait on oil
to do it's thing.
Triangle on WTI, Short on breakdownTriangle formation on short time frame, look for short entry
Key Levels :
81.2 - 81.8 - we might see significant support in this zone
Observations :
1 - Trendline support is drawn based on more short term basis and I think is more validated than most I've seen posted here as there has been numerous bounce from it as indicated in the chart
2 - Current formation for a catalyst pattern on breakout is support by trendline parallel to said trendline in point 1
3 - There might be a formation for a ascending triangle / rising wedge / parallel action in the pattern as indicated in the red box
Trade plan :
1 - I prefer to look for shorts entry here, but there is a small possibility for prices to return to trend based on a break up on a symmetrical triangle that has formed. But the current formation favors shorts
2 - I will not enter short here because it can form either a ascending triangle which is preferable or a rising wedge and parallel channel which is less desirable as there's more room for prices to increase
3 - Once entered, will target 81.2 - 81.8 for take profit
Will update accordingly
What's gonna happen to OIL price ..?TVC:UKOIL
in weekly , price of UKOIL has reached to a important zone which can act a resistance and push price toward down ...
this is only technical analysis and we also need to be aware of OPEC meetings results and also fundamental news around oil .
what is your opinion ? mention it in comments .
WTI should go down to 74-71 soonThe economy will slow down will affect oil demand.
And interest rate will hike this year it's should be pressure on main street business cost-push, so oil price will be decreased to balance the business cost side.
I prefer to short WTI the target is around 71-74$ at first.
Mark my words.Oil is topping. Contrarian signals are going off everywhere. Take profits while you still can if you're long energy. The recession is here.
OXY Heading for ~30 in short term before goes back to 36+ and eventually 40+
From 36 it may directly breakout or do break out post small pullback.
Oil Update and news 17/1/2022Hello everyone, as we all know the market action discounts everything :)
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Oil prices surged on Monday, with Brent futures reaching their highest level in more than three years, as investors anticipated supply will remain tight due to limited output by major producers and unaffected global demand by the Omicron coronavirus variety.
Brent crude futures rose 40 cents, or 0.5%, to $86.46 a barrel. Earlier in the session, the contract reached a high of $86.71 for the first time since Oct. 3, 2018.
Daily Support & Resistance points for Brent :
support Resistance
1) 86.46 1) 86.83
2) 86.26 2) 87.00
3) 86.09 3) 87.20
West Texas Intermediate crude in the United States was up 58 cents, or 0.7 percent, at $84.40 a barrel after reaching $84.78, the highest since Nov. 10, 2021, earlier in the day.
Daily Support & Resistance points for WTI :
support Resistance
1) 84.31 1) 84.59
2) 84.15 2) 84.71
3) 84.03 3) 84.87
The gains came on the heels of a rally last week in which Brent rose more than 5% and WTI rose more than 6%.
The Organization of Petroleum Exporting Countries, Russia, and their allies, known collectively as OPEC+, are progressively lifting output cuts imposed when demand dropped in 2020.
However, many smaller producers are unable to increase output, and others are hesitant of pumping too much oil in case of further COVID-19 difficulties.
Two US officials and two industry sources told Reuters on Friday that the US administration has held talks with numerous multinational energy corporations about contingency plans for exporting natural gas to Europe if Russia-Ukraine violence damages Russian supplies.
Meanwhile, crude oil inventories in the United States declined more than predicted to their lowest level since October 2018, but gasoline inventories increased due to sluggish demand, according to the Energy Information Administration on Wednesday.
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News 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.
USOILThinking we are going to 1st test $86-$88 B4 a sub wave 4 starts and then completes around $78. After that sub wave 4 should end and sub wave 5 should start of the greater wave 5 which ends over $100 plus mid 2022
Oil is headed towards 85 levelOil is headed towards 85 level. Many analysts are predicting lower oil demand due to Omnicron variant but the impact is yet to be seen.
We cannot expect the price crash similar to 2020 because there were no vaccines at that time and complete lock downs are very unlikely. Hence, do not wait to see the negative oil prices ;-)
We use Aspen Trading Support & Resistance Levels to risk manage our positions. These levels are invite only and can be accessed through url in my profile information.
Disclaimer: This analysis is for information purpose only and does not constitute any investment advice.
$100 is coming on OIL . It's a classic technical pattern but not all traders trust their technical . I posted this a year ago when it was around $50 so we'r close to +100% profit if it hits $100 .
So $OIL is bullish and we are heading to $100 .
OIL NEXT BEAR PHASE TO START SOON 57 TO 60 We seem to have just about ended the oil rally I SEE WTI BACK UNDER 60 very soon as DEFLATION IS NEAR AND THE 10 YIELD HAS JUST PEAKED
Oil Weekly Analysis$OIL Weekly Analysis
From where we stand, today seems to be the day, which will determine the weekly trend. A bounce up in the $78.25 area should lead to higher high and a potential uptrend.
If the lower trendline doesn't hold, I will be opening a short, targeting at least $76.90 and potentially looking for stacking short orders.
