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Oillong

USOIL to spike; 40/ Barrel Mark Lingers Next--But WHEN? (LONG!)With $USOIL taking a virtual dump on Friday's opening, it has done nothing but gain steam since the mid-point of Friday's trading. Down as much as 2 percent by noon, it closed up nearly 4 percent. Now Over 35/barrel, and with state-openings coming one after another, Crude is due to make its run. This, of course, is great news for all with oil stocks and holdings that have been itching to correct. A potential date for the full-return of the crude market is, naturally, difficult to guess. That said, projecting the harmonics of both crude and the major oil companies, places the potential return anywhere from early fall to the Christmas season/early 2021. With the recent climb back into the green, projections could easily place this in the earliest part of fall-- BUT! -- That hinges on COVID dying its death and not incurring the second spike that many epidemic experts have warned about. The sketchy nature of being unable to predict PEOPLE, their responses to a less-potent virus, is about as dicey as it gets. Even so, the point is, LONG on $USOIL.
FX:USOILLong
by BDRTrigger33
🛢️Is the 12 year oil bear market coming to an end?🛢️It looks like the lockdown may have been what oil needed to take oil out of its 12-year bear market. Oil has been trending downwards for over a decade, with sharp sell-offs pointed by the yellow arrows. The graph shows a very brutal bear market for oil. The lockdown did not help, reducing the demand for oil so much the price went negative. But was this the catalyst oil needed to breakout into a new bull market? Since there was nowhere to store oil, producers started shutting down wells, shutting down well is very expensive, and re-starting them is also very expensive. Data shows that the amount of oil coming out the ground now is slowing as wells are turned off, and some will not come back online again. A wave of US shale oil producers filing for bankruptcy is rising as we speak, another supply shock. Demand may not even need to hit pre-covid levels to enter a new bull market if producers have over-cut and there is not enough supply to meet new demand. If inflation hits the streets, that is another bullish factor for oil. Right now there are too many unanswered questions and the chart for oil does not look good at all, but we may be starting a new bull market if the above holds true and impacts the supply of oil. The first level of resistance is $43, we are far away from that, it’s hard to work out support as prices have not been this low for over two decades, based on the last 3 monthly candles it’s around $17. The RSI is not showing a lot of momentum, and things do not look good for oil in the coming months. If you like this idea, please view my monthly ideas on Gold, Bitcoin, S&P500 and GDX. I provide a macro technical analysis combed with market fundamentals to see where price is heading next.
FX:USOIL
by BangkokCharts
USOIL Evaluation on potential up coming direction indicatorsA few if and buts in here, however: If we continue in a downward trend towards 31.4/31.45 region and then begin heading up again, Without breaking 32.0 Then if we continue with a positive trend between 7:00 and 7:30 We can expect the climb positive out of here. If however it breaks the 31.4/31.45 region, or turns negative during the 7:00 to 7:30 window then we can expect a negative turn from this wedge. If it falls into the 31.13-31.28 region we can also expect a downwards trend to follow.
TVC:USOIL
by BarrieWallace
Watching Oil To Be SlipperyCurrently todays market open has shown P action below the inner downward trend line and inner upward trend line. Currently watching P action to see if Bulls Vs Bears has the strength. Daily View: Published chart 4hour view above ^ Also see Gap for slight interest area if price is more bullish this week. 📈Support & Resistance📉* Support Levels 1st Support Zone: 28.82 2nd Support Zone: 24.89 3rd Support Zone: 20.72 Resistance Levels: 1st Resistance Zone: 33.93 2nd Resistance Zone: 37.62 3rd Resistance Zone: 42.11 Price Level Consideration ATH: 147.27 All Time High Half Way Point: 73.64 Prominent High: 65.53 Prominent Low: ZERO 🐃 Bulls Verse Bears 🐻 🐃 Bullish above: 77.04 🐻 Bearish below: BEARISH at the moment Monthly & Weekly Opens Monthly Open:18.86 Weekly Open: 33.56
TVC:USOIL
by LandenInternational
WTI Breakout This one is for those breakout traders. Looks like WTI wants to break out of this downward trendline. If it does there is two setups I would take, one with a conservative TP at $23.4, and one much more of a swing type TP that might have to be held for a prolonged time at $28. An aggressive entry would be with any kind of trendline break around the $19.7 - $20.3 range. A more conservative entry would be to wait for a 4H close above trendline and stack limits down to the trendline for the retest. To each their own, follow your rules and manage risk.
