Crude oil, drop on OPEC meeting?Opec meeting is coming. OPEC countries are expected to increase the oil supply in the hope of the demand is getting better. We might see drop in oil price to $35.
Oilprice
US Oil Looks Weak and Topped OutTook a short here on US Oil. Decent R:R and at a local top on HTF's (higher time frames) and pushing into a wedge.
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US OIL - SHORTFrom the top of the drop down, Price has just done a 61.8 Fib retracement and i expect a retracement back to at least $25 in order to create some sort of higher high before continuing upward as the recent move has been very much over bought without a major pullback. On the MACD we have a bearish divergence indicating that the buyers are losing steam and pulling out profits. Further confirmation will come once our counter trend line gets broken we will look to enter more shorts after the retest. If price gets back above the 61.8 and creates a new high this setup will be invalidated.
OASSo my conclusion is watch and wait, this could be the beginning of a greater move down in WTIC back to the $20 handle or this could be the area where oil makes 1 last pump B4 that downward move I spoke of. All we can do is wait. I will say the fact that OAS hasn't really moved much while WTIC pumped off $38 is a bit concerning.
Ascending Triangle on BRENTHello, Traders,
BRENT is close to breakout an ascending triangle after a couple of days of accumulation.
The entry point is on the breakout or pullback.
Be Careful with SP500.
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US-OIL : Looking For Big Drop in downsideWatch correction or sell at current price and mention SL Prev Swing High around 40.85
ThankYou
USOIL 37.77 -1.24 % LONG IDEAGood Day Everone
Here's a short idea on the USOIL , looks like price might continue to push down looking at technicals, we saw the price breakout of the ascending channel/ rising wedge wich could signal that the trend could reverse as we had lower on oil price struggled to push above 39.23 lets see if price continues to rally down on OIL looking for short entries...
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Target 1 - 36.03
Target 2 - 34.63
ENTRY & SL - FOLLOW YOUR RULES
RISK-MANAGEMENT
PERIOD - SWING
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IF you like the idea kindly leave a like, leave your idea in the comment section on the pair & comments welcome....
Crude Oil - Bleed or SqueezeOil is full of surprises so preparation is key. Demand at risk however, bankruptcies/production cuts, among other things are pushing prices up.
Keeping an eye on a potential wedge forming up to $43.30 (the 50 Week EMA).
If this is confirmed and it breaks up, then the fib extensions are valid as well as a possible squeeze up to the 200 Week EMA.
Failure at this level means it's likely there will be chop sideways or a drop lower.
Long all the way up , possible 41 $ Hello all, as we can see on the 1H and 4 charts, the W chart pattern (double bottom) was formed on the trend line, we can open a very good long position after breaking out the neck level as shown in the chart.
The future of oil pricesOil prices are likely to fluctuate on the floor and ceiling of Bollinger Bands and are forming a triangle pattern.
Also, in the stochastic market indicator, the formation of the double bottom pattern can be seen, and it seems that the price will be well supported at this point.
UKOIL Watch price for BUYHi traders,
If you want you can start watching for SHORT TERM Sell setups back to the previous bottom around 37.
For buyers, let the price come down to 37 then we will start watching for buy setups.
CLQ0: Mapping Bullish ContinuationFurther to the earlier ideas on the August delivery contract, I would like highlight the fact that it has now become the front contract of the Crude Light futures curve, and that it did so while being traded at plus 100% from its YTD low. When the June delivery contract went into negative, this contract was trading at around $20/bbl. Two months later it is trading above $40/bbl and seemingly bulls are still very much confident in their holdings. Buying the dips towards the 150% area from YTD low seems reasonable. This would mean another 25% gain from $40/bbl. The chart shows all of the relevant details on the above.
CRUDE OIL - SELLPrice is consolidating in the channel.
Once it hit this level before it dropped significantly so i expect once support is broken OIL will fall to the green highlighted area.
CLQO: Up by 100%! What's next?Further to the earlier idea related to CLQ2020 contract in which there was a 100% up projection within certain time, it is now established that this contract traded the 100% up area from its YTD low, and that it is currently working the offers at this key zone. The sudden downside for long exposure that we saw earlier on today is most likely an effect of traders squaring off long exposure via profit booking. If aggressive bears are unable to gain momentum in this key area, the buy stops will surely increase the counter momentum. Staying tuned in for more.
No reason to go upTarget is 35.50 ; maybe it will go to 38.50 before that, but that's a 1% risk to around 9-10% reward.
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