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USDWTI

POSSIBLE SHORT for oilThe level you'd want to take a close look at is the 49.50 mark, short if you see a bearish signal. If Price goes UP and breaks through the +/- 51.00 mark (key resistance), then the +/- 60 level should be next. If price goes DOWN and breaks through the +/- 45.40 (key support), then it could go down to the 43's. Reasons for short: - RSI overbought. - Latest high was step 5 in Elliott wave - 0.618 fib level - Demand for oil isn't really meeting supply as oil producers are trying to benefit from a rise in prices.
FX_IDC:USDWTIShort
by Beerus
1
USDWTI SHORTExpecting some profit taking from the USDWTI longs in the coming days, who entered in the support zone near the double top (RED LINE). Looking for sellers to come in at the 78.6% Fibonacci level which is also being met by the WEEKLY 50 MA and both are within a DAILY resistance area. Price is currently trying to break and close above the DAILY 200 MA (GREEN LINE), it could also be worth noting that there is potential for divergence with the MACD and perhaps more importantly the RSI is nearing overbought levels for the first time in over 5 years on the WEEKLY timeframe.
FX_IDC:USDWTIShort
by ForexPinnacle
USDWTI - Rocking up to the EP/ConfluenceWhat can a trader count on? As far as i know: FACTS and HIGH CHANCES from one statistics. If we filter all the noise and mark out the facts, then we have what's really going on in a chart. So, what facts do we have in the USDWTI Chart? 1. a mesure of the big up- swing, copied to where i see, price has changed direction. 2. price left the orange down Fork at the U-MLH. 3. a overshoot of the previous biggest swing-range to the downside. And we know: where is a Action there is a Reaction. 4. support at the red upsloping A/R Set (...in fact, if you look close, you can see that this lower red A/R line is nothing more but a L-MLH ;-) ) 5. price is very strong, left even the first WL (WL1) 6. the upsloping, thin red Fork - price made it above the CL = very strong! 7. CONFLUENCE: a) Overshoot Reaction, b) WL2, c) U-MLH of red uplsloping Fork. All this is FACT.... ...and it is valid, valid ONLY for the moment of the analysis. OK - but what is it then good for, if we can't bet 100% on all the information and on the price target at the orange circle? Well, it's good for a HIGH CHANCE to go up to the orange circle/confluence area. And that what our job is all about, handle chance and risk. P! Here you can find a free Basic course of Action/Reaction and the Forks: mytradingcoach.teachable.com
FX_IDC:USDWTILong
by Tr8dingN3rd
Comex Market Analysis and Trading Tips - US OilOverview : Crude oil futures for delivery in March traded below $27 per barrel for the majority of the trading session, marking the second time this year that crude has traded around this level. Prior to 2016, the last time that crude oil futures traded below $27 per barrel was in September 2003. On Technical charts, Major trend of crude oil is strongly bearish and market is making lower top and lower bottom formation in downward sloping channel on chart. Market is poised to be further bearish, it has gone below its recent significant low of $26.19. It has been taking resistance of 200 DMA on four hourly chart. Expanding of bearish gap of 200 DMA and 50 DMA dead cross on technical chart will fuel the down side momentum. Resistance is seen near the significant high of $29.55, while next support is seen at $26 a barrel 2003 low. On intra day basis Crude oil price likely to trade lower today. If it break the support of 26.00 then it is likely to show the level of 25.00. RSI is still place in negative territory below the mark of 50. ADS is also sustaining above 40 mark with negative DI place above the positive DI, which is showing that momentum would be bearish. www.tradingsignalreviews.com
FX:USOILShort
by piponomics