OANDA:WTICOUSDLong
by Chloster
BRENT OIL ($UKOIL): Demand For Oil is Back, But is the Uptrend?BRENT OIL ($UKOIL): Demand For Oil is Back, But is the Uptrend? ✨ New charts every day ✨ Like, Comment & Follow to help the community grow 🎉🎉 --- Brent Oil (UKOIL, USDBRO, OIL_BRENT, BCOUSD) prices are seeing momentum again with Brent Crude forming an uptrend after an ugly start to 2020. Will we continue to see strength for oil, or will the lingering excess of supply work to suppress or even push down price? The chart suggests we have more upside, so let's map out a plan for what we do as oil prices rise. Resource: www.aljazeera.com --- 1. Fractal Trend just started showing an uptrend (Aqua bar color) on the 1 hour timeframe for the first time since early 2020. 2. With this strategy, we are looking for long setups in an uptrend and as such want to enter long on retests of bullish order blocks plotted by Orderblock Mapping (Aqua) and/or bullish S/R levels plotted by Directional Bias (Aqua). 3. Right now we are looking for an entry off of S1 S/R + order block cluster to ride this potential uptrend to our R1 take profit target below the gap at the range formed by prior swing highs, and our R2 exit target above the gap which would then form a gap fill. 4. The only three full position closure conditions here are if we hit both take profit levels, Fractal Trend signals a downtrend (Maroon bar color) and/or the stop loss is hit. 5. If Fractal Trend signals a downtrend, we will then be looking for short setups instead. So keep in mind that although we currently have a fresh bullish bias on oil, that could change quickly depending on what happens with the oil economy and with oil prices. Good luck family!
TVC:UKOIL
by AlphaBotSystem
Oil Outlook: When’s The Next Price CycleThe question remains, When’s the bounce back from this pandemic and when will these low oil prices come to an end??? Tick tock tick tock you might say. Lets remember a few things that occur in ‘normal’ circumstances: - Oil and gas exploration and production is driven by current oil prices, future prices and availability of resources. - Higher oil prices also lead to large investments in upstream operations - lower leads to the opposite, drops in investment. - This leads to fewer resources for these above future investments in exploration and production. On the timeline, how long until recovery? Simply how long is a piece of string. The time scale depends on the revival of the global economy and how fast the surplus oil is consumed by the increasing demand. Obviously there’s a lot of room to the upside. And we won’t be touching on the world wide ‘arm wrestling tactics between countries’ but simply eyeballing the charts, squirting into the charts for an oil outlook: Outer Perspective Weekly open has seen two weeks of positive price action ( a given from the levels of zero) however good to see a rise rather than consolidation and a dribble to the right. Inner upward channel forming yet I’d like to see this week close positive before taking it into consideration. Still in a Bearish sentiment of course. Inner Perspective Adding to the outer perspective. Price needs to respect resistance. Stronger for a break and use above this point as support this will break the wick spoken about above. Area of Interest Considering this levels a break above the wick and resistance will place oil to battle the gap next week. At present testing the daily trend line (inner upward). Watching for a respect or break, still in consolidation zone. 📈Support & Resistance📉* Support Levels 1st Support Zone: 23.41 2nd Support Zone: 17.80 3rd Support Zone: 12.94 Resistance Levels: 1st Resistance Zone: 28.71 2nd Resistance Zone: 37.62 3rd Resistance Zone: 42.11 Price Level Consideration ATH: 147.27 All Time High Half Way Point: 73.64 Prominent High: 65.53 Prominent Low: ZERO 🐃 Bulls Verse Bears 🐻 🐃 Bullish above: 77.04 🐻 Bearish below: BEARISH at the moment Monthly & Weekly Opens Monthly Open:18.86 Weekly Open: 26.05
TVC:USOIL
by LandenInternational
I'm out - After 45% PROFITS!Ok guys, you know that I went long on UKOIL about a week ago, and now I’ll update you about my trade. If you missed my first call on UKOIL, follow me to keep in touch with my analysis and trades. Now, here’s my analysis when I long UKOIL (Apr 28): Why I long it? Simple, I saw a Piercing Line pattern near a support, and a Double Bottom in the hourly chart. There’s a Piercing Line in the weekly chart too, which would help the bulls to keep going. No indicators, just the candles (as always). Now, I sold it after it did a Pivot downwards in the hourly chart, as you can see here: As you can see, a very technical trade, with a nice risk/reward relationship (about 7:1). I don’t know if it will continue going up, but now I’m out because of my own technique. I usually set an exit point under a support after such a bullish move, I think it’s wise and gives me comfort. Now, I can sleep like a baby here. Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped. Thank you very much. * LIKE this idea and FOLLOW me, because: - Here, you will see clean charts; - Trades with clear risk management; - The best of Dow Theory, Price Action and Candlestick psychology; - Chart patterns with statistics. * * My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
