OIL short OIL sold off and is pulling back to test the 50 MA and the most recent level it broke out of...could see a nice sell to buy opportunity .
Oilshort
First Red Since Bottom. (USOIL)🤔 We tested the 34.50 key area that I said we would look to test next in my previous oil post linked below. Check that out. I'm currently in a short for 5% from the breakout point. That rebound would of been a nice scalp play, but I'm still sitting on it. The Crossover strategy and ema dots on lower timeframes showed you the entry.
My main focus is this daily timeframe where we do see a red crossover and red ema dots.
Did have a nice rebound off the range support we were watching. From a bear standpoint we need that 34.50 to crack to move towards 31.50 next for a test. If happens then the next range to play will be 34.50 - 31.50
I like my position and not worried about the scalp. Trying to capture a larger term move.
Checkout the last post on oil below in the related ideas.
Best of luck 🎲🎲🎲
🥇MLT | MAJOR LEAGUE TRADER
US OIL : Break above 39.30 required for Bullish ContinuationOIL has started the downward correction and reached around 34.60 which is the Fibo Extn. 1.61
Usually, if the price extends above 100% on Fibo, it's a sign of trend formation; one can expect the pullback and continuation of the move in the same direction.
Therefore, I remain bearish for OIL until it closes above the falling trendline and breaks resistance at 39.30
GOOD LUCK FOR YOUR TRADES !!! PLEASE SHOW YOUR SUPPORT IF YOU LIKED THE IDEA
OIL SELL OR SHORT , DROP TO $35Basically the bearish pattern will confirm when the price reaches $ 37.60, however the indicator strength and circumstances
suggest it is very weak, so I suggest waiting for Short at $ 37.60 and if you are holding you can sell it.
- SELL NOW
- SHORT WHEN DOWN TO : $37.60
-TARGET : $34.70 - $35
- STOP LOSS : $38.60 FOR MARGIN BESTER IS : $39
Wish you good deals!
Oil Go Drip! (USO)😯 Uh oh! It seems to be that oil has broke upward support.
Now it seems to be treating support as resistance.
With a potential Elliott 5 Wave completion.
Would not be surprised if it dumped.
27.58 needs to hold.
Break below 27 is a short.
Bear > Bull
Best of luck! 🎲
🥇MLT | MAJOR LEAGUE TRADER
short US Oil#Oil for me intraday am short and SL is $40, first target @$36~$35 once if reach there i'll move SL to break even and see how it reacts from there 🤓
it's an aggressive trade but I like it personally, fits my trading style 🕺
Oil Test Channel Support. (USOIL)What a roller coaster ride oil has been this year! Let's analyze the strong rebound from the negatives that we bounced back from.
I have identified a parallel impulse channel that it is playing for support and Resistance range currently.
The Crossover strategy is crossing over red but very strong compression right on the support level to battle the trend.
You want to pay attention to the candle here and see which way the body wants to start building towards.
If we break the green dashed line we could see it run towards 34.50 to test an old Resistance level that we had a double top at to see if it's a solid support.
If the body of the candle starts to push green then you would want to look for it to align with the ema dots down below, as only the top one is currently green.
If we do push back up 40$ will be your key Resistance edge play and if it broke you would look to push towards the top of the channel.
Oil is in a very good position for a play. Best of luck to you! ✌😁✌
🥇MLT | MAJOR LEAGUE TRADER
$MRO Oil is set for a pull back...Gap UP TWICE!!Does anyone see the issue with this?
Gap UP TWICE in less than a week....
in a very overbought state can only
mean one thing.....right??
Clear and simple long term uptrend - without a doubtThe road to 50$ is clearly set. Target will be reached in July.
CL Down breaking the equilibrium!!!In the next few hours , we expect that OIL will go down since it breaks the equilibrium range with a high level of volume and high Candlestick.
So selling OIL Future right now will be a good choice
The level to which CL will decrease too is specified by the arrow
Has Oil finished falling?Interesting. When you look at the inverse of oil, symbol SCO, you can see support over a very long period of time. It's almost as if it is poised to start climbing again! This is something I'll be actively monitoring.
Oil Future for sell to dayHello everybody,
The Oil Future was in equilibrium but broken after that in point A, then it came back to the rectangle in point B and break it in point C.
The break-in point C shows that for today, Oil will go down, in a decreasing trend.
So, selling oil would be a good choice for today.
But we should pay attention, if the stock break the resistance, it could return to the rectangle of equilibrium.
🛢️Is the 12 year oil bear market coming to an end?🛢️It looks like the lockdown may have been what oil needed to take oil out of its 12-year bear market.
