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Oilsignals

USOIL IHS Pattern finished? Morning everyone, So it looks like oil is still in the chute for a price movement. Typically after an Inverse Head and Shoulders pattern, we see the price go up the same distance that can be measured between the head and the right shoulder. There is room for a follow through, but we are finding resistance in the $58.00/bbl area. As I've stated before, oil does need to reach $60/bbl for global "happiness" on oil prices. Presidents Trump's comments to OPEC last week, stating oil was still to high, caused oil to take a hard hit last week. Monday, we saw about a 3% loss, regained some strength during the week, and then took another roughly 2% hit on Friday. For this week, oil can go either way. If you are doing a Binary trade, I would suggest either going above/below Friday's closing price of $55.80/bbl. On Nadex, this would be your weekly contract. They currently set it to $55.75/bbl. Happy Trading! Zak
FX:USOIL
by ZakaryP
West Texas Oil - Bullish Trend Continues.....After a long accumulation range that end last quarter of 2018 , we saw a breakout with the price reaching the mid seventies. This was our first indication that a trend is about to begin. The price then pulled back into the buy zone(75-87.5 fibs) and produced a buy pivot. Good stopping volume came into halt the price as it move back to the center of the accumulation range. In Wyckoff terms this is - "Jumping across the creek" and a "Back to the creek". We should see price move higher, back above the mid seventies.
OANDA:WTICOUSDLong
by TRADER-RI