Tuesday: USOIL - Week 32Hello Traders! Check Related Idea for market context!!
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Usoilforecast
USOIL Daily analysis, Bearish Reversal possibilityHello everyone, as we all know the market action discounts everything :)
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The WTI/USD is giving a lot of bearish signs for the next few days movement and has dropped from the 73.81 range and reached 68.16 yesterday, the price has crossed the support line at 70.36 and closed below it which turned that support line into a resistance line now, and that the price of the market is looking bearish for the time being.
A trade through 69.19 will signal a resumption of the downtrend. A move through 74.23 will change the main trend to up.
A 3 Black Crow pattern has appeared on the daily chart which usually indicates a bearish reversal.
So we might be seeing 2 Scenarios before this week ends :
Scenario 1 :
The price will drop even more and hit the support line at 66.15, and a battle will happen between the Bears and the Bulls and the Bulls will try to get that control back.
if the Bulls were able to get control over the market then we should be seeing the price bouncing back up to 70.36.
Scenario 2 :
Just like in scenario 1 the price will drop and hit 66.15, but the outcome here will be in favor of the bears and the bulls will not be able to gain control over the market until the price reaches another support line.
If the Bears were able to hold control then we could be seeing the price dropping even more and could be headed for the 61.68 range where the support line will be waiting to be tested.
Technical indicators confirming this bearish movement as we see that :
1) The market price is below the 5 10 20 and 50 MA and EMA (Bullish sign), but still above the 100 and 200 so for the long-term trend we could still see the market Bullish.
2) The MACD crossed the zero line showing the change of the market to a Bullish state, with a negative crossover between the MACD line and the signal line (sell signal)
3) The STOCH is in a Bearish state with a negative crossover between %K and %D, a divergence has been found between the Market price and the Indicator which could indicate a reversal
Support & Resistance points :
support Resistance
1) 69.27 1) 71.99
2) 67.97 2) 73.41
3) 66.55 3) 74.71
Fundamental point of view :
U.S. West Texas Intermediate crude oil futures are trading lower on Wednesday as growing concerns over potential demand destruction in the United States and China, due to the spread of the coronavirus Delta variant, offset potentially bullish geopolitical developments in the Middle East and another draw in domestic oil inventories.
According to the American Petroleum Institute (API), U.S. crude inventories fell by 879,000 barrels for the week ended July 30. Gasoline inventories fell by 5.8 million barrels and distillate stocks fell by 717,000 barrels, the data showed.
Official Energy Information Administration numbers are due later on Wednesday at 14:30 GMT. Traders are looking for a draw of 3.2 million barrels. According to FXEmpire
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
Wednesday: USOIL - Week 30Hello Traders! Check Related Idea for market context!!
I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action.
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Tuesday: USOIL - Week 30Hello Traders! Check Related Idea for market context!!
I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action.
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Friday: USOIL - Week 29Hello Traders! Check Related Idea for market context!!
I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action.
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Thursday: USOIL - Week 29Hello Traders! Check Related Idea for market context!!
I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action.
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Monday: USOIL - Week 29Hello Traders! Check Related Idea for market context!!
I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action.
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Friday: USOIL - Week 28Hello Traders! Check Related Idea for market context!! Looks like the structure will break the low, and then we can look for bullish clues to buy.
I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action.
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US OIL (Crude) Weekly level and Trend Breakout setupCrude tested its weekly resistance at 76.88 which is a significant level, market dropped quite sharply and broke out the multi sessions bullish trend. There is strong momentum in this market right now and I am expecting the market to test the 71.96 support level.
Wait for a pullback to around 38% fib level before a fresh sell off starts.
Trade Safe!
Tuesday: USOIL - Week 27Hello Traders! Check related ideas for market context!
I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action.
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Monday: USOIL - Week 27Hello Traders! Check related ideas for market context! Trade with care!!
I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action.
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Thursday: USOIL - Week 26Hello Traders! Check related ideas for market context! --> this is why knowing patterns are a powerful tool!!
I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action.
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USO: Waiting for the next entry! 🤠🤠🤠From the current level, we expect the USO to fall all the way down to prices around $40.56. Once in this region, the next bullish run should bring us close to $60. However, with the bullish price development of the oil market, there is a 45% chance of an early bullish breakout.
Follow us for daily analyzes!
Wednesday: USOIL - Week 26Hello Traders!
I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action.
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Friday: USOIL - Week 25Hello Traders! Check related ideas for market context! Also, check out my YouTube and support me there with a subscription, like, and some constructive criticism!!
The concept of trading patterns within patterns is powerful. It gives you a way to frame the context and have a deeper market/pattern understanding.
I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action.
