OIL - Wick EntryI would be nice to attempt to get a wick entry from key previous structure down to the next key zone marked. Let's see if we get a significant pullback followed by rejections before we consider a sell.
Oilprice
USOIL to hit $41.Crude Oil - Intraday - We look to Buy
Trading within a Corrective Channel formation.
Our expectation now is for this swing lower to continue towards the bottom of the trend channel, to complete a correction before buyers return.
We expect a reversal in this move.
Bespoke support is located at 39.92.
Preferred trade is to buy on dips.
Our profit targets will be 40.75 and 41.29
Resistance: 40.75 / 41.29 / 41.72
Support: 39.92 / 39.51 / 38.90
Oil prices consolidation after a slight recovery - Buy and HoldFundamental: U.S. crude oil inventories were seen falling last week, while distillate supply likely declined for a fourth week, a preliminary Reuters poll showed. Meanwhile, OPEC Cuts 2021 Oil Demand Forecast Again as Virus Cases Rise
World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise, OPEC said on Tuesday, adding to headwinds faced by the group and its allies in balancing the market.
Technical: The pandemic had a direct incident on oil prices, bringing the futures levels to a record negative value in March. After an ease on lockdowns, oil prices recovered and reached the institutional level of 40$ per barrel. Moreover, we experienced a ranging market within summer with prices bouncing between 36.00 and 44.00. Although we have an uncertainty due to the virus cases rise, the consolidation on the bullish market represents a bullish setup.
Beware of the strong resistance at 44.00.
Setup: Bought crude oil @41.00 with a target @50.00 and a stop @36.00 (2:1 risk reward ratio).
will rock oil soon? LONG!!!
we are focused for a long time. since the beginning of september we have been moving in a sideways range. We assume that it is now time to get in long.
our goals and stops can be seen in the picture. I wish you success. follow and like me. :-)
WTI outlookAfter correcting to 37 zone, WTI has entered in a range with a top above 41.50 and a bottom at 37 zone.
Now oil is traded near the top of the range and we could have a nice selling opportunity with a R:R of more than 1:3
USOIL SWING TRADE 07-Oct-2020
(WTI) USOIL is trading within a range between 39.100 and 40.750 At 40.750 it got rejected twice and started the bearish run It has formed a inverted head and shoulder during the initial days of this month on right side of the inverted right shoulder morning star was formed which caused further buying pressure and reached 40.750 resistance level. The USOIL price is well below the .236 Fibonacci level
Currently the price is trading below the 40.00 key psychological level. The next downside target would be around 38.00 where we can find previous shoulders level which may act as support for the bullish reversal
SWING TRADE - (WTI) USOIL
Sell @ 39.410
Take profit @ 37.820
Stop lose @ 40.360
Don't risk more than 1% of your capital
DOUBLE BOTTOM IN OIL + EMA resistancesGood day friends..Give us a thumbs up if you like our idea.Follow my profile to get new ideas and trade setups everyday
OIL
Due to the weaker demand in the Global market Oil felled towards the 36.12 which is the September low and then its formed a triangle pattern and went bullish up to 41.43 and traded in a range from September 17 to October 01 and again felled towards 36.63 and formed a dissimilar double bottom
Currently the 200 EMA is acting as resistance for the bull and 50,100 EMA is acting as support for the bull. And my bias is towards the bullish side and the primary target would be around 43.00 which is a swing high area stop lose may placed below the 38.45 price action level
OIL is currently in a consolidation phase if the price well above the 39.50 psychological level we can buy the oil.
Disclaimer
Its a forecast of the next expected moves Not a financial advice
Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
46.50 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
Technical analysis:
A peak is formed in daily chart at 44.15 on 09/18/2020, so more losses to support(s) 36.95, 33.80, 19.40 and more depths is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 34.
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Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
46.50 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
Technical analysis:
A peak is formed in daily chart at 44.15 on 09/18/2020, so more losses to support(s) 36.95, 33.80, 19.40 and more depths is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 34.
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SILVER MARKET OPEN - BREAKOUT EXPECTING SILVER!Expecting depending on data that silver will get a huge increase trend.
The expecting back trend price are from 26+
Have good time all (:
WTI . Weekly Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 43.75, beginning of downtrend is expected.
We make sure when the support at 37.10 breaks.
