USO on the 60 minute chart is currently in a broadening wedge and reflecting down off a reversal at the upper resistance trend line. The MACD lines have crossed over the histogram and are trending down showing moving average convergence. Price is between the mean and first upper band lines and moving down toward the former. Current factors at play...
USO on the weekly chart over the past two and a half years makes a symmetrical triangle patter with the upper and lower trendlines drawn in. Price appears to be dropping out of the pattern in a breakdown and she now yet tested the prior support trendline as resistance. The Stochastic RSI and Zero Lag MACD are confirmatory. The Relative volatility indicator...
Rising Flag formed on Sasol, the price broke below and beautifully it went down on a strong trajectory and declination. The price remained below the 200MA confirming the bear market for the company. The price came down in a strong fashion takeing it to the first target of R184.52. The oil price also coincided with the Sasol price having the downtrend dominate...
Rising Flag formed on Sasol after the continuous downtrend. We see price remains below 200MA which makes a nice risk and reward trade for the short. Target remains at R184.52
Oil prices have continued to decline, marking the third consecutive session of losses. This decline is attributed to a series of sluggish economic data releases from Germany, the eurozone, and Britain, which have raised concerns about energy demand. Brent crude futures dropped by 2%, down $1.76 to $88.07 per barrel, while U.S. West Texas Intermediate crude futures...
COP has had a brief trend up in the past three and a half trading days of about 8%. An analysis of the 30 minute chart suggests this could reverse. Firstly, the HA candles are now narrow- ranged and more or less Dojis. The MTF RSI indicator of Chris Moody shows dropping RSI on the 5 minute TF while it is hold up at 100 on the 60 minute TF. The former is...
NRGD goes up when oil goes down; this ETF tracks the oil futures ; it is leveraged and managed. Here on the one-hour chart with an Bollinger Bands and EMA bands indicator added, it can be seen that price had been trending down in two waves beginning June 1st , Upon dropping outside the BB lower line, price reversed upward to reach the upper BB line and...
Oil failed to stay above the former range low today. After slamming into 64 a couple of weeks ago there is good chance we start to see some offers firm up around these prices. I would consider 74 premium and 59 discount as imports increase. Points of interest are marked on the chart. A big surprise on inventory numbers today also points to lower prices in the coming week
Oil looks in correction phase after reaching the support demand zone at area 64 and currenting heading back up to the downtrend upper channel possibly at area 75. Oil is still in its downtrend channel and possibly next target, if the support breaks, into next support and demand zone at area 50.
Oil is running out of momentum, but I believe it has enough to reach this upside target before heading back to the U.S. SPR refill zone. Multiple factors that line up, its up to you to find them.... Good luck!
Hi traders I’m just waiting for confirmation to sell oil if it breaks this channel take profit at 90 Stop loss at 92.5 Good luck all if you like my idea like and share your opinion ☺️
Seasonal favors downside in crude oil. Market presented a new setup. IQ has always and will always, get all the praise; but discipline gets the job done ~Mark Ritchie Lose like a pro and keep trading, or lose like a novice and quit ~Mark Ritchie
From 2h chart us oil is looking good to at least retest last time low, 81.18. But this time it could be more than 81.18. My personal target is between 100% - 161.8% of fibo expansion (78.69-71.46). Between that range could be the profit target zone. Stop level is somewhere ABOVE 88. I wish u all have good trade.
For this week, 15 to 19 Aug 2022 for oil market I still prefer to sell as the daily chart is still indicating bearish trend. Last week whenever price managed to rise above SMA 50 it failed to stay above. Future could is also still bearish. So I defined the selling zone with stop area and the possible target profit zone. Trade well and wisely.
We get confirmation from lower time frame. Yesterday's rally I didn't sell oil. M30 of oil now is indicating bearish for sell oil. Kijun cross tenkan downward. Future kumo is brarish kumo. Macd bearish. And chikou is currntly running below the kumo. Pay attention to the 2 tp zones I defined. Trade well and wisely.
It is obvious that from d1, h8 and h4 TF oil is bearish trend. But I dont think it is wise to sell at current price. I prefer to sell the rally. The red box is selling zone while the blue box is the taking profit area. 🙏🙏🙏
From H4 chart it is indicating oil to revisit July 2022 low, 90 level. Chikou is pointing downward. Candle is running below cloud. So in my humble opinion it is pointing to July 2022 low. The STOP should be ABOVE 97.14 level.
A 'rising wedge" pattern is one of the most bearish candlestick patterns out there. It's when the highs consolidate with the lows in the shape of a sharp triangle going up. When the support trend-line breaks down - A trend reversal is usually ON! Meaning that from higher highs and lows the shift is to lower highs and lows and new lower targets are targeted....