Currently still in "'Sit Tight and Assess'" mode, trying to not look up or down, but just let the market do its thing.
Oil Short SetupOIL Weekly Analysis (Short)
Currently price is in the upper part of an ascending channel, approaching a downtrend line. There's confluence of three levels here - the descending trendline, the ascending trendline of the current channel and a resistance level.
I am looking for a short position in the $78-$79 area with a relatively tight stop loss slightly above $80. If price does break out from the downtrend line, then the last thing I would like is to short it.
Target is set at the lower trendline in the ascending channel, somewhere around $72, depending on the time it will take the price to retrace back down.
This analysis goes along with the one about $SPX500 , which I just posted. Since there's high correlation and I expect a retracement there, too, I believe we are about to see a pullback.
OIL Analysis. Buy and Sell POIs marked
Will look for a Sell or a buy in the marked POIs. No direct entries.
Risk 1% and aiming for 10% on this trade. No indicators used. Pure price action. Like to keep my chart clean. Simply trading structure, nothing else!!
All trades closed on the same day. Entries are taken on 1 min or lower timeframes. Stop loss is moved to cost after structure break. Don't chase the trades, wait for the next opportunity.
Also, please view price action on 1 min chart if you're following my entries. It will make sense. Trading view doesn't allow to post entries on charts smaller than 15 minutes.
Mostly trade 12-5pm UK time NY session. Sometimes London Session. Don't like the idea of watching charts the whole day.
Oil Update for 3/1/2022Hello everyone, as we all know the market action discounts everything :)
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Oil prices rose on Monday as the market began 2022 on a bullish note, with suppliers in the spotlight ahead of Tuesday's OPEC+ meeting, but rising COVID-19 cases dampening demand optimism.
Brent crude was up 59 cents, or 0.76 %, to $78.37 per barrel. West Texas Intermediate oil futures in the United States rose 63 cents, or 0.84 %, to $75.84 per barrel.
"Tightened Libyan supply ahead of an Organization of Petroleum Exporting Countries and Allies (OPEC+) meeting maintained market sentiments upbeat," said Abhishek Chauhan, head of commodities at Swastika Investmart Ltd.
Libya's official oil company announced on Saturday that owing to maintenance on a critical pipeline connecting the Samah and Dahra fields, the country's oil output would be reduced by 200,000 barrels per day for a week.
Meanwhile, four sources predict that OPEC+ will maintain to its plan of adding 400,000 barrels per day of supply in February.
Oil prices surged about 50% last year, fueled by the global economic rebound from the COVID-19 pandemic depression and production restraint, even as infections hit all-time highs around the world.
US crude is expected to average $71.38 a barrel in 2022, up from $73.31 in the previous month's consensus.
Oil and natural gas rigs were installed in the United States for the 17th month in a row, as rising prices enticed some drillers back to the wellpad following last year's coronavirus-driven decrease in demand.
As shown in a monthly report released on Thursday by the Energy Information Administration, U.S. crude oil production increased to 11.47 million barrels per day in October, up 6% from the previous month, as output climbed in the Gulf of Mexico as the region recovered from storms.
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News 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.
Usoil Wyckoff distribution update.Hello my beauties.
Trade I'm currently in. (from the utad).
If you find this idea to be helpful like, follow, and drop a comment below if you'd want me to analyse a different pair.
Consider supporting me if you think I am providing you with value.
Peace.
Luca, TrickleDownFX
Brent: All Good!Since its last low, the the benchmark crude Brent recovered pretty well! We expect the price to further increase towards $86.68. Just below that mark, another corrective movement should set in. It is, however, important that the course does not fall below $69.22 now.
Stay healthy!
USOIL head and shoulders chart patternLook how beautiful this bearish head and shoulders chart pattern looks like!
My price target is 57usd.
Looking forward to read your opinion about it.
THE DECEPTIVE ONE / OIL I understand that institutions as well as market technicians/experts in OIL markets are very bullish on oil yet I believe that oil is deceiving therefore I see oil is extremely bearish hence i did not add entry or exit points for oil because this analysis is medium/long term trade and most people day trade plus my target is inconceivable.
usd wti shorClose To Trend Line Resistance And Has A Potential To Reverse For Small Target
Enter After The Breakout Of Trend Line
🛢️Brent oil - correction lasting several years? 🕰️● CFDs on Brent Crude Oil ( UKOIL ): 🕐 1M
"Fig. 1"
The development of the ending diagonal is expected within the wave (V) of ((III)) .
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● BCOUSD (OANDA): 🕐 2D
"Fig. 2"
From the end of wave II, there is a five-wave structure — an impulse that could be wave Ⓐ . If this assumption is correct, then the current decline is part of the correction Ⓑ , which can take the form of any corrective pattern and last for several years.
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BCOUSD (OANDA): 🕐 4h
"Fig. 3"
"Fig. 4"
Once again, I repeat that at this stage in the development of the correction it is not possible to predict its final shape and duration, but I am betting on a triangle , on a model that has a high predictive value and is appears , according to my experience, in wave B of the zigzag most often.
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