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
Oilshort
🏛CRUDE OIL HEAD AND SHOULDERS↘️SHORT🔥
☑️Crude Oil broke out of the local rising trendline
And is trading in a head and shoulders pattern
With an ascending neckline which stands above minor horizontal support
I am bearish biased and I am waiting for the support cluster to break
With an aim of going short on pullback with 3 targets in sight!
SHORT↘️
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SCO RSI indicator oversold - Strong buyAccording to the indicator RSI, SCO is oversold and ready to rebound to at least $35 with a peak of $60.
We think that the current oil price is overdue and ready for a retracement.
"World’s largest oil exporter plans to reverse recent unilateral production cut, signaling confidence in recovery"
www.wsj.com
Oil Short SetupOil Short Setup
🔵 Entry: $58.51
🟢 TP & RR: $53.68 (4.24)
⛔ Stop Loss: $59.65
REASONS FOR THE TRADE
✔️ Reached upper trendline
✔️ Seems like we are going to form a lower low
✔️ Divergence in the Market Flow indicator
📝 This is continuation of the short setup I posted a few days ago (1). If you are in a trade already this additional short (2) will increase your exposure, so I suggest moving your SL down.
Oil Short SetupOil Short Setup
🔵 Entry: $58.73
🟢 TP & RR: $53.73 (2.91)
⛔ Stop Loss: $60.45
REASONS FOR THE TRADE
✔️ Reaching a strong resistance level
✔️ Market Flow Indicator seriously overbought
✔️ Ascending channel upper trendline resistance
✔️ 1.618 Fibonacci Level (although not plotted on the chart as it becomes a bit clustered)
📝 Stop Loss is above the $59-$60 resistance level, although if you want a more relaxed trade you may move the SL higher to about $61. The confluence of the three factors above makes me believe that the price is due for a pullback if not even trend reversion. I will be monitoring the entry level mentioned above and may open the position prematurely if I see that the price is getting ready to take a dive down.
DBW For Oil. 57 highest possible shorting levelJust posting it for my reference if this will be successful short. I'd be glad to hear comments as I am still on my learning phase.
Short WTIUSDMonthly fib -27 completion
Monthly supply area where it tanked from to zero
Pull back needed for wave 3 up.
Target 50.00 or 5000 in this cfd chart.
US OIL at Important SupportIf this can break the support level we are currently at this could have a big fall. IF it does break then we can look to short with a target of 49.30. I have been looking for this to have a big correction for some time. Other key target levels are at Fibonacci levels 0.382 and 0.5 which also align with key structure. First we need to break current support though as oil has been very strong and may resist this.
Oil Lower High Formation - Short TradeOil Lower High - Short Order
Entry: $53.55
TP & RR: $51.05 (2.38)
Stop Loss: $54.60
REASONS FOR THE TRADE
Oil has entered into a bit of a range recently, but the formation of the lower high on Friday makes me think that we are about to see another lower high, which should then form a lower low. This is where we will be looking to take profit. The Stop Loss is set well above the highest high, so if we are to break that level, then we have clear invalidation of the setup. So, pay attention to the price action around this area, and should it break it, feel free to close the trade prematurely.
The wide SL is purely for decreasing the position size, as I don't want us to lose a full 1% on a trade without a clear signal from my indicators.
CRUDE OIL - SELL - Daily chart calls for a correction down to 48US Oil - H4 - Selling at the test of this H4 supply zone with targets down to 50 - 49 - 48 and stops above 53.20
Oil Descending Channel - Short TradeOil Descending Channel - Short Position
Entry: $53.16
TP & RR: $51.61 (2.77)
Stop Loss: $53.72
REASONS FOR THE TRADE
Similarly to my previous trade idea about SPX500 from today, I am placing an alert at $53 and I will be patiently waiting to see how price action develops. You never know what's been going on in the traders' and investors' heads over the weekend, so we want to see the volume and a 1h close around that level before opening a position.