If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
A peak is formed in daily chart at 41.70 on 09/18/2020, so more losses to support(s) 38.85 and minimum to Major Support (37.10) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 49.
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+50% from now? 🚀WTI on the rise!
After confirming our turnaround zone in yellow, oil is poised for higher prices. The end of wave 3 in green is expected in the area of $60. However, we do not want to see prices dipping below $38.45. Below this support line, chances accumulate that further correction is on the way, as the bears are gaining in strength. Should oil trade below $36.49 a barrel, our primary expectation is no longer valid. In this case, we see prices dropping to $30. All in all, we're at a major inflection point, and we need to break the indicated resistance zone to continue the upwards move. Watch the mentioned marks closely!
What are your expectations for WTI? Feel free to comment below!
Oil rallies after Triangle breakout sell off is comingOIL
We can see a parabolic move from 40.00 to 36.10 after that some minor correction happened in a triangle range. From September 08 to September 15 its formed a triangle pattern and the pattern was just broke on sep 25 and the impulse wave is formed up to 41.50 level
At 41.50 formed a minor head and shoulder and felled towards 38.64 there its finds support from 200 Exponential moving average. And bounced back towards 40.20 there 50,100 EMA's acting as support for the bearish trend
key psychological level 40.00 will be a major hurdle for the bull
At 40.20 both the major right and left shoulder pattern has formed. Currently the price is trading below 23.6% Fibonacci Below which high volume zone will decide the further movement of OIL. After that 50% Fibonacci will act as major resistance
If the price broken below the 50% Fibonacci level the next target would be 37.27 which is 78.6%
On Elliot wave principal Currently the 03 wave is underway which is the longest among Elliot waves
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OIL IS CALLED BLACK GOLD...WHERE IS IT GOING?Hi again,
I would like to share my journey with Oil. Also called the black Gold. ( I don't want to offend people...and this is not an advice!)
There is lot's going on with oil. After a steady year in 2019 we have lot's of movement in 2020 with Oil and there is more to come!
Personally i always hope to see markets go up....Bull in my heart. It is now in a range as you can see in the charts and we can expect both ways! So be careful. I personally don't know if the rally up is now finished or if it will go up a bit more. I hope the last scenario. But i also keep in mind that it can fall back down easily. Beside aks, supply and demands....there will always be hurricanes, economic crisis and more covid19 cases OR a covid19 vaccin in the neighbourhood to influence the price of gold!
I will hold my (small) buy positions for now. If i see a nice pullback, not too much i will add a small buy. I will open a sell if necessary if i do not see further move up. All my targets and resistance lines are marked in my chart as you can see. Hope you will advantage or insights by checking my charts. I believe sharing is caring!
Good luck and safe trading everyone!
USOIL ABOUT TO RECOVERYUS OIL looks to recovery to new price rage.
Expecting new recovery
Have good time all !
# like and follow for more updates.
Thank you
USOIL about to breakout over 41.30+ ITS OIL TIME!Depending on new data study.USOIL looks to breakout to new high level.
Expecting that oil can become to rage 41+
Have all good time (:
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thank you
# this post are not an advice, and trade on your way.
USOIL Looks to increase - Day trade. - Target 39 usd +OIL price looks to increase. Day trade target 39 usd +
Can the USOIL also breakdown?
Yes its also possible that it will breakdown, so thats you must have a good stop limit, but my expecting is that it will increase.
Have good time all (:
# If you like this post, pleas give it a like, and follow me for more updates.
Thank you!
WTI . Weekly Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 43.75, beginning of downtrend is expected.
We make sure when the support at 37.10 breaks.
If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the peak at 43.835 on 2020-08-26, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
The RSI support #1 at 52 is broken, so the probability of beginning of downtrend is increased.
A peak is formed in daily chart at 43.75 on 08/26/2020, so more losses minimum to Major Support (37.10) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 32.
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WTI . Weekly Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 43.75, beginning of downtrend is expected.
We make sure when the support at 37.10 breaks.
If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the peak at 43.835 on 2020-08-26, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
The RSI support #1 at 52 is broken, so the probability of beginning of downtrend is increased.
A peak is formed in daily chart at 43.75 on 08/26/2020, so more losses minimum to Major Support (37.10) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 32.
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. . . . . Please show your support back,
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