Oilprices
WTIStill seeing this massive IH&S forming and crude oil. I am watching WLL & OAS and few others bottoming today and looking ready for another push higher.
But part of me thinks the next push will be a LH on HTFs B4 crude slams down to $20.
Weekly RSI on many stocks r in overbought territory and that will probably be the final shake out.
Hourly RSI up to daily r way oversold, meaning there is a nice bounce coming B4 the weekly RSI resets all indicators.
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.
OIL PRICE BULLISH RALLY MUCH EXPECTED TARGET NEAR $40Technically
- The price has retested the channel support which implies that there is a possibility for pull back.
- Also the momentum is still strong as can be noticed from MACD 4C
- The 30 period MA is sloping upward
Fundamentally
- The economies are opening up from Covid19 pandemic which will likely boost demand and Oil price
- On the supply side, the crude inventories are also declining on weekly basis which is also good for oil price.
I have initiated a long position at current price with first target around $39.50
SCOI think this is what we are working with here Fam, I'm still long since $37 moved my SL back to $30 thinking to move it back to $28 incase a capitulation wick hits..
AM: $5 Short + Upside Curve Bullish PotentialFirst off, please don't take anything I say seriously or as financial advice. As always, this is on opinion basis. That being said, let me get into some of my key points. AM looks like it has started to break its previous resistance curve and is currently on a bullish run. The demand curve should start going up for oil, so it may have a long potential as well, but right now overall I am calling a short target of at least passing the $5 threshold.
$FRO About to hit the Bullish WaveFirst off, please don't take anything I say seriously or as financial advice. As always this is on opinion basis. That being said, Frontline as an oil tanker transportation company was bearish recently given a decrease in the demand. The demand curve went down given the time period we are in, which means I am positive for a short threshold crossing that can lead to a bullish run. I think overall a long call potential can be there despite many of the sell ratings saying otherwise. You have to keep in mind the current resistance top is likely to drop as this is related to a problem its current market segmentation is facing.
wllI took the long with SL around 1.06 incase this gets ugly but looks like it started to break out already. I think $4.00-$5 is in play
WLLHere's my $WLL H4 update Fam, like I said market top is around 25k #DJIA I am using my $SDOW chart looking for $28 as guidance as to when the top is in. I know $3.30 TP will be hit. Question is can we make it up to $7?
WTIBeen saying oil markets due for a nice recovery, the R/R is really sweet. OPEC has agreed to cut production 9.8 MBD. This won't be a quick easy trade but once coronavirus is finally contained OPEC
is agreeing to continue its production cuts well into 2021.
WLLZoomed in on WLL we can see that downside risk is very limited and upside potential is epic.
The 200 EMA 4 hour is at $4.34
200 EMA D1 is at $8.55
Price gaps from $28-$26
Price Gap from $26-$24
Price Gap from $14.67-$13.56
52 week high $31
Oil storage facilities will at full capacity by June if OPEC doesn't make supply cuts.
Descending Triangle top line being tested repeatedly. Break out seem more likely.
My bias is that the bankruptcy filing is already priced in along with the crash in the oil market. The price of this stock has been destroyed and as we already know smart money gets out way b4 retail. So the dump from $60-.29c is in my opinion proof that all these events are in fact priced in.
Oil prices testing an old supportThis is weekly chart of oil. The price is testing an old support (dating to 2009). If the support holds, we may expect a significant increase of price that may also lift the stock market. If not, further sell-off is likely.
Crude oil: Risk is to the downsideCrude oil prices can hit low $50s if the key short-term support around $57 gives way. The bulls failed to keep the price above $60 despite increased tensions in Iraq, Iran and Libya, three major oil producers.
USOil Sell - DHello trader,
After we reach all our target before as you can see on the chart, today we have the WTICOUSD (US Oil).
As we can see from the chart you can sell with safety when the daily price close below 60.70.
And the target as mention with yellow numbers.
SL: 66.30
Good luck,
BRENT CRUDE OIL (UKOIL) (BCO/USD) 4-HOUR TIMEFRAME LONGThe price of brent crude oil (UKOIL) seems to be moving in an uptrend of late. This is because Saudi Arabia decided to take matters into their own hands and cut production, forcing the market to drive prices up (basic economics of supply and demand!). This is also coming at a time when the whole world seems to have forgotten about the bear attack on oil last year and the Kashoggi murder. But let's focus on the now.
In order to enter a short, traders can wait for a retracement to the 68.46, which represents a previous support/resistance level. If you have been living in a cage, then you probably should know that OPEC stands for the Oil and Petroleum Exporting Countries, and they are the cartel controlling crude oil prices and supply. In the centre of this cartel is Saudi Arabia, which is the largest producer of oil worldwide. Muhammad Bin Salman, the crown prince of Saudi Arabia hopes to raise prices of oil for the benefit of his kingdom whilst he comes under constant pressure from westerners like who believe oil should be sold for peanuts in order for them to continue using their dinosaur fuel-guzzling Chevys and Ford trucks without feeling the wallet crunch. Guess who is at the centre of the "oil prices must fall movement"? Yes, you got it right, none other than Donny Trump!
Brent Crude Oil- Daily Key ElementsKey levels to look out for when analysing Brent Crude Oil , please refer to H4 chart for a strategic view!
Ready for crude for 92?This summer and fall will be tough time for retailers and fuel consumers as crude oil prices are expected to rise in the summer season as well. But it seems that 92-93 will be the ultimate historical top price for the years to come as after that point oil prices will be declining next couple of years. It looks like 2021 (latest 2022) will be the time when crude will reach the other extreme in the bottom.
Oil by reaching above $64 per barrel on 16 Feb 218.This chart correlates heavily with that of the value of the Japanese Yen. This is why we see a deep dive for Yen as it has less supply. Thus, a strengthened Yen against the USD. This is probably why Oil prices increased sharply as it was due to the weakened USD. In the eyes ot 1 OPEC this would be called price stabilization efforts. Although I see them as a clone between Bitcoin Private, and Bitcoin core. So far prices have remained stable in favor of KSA.
Short oil price 1H The short price targets:
53.27 - an average of 31 days
52.87 which is the wave 3 support
52.47 Fibo 88.6