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RISK DISCLAIMER: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my videos as my own opinion, as entertainment, and at your own risk. I assume no responsibility or liability for any errors or omissions in the content of this channel. This content is for educational purposes only and is not tax, legal, financial, or professional advice. Any action you take on the information in this video is strictly at your own risk. We, therefore, recommend that you contact a personal financial advisor before carrying out specific transactions and investments. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Inotfancy.com and all individuals affiliated with this channel assume no responsibility for your trading and investment results.
Thursday: USOIL - Week 25Hello Traders! Check related ideas for market context! Also, check out my YouTube and support me there with a subscription, like, and some constructive criticism!!
I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action.
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RISK DISCLAIMER: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my videos as my own opinion, as entertainment, and at your own risk. I assume no responsibility or liability for any errors or omissions in the content of this channel. This content is for educational purposes only and is not tax, legal, financial, or professional advice. Any action you take on the information in this video is strictly at your own risk. We, therefore, recommend that you contact a personal financial advisor before carrying out specific transactions and investments. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Inotfancy.com and all individuals affiliated with this channel assume no responsibility for your trading and investment results.
USOILCurrently oil is trading @ 73.00 dollars and we've been looking for a 50% pullback since the beginning of the uptrend after the devastating downtrend which was caused by the COVID19, we believe we are about to get our 50% pullback once price reaches 86.00 dollars. Once we reach 86.00 dollars we expect price to reach for the 50% around 52.00 dollars or 43.00 dollars if the bears decides to take it to 61.8%.
Once we get the complete pullback we expect the bulls to push price to 140.00 dollars completing our predicted price move.
Disclaimer: This idea is not a trading signal but it is merely just an idea any information provided here is only the personal opinion of the author (not advice or financial advice in any sense, and in the sense of any act, ordinance or law of any country) and must not be used for financial activities.
Wednesday: USOIL - Week 25USOIL is and has been on an uptrend for a while now, it keeps pushing up and making beautiful corrective structures. Watch out for a possible down-move that would create a bigger corrective structure. Of course, the down-move does not have to happen, the structure could continue up, but as I see it now there's a probability for a down-move. If you're a Pattern and Wave-trader you should have made an absurd amount of money by only trading USOIL. Take the time to study the USOIL chart, and you'll discover that it constantly creates distinctive pattern structures that we can take advantage of!
I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action.
Thanks for the support!
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SMASH that follow button! 👍
💡 Leave a comment and/or message me on how I can improve and provide better content, I'm open to suggestions to create a better experience for you!
RISK DISCLAIMER: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my videos as my own opinion, as entertainment, and at your own risk. I assume no responsibility or liability for any errors or omissions in the content of this channel. This content is for educational purposes only and is not tax, legal, financial, or professional advice. Any action you take on the information in this video is strictly at your own risk. We, therefore, recommend that you contact a personal financial advisor before carrying out specific transactions and investments. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Inotfancy.com and all individuals affiliated with this channel assume no responsibility for your trading and investment results.
WTI Oil : 73.75-76 level possible short term target ?Seems like a clear upside break out with a short term support near 67 handle ( previous resistance) + SSI is around 30% on an average
Trend : Bullish
Signal : Buy @ 68.50 (weekly pivot) , Buy limits above 64.25 - 66.00 (Supports)
Strategy : Split positions
Target : 73.75 - 76 Handle
Stop Loss : Manual close / Parallel position below 64
USOIL 7/06/2021 - WEEKLY FORECAST TF 2HHello Traders!
While Penguins are on the hunt, you can easily join them as well!
It is easy, all you need to do is to collect the hearts and watch for the eye signs.
Heart in the box - a place to take profits
Eye sign - spot to jump in, or watch
Penguin - expected direction
Have fun with it, and remember - this game is about the patience. Keep yourself cool.
Like it if it was helpful to you. We appreciate the likes and comments.
Provided feedback helps us with the future service. Got questions? Feel free to DM us!
Thank you for your attention,
GOD BLESS U ALL !!!
Friday: USOIL - Week 22Check out related ideas for analysis context! - these patterns really work!
I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action.
Thanks for the support!
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SMASH that follow button! 👍
💡 Leave a comment and/or message me on how I can improve and provide better content, I'm open to suggestions to create a better experience for you!
RISK DISCLAIMER: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my videos as my own opinion, as entertainment, and at your own risk. I assume no responsibility or liability for any errors or omissions in the content of this channel. This content is for educational purposes only and is not tax, legal, financial, or professional advice. Any action you take on the information in this video is strictly at your own risk. We, therefore, recommend that you contact a personal financial advisor before carrying out specific transactions and investments. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Inotfancy.com and all individuals affiliated with this channel assume no responsibility for your trading and investment results.