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Oillong

USOIL Bullish Rally - RyuxFX Projected movementRyuxFX - USOIL Bullish Reversal Oil will see a reverse in market sentiment and make a bullish rally back to retest its reversal. After a bearish push during the de-escalation of US - Iran war tensions, Oil has reached a level of historical weekly and daily support. We can now expect bulls to drive back into the market and push USOIL pack up towards it's last highs. This can be evidenced by the morning star candlestick formation building up on the weekly chart, with a hammer candle displaying the heavy reversal in market sentiment after price hit support. Huge pip profit potential in this trade. Joel Guloba Forex Analyst / Trader
FX:USOILLong
by IllusiveShroud
A 10% oil drop is a great opportunity to buy it cheaperLast week, oil reached its maximum since spring 2019 at around $66 (WTI brand). Now the asset is trading at the bottom of $58. A fair question arises that this happened in a few days, that the price literally fell by 10%, and also what to do with oil - to sell or buy it? Let's start with the reasons for the increase in the maximum values for the last year. This, of course, is the assassination of Soleimani and a sharp escalation in relations between the United States and Iran, which manifested itself in the form of shelling of the US military base by Iran. The increase in tension in the Middle East has always historically been a reason for rising oil prices since the region is key to the oil market as a whole. As for the specific case of Iran, there is a threat on its part to block the Strait of Hormuz, which is critical in transporting oil from the Middle East to China and other regions (about 25% of world oil passes through this strait). So the sharp increase in oil quotes is quite understandable and somewhat logical. Speaking about an almost 10% oil drop prices in the second half of last week, we note that the main reason is Trump's peace-loving speech following an Iran attack on US military bases. President of the US has decided not to go for further escalation of the conflict. Accordingly, the markets believe that all will be well, and began to record profits, including oil. In our opinion, it’s too early to relax. The conflict is far from over. Massive civil actions began in Iran in connection with the downing of a passenger Boeing by Iranian air defense and the lie about this by the official authorities. The protests are accompanied by human casualties, which in theory can provoke chaos in the country with uncertain consequences. And the general conjuncture of the oil market is far from unambiguous and does not justify so much a sharp decline in oil quotes. An argument in favor of buying oil at current prices is the continued decline in the number of active oil installations in the United States. According to Baker Hughes, over the past week, it has decreased by 11 to 659 pcs. Thus, the number of active oil rigs has reached a new low since March 2017. According to the results of last year, the number of active oil installations decreased by 24.3%, falling from 855 on December 28, 2018, to 677 on December 27, 2019. Why is this so important? The fact is that the offshore revolution in the United States has become the main reason for the decline in oil prices in recent years, as a result of which the United States dramatically increased oil production and became a net exporter of oil. Currently, the United States produces nearly 13 million barrels of oil per day. So the main troublemaker in the oil market is starting to lose ground. This means that in the near future the growth in oil demand will not be accompanied by the outstripping supply growth rates. In turn, this creates the prerequisites for the formation of a deficit in the market. And the deficit is a rise in prices and not at all their decline. It is extremely important not to forget about another event, which, in fact, laid the foundation for the growth of oil prices at the end of 2019. We are talking about a new OPEC+ agreement, under which the volume of voluntary reduction in oil production by the participating countries will reach 2.1 million BPD. Recall that the previous version of the contract provided for a reduction of 1.2 million BPD. That is, the largest oil producers artificially remove very significant volumes of oil from the market with constant demand. This is the strongest bull factor. In total, the current conditions that have developed in the oil market, ranging from the ratio of supply and demand, ending with geopolitical instability, are determined to be on the side of oil purchases. This means that the current decline in asset quotes by almost 10% is an excellent opportunity for purchases. In conclusion, we will cite one fact that shows that current oil prices are very cheap. Last week, the Australian company Santos sold the Pyrenees, shipped in early March, at a price above $96 per barrel. Yes, this is a rather specific type of oil, the so-called heavy “sweet” oil (with a low content of sulfur compounds), but the example, in our opinion, is quite indicative in terms of the potential for rising oil prices.