TVC:UKOIL
by Nathan_The_Finance_Hydra
5
USOUSD OIL BULLISH TO 24.68 to 32.88| 5th May 2020"How Malaysian people can predict the oil price accurately? This is the long lost technique which I learn from my father. Japanese people expert at rice price Malaysian people expert at oil price. We are an oil producer since generation. Alas, not many Malaysian people know it.." -Zezu Zaza Oil Webinar on 28th April 2020 8 years ago, when I started the journey seriously in being trader (your job is to buy and sell price), my dad asked me if I want to learn an ancient technique. A technique which not people know because not all people being in the oil industry at that times. Well I said, 'Yes of course I want to learn the secret..' I said like being skeptical on how he really can know the secret of oil price traded. I mean for a second I was like dont very pay attention about what he told me. That times I was like 24 years old. Very novice, juvenile and smell like nothing in my head. Now I am 32 years old. Old enough to experience the trading like 12 years experiences just only to watch the price daily for 12 years. Market price is my netflix. 'Well son, I learn from your grandpa. He taught me something that people like us need to know but our races won't appreciate it because they don't know how important really is.' My father sipped warm coffee. That time felt like peace with breeze air from outside of our village. (Back then poor people don't venture into the oil price trade) Since we are a family which trade the price, we must know all the technique. How to trade oil, how to trade gold, how to trade wheat. And all of this traded instrument were totally different on how to trade it. But younger generation nowadays hit everything on its path. They think they know everything and trade the same. Old people from our time is really good than people in your time. All your gadget, indicator makes you stupid. Things that comes easy, human wont strive for the success to dig the knowledge. They prefer the indicator to tells things while indicator is a lagging coding after price and momentum makes its turn. I hear his mumbling bla bla bla and bla like 1 hour. At one point, what he said is true. I cant denied. Then he off his tobacco cigarette and sipped the coffee. He show me something which I truly remember until now. He draw a chart in one piece of paper... Then I saw something huge. Something that people need to know. The secret is so huge to hide. I was amazed with the prediction. The price is like a battleground of a chess. I stood hard to digest on every single details he told me... To be continue.. Regards, Zezu Zaza 2048
TVC:USOILLong
by Zezu_Zaza
5
RIG testing crucial multi-year supportFrom February 2011 until November 2016, a major resistance trend line has kept RSI well below 50. In November 2016, there was a minor breakout, which ultimately failed and re-entered bearish territory. Since August of 2017, the RSI has held above this trend line until this month. After the RSI resistance breakout in late 2017, the trend line has been tested on 3 different occasions for support; - February 2018 - December 2018 - August/September 2019 We are currently BELOW this trend line, but the monthly still has one full trading week left. They say the more times a trend line is tested, the weaker it gets. Although I agree whole heartedly with that statement, it truly depends on the area you're attempting to trade. With investor sentiment currently in the toilet due to Coronavirus, there is an extreme amount of fear and a record number of short positions. This trend line is now very very close to oversold. With price below it, it is in my opinion a very strong buy signal especially if accompanied by a hammer close. On the most recent successful support re-tests, price wicked below and closed as a hammer, even after strong bearish pressure. Currently, RIG is only 00.08 points away from exactly 30 RSI. SERIOUS bullish RSI divergences are present in the daily, 2D, 2W, monthly, 2M and 3M charts. There is especially strong bullish divergence in the MACD on all time frames above the weekly. MACD: RSI: Monthly zoomed out
NYSE:RIGLong
by UnknownUnicorn5836947