I believe we are now in a downtrend channel, which should bring more balance to that longer-than-expected move up. My entry is quite high and we very much may miss it, so I have highlighted the upper trendline as an entry-level suggestion. Any position around that level with a SL place reasonably high should provide a good trade setup. Ultimately, I am expecting that we reach the $49 level (bigger trendline) before we move up again.
Let me know what you think in the comment section below.
WTI CRUDE LONG TERM VIEWoil prices maybe on the road for another bottom in 2021.
ATH possible in 5 years possible due to massive demands followed by a robust economic recovery .
Oil Time For Reversal - Short TradeOil Short Trade
Entry: $53.76
TP & RR: $52.41
Stop Loss: $54.51
REASONS FOR THE TRADE
So far Oil has respected the channel and I believe that it is now reaching a point of exhaustion. This upper trendline from the channel is also in confluence with a fairly strong resistance level, so I believe a small pullback is due.
The Stop Loss is well above the channel and similarly to the trade from a few days ago, if the price starts pushing up we will close the position because a spike up should follow.
USOIL Ascending Triangle - Long PositionUSOIL Long Order
Entry: $51.04
TP & RR: $52.49 (2.54)
Stop Loss: $50.47
USOIL Short Order
Entry: $51.50
TP & RR: $50.01 (4.14)
Stop Loss: $51.86
REASONS FOR THE TRADE
As you can see I have mapped two potential trades here, but since the first one is Long, that's the center of the analysis here.
What we see is an ascending triangle in an uptrend, so I expect Oil to have an explosive move up (no pun intended). With that being said, I also think that this trend is starting to get a bit exhausted, so if the price breaks down from the lower trendline I will be looking to open a short position. Alternatively, if it reaches the upper trendline I will hedge my long with a short to protect my profits and look for a suitable place to close the losing trade.
Oil Reached Upper Channel - Time For a PullbackUSOIL (WTI Crude Oil) SHOST SETUP IDEA
Entry: $50.94
Stop Loss: $51.82
TP & RR: $48.39 (2.9)
REASONS FOR THE TRADE
So far Oil has respected the channel fairly well and I am expecting at least some pullback (best case scenario reaching the lower trendline).
The Stop Loss is set at a good distance, so generally speaking, a small fakeout shouldn't trigger it. Breaking above that channel, however, would invalidate the setup and I would look for a good place to open long. If you are a breakout trader then this would be your opportunity.
My suspicion is further confirmed by the two indicators I am using below, printing a decline in volume and momentum. The effective volume bars give a clearer picture of what's going on in a smaller time frame.
Oil- Time to go shortJust listening to my chart here and also thinking about lockdowns and their impact on crude oil consumption
I use 4 take profit levels. When first take profit is taken I simply move the stop loss to zero (entry) and wait to take another 3 take profits lower, if possible.
OIL Hello, receive a cordial greeting, you have the oil analysis at your disposal in the short term, you have marked supports and resistances.
Oil rises almost 2% and hits the highest since February awaiting the OPEC meeting.
Kind regards, Happy New Year !!! L.E.D
In Spain on 01/04/2020
The Oil industry is weeks away from collapsing. (GUSH)I'm currently short on Oil by shorting GUSH and longing the inverse DRIP. Besides global economic uncertainty, the markets are still showing weakness and not showing any signs of recovery. Also on the 2 day chart, every death cross or green dot shown on my indicators has always resulted in a massive dump.
Trying to Gauge the Channel of $USOIL and SHORT-timing!$USOIL had established a descending trade channel. It has since recovered somewhat, but only in the sense that it has established a less-severe/drastic downward trend within the new trade channel outlined. OIL is definitely something that we see a SHORT on. While the market overall has enough bullish indicators, OIL topped out at an unrealistic value and the correction could actually come even without the S&P 500 tanking.
These are different animals, but when $HAL climbed 20-plus with the pandemic only getting worse- it set off the SHORT TRIGGER. Whether readers agree or not, is enlightening; at least no one is throwing out insults b/c the notion we can predict the market over a week in advance is dubious enough by itself.
GOOD LUCK! haha.
-BDR
See attached idea regarding the "bottom falling out" on USOIL. The thoughts are similar but there have been some adjustments since.