FX:USOILLong
by Trade24Fx
2
Crude oil poised for a rally up to $85 OR down to $33???Crude oil has been on a good uptrend since the large 2018 retrace, the price has slowly trickled up and there is an indication that it continues. ONLY IF certain conditions are met. There is an equal likelihood that we could see a large dump... Support structure is holding really well after a broke high on a larger scale at $53.00-$53.50. As of recent price has gone up a lot in the winter month due to high demand but could this be temporary seasonal inflation? The Bull case: Price has been holding upside market structure over the past few weeks and months holding support at the $53.00-53.50 area, the trend is holding well and the downside volume has been decreasing. We need to see price break above $64.00 on a longer perspective on strong volume into the $70.00 area or so then retrace and hold that broken peak at the $64.00 as support. We want to see price then move through the $73.50-73.60 level. The Bear case: Price overall is looking bearish based on the monthly candles lower lows lower highs from 2013 even, the impulse high that has to hold is at $73.60. As long as price remains beneath that level we could see a press lower. The buy volume is looking really weak as well to the swings higher, which means this could be seasonal buying of crude which could evaporate. If price breaks below $53.00-53.50 and holds it as resistance on the retrace we might see a move even lower down to the $33.00 area and even below that. Disclaimer: This is a trade idea for educational purposes only. This does not constitute as investment or trading advice. TRADEPRO Academy is not responsible for any market activity.
NYMEX:CL1!
by TRADEPROAcademy
1
Oil holds support well, a new high is coming up. Long CRUDE OILThe uptrend has been prevalent in crude oil with a slight hiccup early in December, otherwise higher highs and higher lows have occurred. The most recent was a break above the strong resistance at $58.70 and held it as support. The candlesticks are really important in this analysis because the wicks are really pronounced and extended which suggests the buyers are in control to a strong degree. The break and retest of the level at $58.70 was a break of a previous high and retest that held which confirmed the bull trend. We ticked the first upside target on oil at $59.90 and now we expect the next target level which is first at $60.50 then at $62.00 based on the Fibs. One sign of concern is the volume is not the strongest on this rally higher and there are choppier candles that have printed which does not convince us too much of a direct path higher. If the $58.70 support is broken and price continues lower, that breaks the trend. Disclaimer: This idea is for educational purposes only, this does not constitute as trading or investment advice. TRADEPRO Academy is not responsible for any market activity.
NYMEX:CL1!Long
by TRADEPROAcademy
Oil set up for another run to $60.00. Production cuts are the talk of the day and the foreseeable future around the OPEC and OPEC+ meeting. We recently saw an extended move to the upside from the support structure. From here we moved into the previous strong resistance level at $58.70 and now we do anticipate more upside, should the mapped out support zones hold. Oil could find itself down to $57.00-$57.10 where the impulse started the break to the resistance area that is also the 50% Fib retracement zone from the move. The first support level to watch however is $57.85 for the extended move up to the targetted area at $59.90 and $60.00 Disclaimer: This is for educational purposes only, this idea does not constitute investment or trading advice. TRADEPRO Academy is not responsible for any market activity.
NYMEX:CL1!Long
by TRADEPROAcademy
CL bull channel holds, longs up to $59.60! Crude oil is still holding upside bull structure and it didn't even have to pull down into the $56.75 where the impulse started, the bottom of the channel at $57.35 held really well for the bulls to continue and the $57.85 held multiple times for the upside on rotations and wicks which indicates more upside. The only part that may break up the upside trend is the triple top formation at $58.60, the high probability long would be a break above $58.70 and close, into $59.00 and retrace to the broken high and hold as support. If we get below $57.85 again we may be done with the long side. Disclaimer: This is for educational purposes only, not recommended as trading advice or investment advice.
NYMEX:CL1!Long
by TRADEPROAcademy
CRUDE OIL LONG up to $59.80-$60.00The crude oil market was kind to us on the downside after we broke through support level time and time again. We were originally looking for shorts to continue however the upside opened up on Wednesday and didn't stop. The fact that we broke above a key resistance structure at $58.10 suggests the longs are out to play and there could be move upside if they hold their momentum. We could see price retrace to 2 levels for us to continue to look for the long. The first level and more ideal level is the broken high at $58.00-$58.10 for a move back into resistance at $59.60. The next level is the start of the impulse move at $57.00-57.10. This could still continue the upside structure. Over the last two days, volume was really strong. If we break under $56.80 we may see more downside.
NYMEX:CL1!Long
by TRADEPROAcademy