Oil has been trending downwards for over a decade, with sharp sell-offs pointed by the yellow arrows. The graph shows a very brutal bear market for oil.
The lockdown did not help, reducing the demand for oil so much the price went negative.
But was this the catalyst oil needed to breakout into a new bull market?
Since there was nowhere to store oil, producers started shutting down wells, shutting down well is very expensive, and re-starting them is also very expensive.
Data shows that the amount of oil coming out the ground now is slowing as wells are turned off, and some will not come back online again.
A wave of US shale oil producers filing for bankruptcy is rising as we speak, another supply shock.
Demand may not even need to hit pre-covid levels to enter a new bull market if producers have over-cut and there is not enough supply to meet new demand.
If inflation hits the streets, that is another bullish factor for oil.
Right now there are too many unanswered questions and the chart for oil does not look good at all, but we may be starting a new bull market if the above holds true and impacts the supply of oil.
The first level of resistance is $43, we are far away from that, it’s hard to work out support as prices have not been this low for over two decades, based on the last 3 monthly candles it’s around $17.
The RSI is not showing a lot of momentum, and things do not look good for oil in the coming months.
If you like this idea, please view my monthly ideas on Gold, Bitcoin, S&P500 and GDX. I provide a macro technical analysis combed with market fundamentals to see where price is heading next.
USOIL Evaluation on potential up coming direction indicatorsA few if and buts in here, however:
If we continue in a downward trend towards 31.4/31.45 region and then begin heading up again, Without breaking 32.0
Then if we continue with a positive trend between 7:00 and 7:30
We can expect the climb positive out of here.
If however it breaks the 31.4/31.45 region, or turns negative during the 7:00 to 7:30 window then we can expect a negative turn from this wedge.
If it falls into the 31.13-31.28 region we can also expect a downwards trend to follow.
Watching Oil To Be SlipperyCurrently todays market open has shown P action below the inner downward trend line and inner upward trend line. Currently watching P action to see if Bulls Vs Bears has the strength.
Daily View:
Published chart 4hour view above ^
Also see Gap for slight interest area if price is more bullish this week.
📈Support & Resistance📉*
Support Levels
1st Support Zone: 28.82
2nd Support Zone: 24.89
3rd Support Zone: 20.72
Resistance Levels:
1st Resistance Zone: 33.93
2nd Resistance Zone: 37.62
3rd Resistance Zone: 42.11
Price Level Consideration
ATH: 147.27
All Time High Half Way Point: 73.64
Prominent High: 65.53
Prominent Low: ZERO
🐃 Bulls Verse Bears 🐻
🐃 Bullish above: 77.04
🐻 Bearish below: BEARISH at the moment
Monthly & Weekly Opens
Monthly Open:18.86
Weekly Open: 33.56
June Futures Expire - Oil Short Trump's tweet about oil being great is a signal that oil is, in fact, not great.
Conflicting storage report numbers don't inspire any confidence (In me at least).
With restrictions being lifted, how much time does it take to return to original usage levels?
Unlike bond markets, it's possible the FED can be powerless to help oil if they lack storage logistics.
Putin is low favorability. He has the balls and the means to cheat opec cuts and screw foreign oil industries.
Saudi Arabia has lots to gain by inflicting pain on us shale and offshore industries the same way, but with more oil.'
And then the T.A.
It Seems like a perfect Elliot wave has executed, and times right up with the futures expirations for a pretty pullback.
It would make sense to see a touch at 61.8 fib Retracement. Which gives a goal of $20.
SCOHi guys,
I got stopped out today by the squeeze happening in WTI.. This is what I'm thinking will be the path going forward, I thinking with option expirations the DXY has gone ahead and did the exact
opposite of what I thought was going to happen, and I remember thinking that the dxy break out looked rising wedge patternish when I was still watching the break out.
But I will most likely re-enter my SCO position on Wednesday or Thursday if the price hits $25 and starts to recover as I think it will.
I think the DXY will get a spring off the 98.8 area as well which will apply pressure to #oil prices.
Peaks on OilPrevious resistance points can be observed at $31, $33, and $35 from mid-April.
We could see this rise in Oil price reach one of these peaks, before heading back down as Oil storage reaches a maximum and a second wave of Coronavirus cases occur.
This drop is likely to happen over the coming week, so a good opportunity for a Short on Oil, potentially reaching $20 or even $10.
We may have already hit a peak on Oil for the timebeing, on the other hand, we may hit a peak at one of the mentioned resistance heights in the near future.
Displayed are potential pathways for Oil to head.
