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 :)
Oilprice
USOIL WTI Crude Oil Daily Chart USOIL WTI Crude Oil Daily Chart
31st March, 2021
. As long as crude holds and trades
. above $60/bbl we may see
. eventual target area of $75/bbl.
. However, sustain trading below $55/bbl we
may witness much lower oil price.
Still opening short 64> 1w shortOil has been in profit for about a year at all overnight intervals, and it is time for investors to make a profit. Clearly, oil prices will fall in the coming days and will continue to decline again in the safe haven area. The recent occurrence of the Suez Canal also increases surplus production as oil ships arrive a week later, while other ships are moving a short distance from them, and the arrival of the two together has led to a large market share and Oil prices are falling! temporarily . So be a little smart
TRADE UPDATE TAKE PROFIT REACHED, OIL XTIUSD USOIL XTIOur first take profit target is hit!
We have now closed half the position and will look for continuation of trend.
I will update analysis when we have more information available.
If you like this idea or traded it with me please like and follow for more ideas.
ORIGINAL TRADE IDEA BELOW
Crude oil POSSIBLE TREND REVERSALHello Traders,
We are liking at the 4 hour graph of crude oil (CFD)
Since my first analysis on tradingview.com was about crude oil i decided to make another good analysis.
As we can see, the short term moving average (RED LINE) is on the verge of breaking through middle term moving average (GREEN LINE) which could indicate a trend reversal. For now, they are kissing.
Furthermore, confirmation of the previous is given when the middle term moving average (GREEN LINE) breaks through the long term moving average (BLUE LINE).
Besides the moving average indicator, we are also seeing a head and shoulders formation. The head and shoulders formation occurs when a market trend is in the process of reversal either from a bullish or bearish trend. In this particular case, it's a possible reversal of a bullish trend.
High risk, high rewards and vice versa.
This analysis is for educational purposes only, I am not a financial advisor.
Smash the like button with love.
Thanks.
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 :)
Brent Crude: The Big Bear Show! 🐻🐻🐻It has been a while since we spotted bears on the oil market, but they came back in phenomenal fashion! With the yesterday’s offensive, they were able to pull the price shortly under the second support line at $62.36 – a crucial mark within our primary scenario. We expect that the price will further drop below $59.04. From there, we see a more comprehensive bullish run setting in to tackle heights of $80 and beyond.
Good opportunities are coming!
Long or Short run on OILHi guys, it seem oil is about to move again, this time around I guess price will reach $76 per barrel or if price breaks below the trend line and retest it, well I might target $50 per barrel for the short...
What do you guys think?
WTICO/USD on the DAILY ChartHello Traders,
Here are my thoughts about West Texas Oil.
Would be glad to hear your opinion :)
XEG Canadian Oil safer playThis one is part of iShares and as such it contains the safest of the Canadian Energy Companies. The distribution is garbage right now with 0.02 /q but the history of this one has distributions as high as 0.08 in recent (2 years) history. A decent way to ride energy up. Not saying we are in a bull market on oil and no one knows where it is going over the next year, but 73-75 on USO seems to be the current (next week or two) target.
> is my most recent study on Oil, and purely technical, and not overly complex. Fundamental study is always recommended with oil.
> disclosure, I have a position built during 2020 on this.
USD/CAD Oil Correlation *analysis + education Thanks for stopping by to check out this educational post and TA .
I decided to look at the USD CAD on the monthly for a deeper look at where it has been and where it is heading with respect to all the changes globally and the rally in crude oil playing its part in this pair.
The USD has been under some pressure for the past 20 months and here we can see why its relationship with the CAD is rather special and symbolic of a love hate relationship.
Enjoy the chart for the explanation that it offers and although the analysis is very long term it is designed more so to see how things have transpired and where they can lead based on identical fib pulls , curve projection, volume profile .
I hope that the TA speaks for itself and is clear for the reader and you learn something about the Oil relationship with the CAD pair
dont hesitate to ask any questions ..
Thanks for
Looking for a Long set up on USDCAD If OPEC+ does not increase output in April, except the small amounts for Russia and Kazakhstan, the stock draw will be significantly more than one million barrels per day next month, as the summer demand season looms, expect oil prices to rise toward $70-$75 per barrel during April.
Trend Analysis "OIL_CRUDE" Need a Pull BackIdea Stock Market: is not registered as an investment adviser with the U.S. Securities and Exchange Commission. Rather, Idea Stock Market relies upon the “publisher’s exclusion” from the definition of “investment adviser” as provided under Section 202(a)(11) (D) of the Investment Advisers Act of 1940 and corresponding state laws. As such, Idea Stock Market does not offer or provide personalized investment advice. To the extent any of the content, material, information and/or any other kind of informational offering published, broadcast, or otherwise stated on this, and/or associated websites, may be deemed to be “investment advice”, such information is impersonal and not tailored to the investment needs of any specific person. The information contained within this, and/or, associated websites, is provided for informational and educational purposes only. The information should not be construed as investment or trading advice, and is not meant to be a solicitation or recommendation to buy, sell, or hold any positions in any indices or financial markets mentioned. The content and information provided by Idea Stock Market the Site and the other products and services of Idea Stock Market, is solely incidental to the business and activities of Idea Stock Market in providing educational services.
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CURRENCYCOM:OIL_CRUDE
Short then Long WTI Crude Oil Possible Trade IdeaSince November 20 and the Oil market has been in an uptrend entering consolidation phases then breaking above. The recent consolidation shows a bounce back from the maximum resistance of the consolidation. The daily candle hasn't closed yet. If it breaks above the consolidation I am longing oil in the long run till 68-70. As for now I will scalp and take advantage of the drop. Quick ins and outs on shorting, then long oil and hold if it breaks above consolidation. If the price breaks lower than the consolidation then I am possibly shorting oil till 55-57 and will disregard the bullish scenario. This is my personal trading strategy for the current WTI oil market. This is not a financial advice.
Oil short to 55I have been short oil since 63, tonight oil will re-challenge the 60 level identified on my graph and if this is broken we could see a free fall over the next few weeks. After that I am massively long
XOM Seasonal advanceOil is undervalued.
XOM is relatively strong compared to SHELL & BP.
XOM did not make a LL while SHELL & BP did.
Chevron is strongest and leading the way.
End March and April are seasonally bullish months for XOM.
The great US oil short. Target $54So finally today we touched the very long term downward trend line on the weekly charts (see below). Wow what a run up!
Now on the hourly chart we have a double extreme bearish divergence on the MACDH which usually (as its so rare occurring after long uptrends) signals a sharp reversal. We are trading inside a rising wedge here so we could try and take this all the way down to 54 for profit taking.
If this divergence breaks down and we get stopped out wow that would signal further big bullishness to come.
For the moment though I think the bear side is the best way to play this with a great entry here at 63.3
Hit the follow tag above and I'll post regular updates as always :;
💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
54.40 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 64.83 on 02/18/2021, so more losses to support(s) 58.65 and minimum to Major Support (54.40) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 66.
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💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
54.40 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 64.83 on 02/18/2021, so more losses to support(s) 58.65 and minimum to Major Support (54.40) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 66.
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader ?
Now, It's your turn !
Be sure to leave a comment let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
