USOIL: Long position at 79.5
Over the past two weeks, international oil prices have continued to fluctuate upwards, despite the negative signals from changes in US crude oil inventories and little impact on Russian crude oil exports from sanctions. However, these pressures have been unable to overshadow the positive impact of China's economic recovery and resilient risk appetite on oil prices.
The supply gap caused by Russian sanctions on crude oil has been a concern for investors and an important factor supporting oil prices. According to recent media reports, the CEO of crude oil trader Gunvor Group has stated that price ceilings and export bans have not interrupted Russian crude oil exports, and there is an "uncontrolled fleet" shipping Russian crude oil outside the control of Europe and the United States.
Contrary to the negative factors mentioned above, China's economic recovery is one of the important positive factors for international oil prices. Apart from immediate indicators such as the recovery of transportation observed by the market after the relaxation of epidemic prevention measures, some recognized economic data have confirmed the strong rebound of China's economy, such as the official PMI and Caixin PMI last week. Goldman Sachs previously predicted that as China's economy recovers, oil prices may return to $100 per barrel.
China's latest trade data released today showed a trade surplus of $116.88 billion for January-February, down 6.8% year-on-year, better than the expected decline of 9.4%; imports fell by 10.2% year-on-year, worse than the expected decline of 5.5%. From the sub-item data, China's crude oil imports in January-February fell by 1.25% year-on-year (about 1.07 million tons), but imports of refined oil increased by 14.4% year-on-year (about 0.67 million tons). The recent strong risk appetite has also provided support for the rise of international oil prices.
The daily chart shows that crude oil has broken through the downtrend line starting from January 27th, and after yesterday's fluctuations, it has broken through the 80 level, which may open up space for further upward movement. Although there may be adjustments during the day, if it can hold the support near the 80 level, it will maintain the prospect of further bullishness. If expectations are met, subsequent upward movements will target the recent months' high of 83 and the downward pressure line since July last year of 84.
Personal trading recommendation: Enter a long position near $79.5, with the first target at $81.5 and the second target at $82.5. Whether crude oil can effectively stand above $80 in the near future is crucial. If there are any changes in the market situation, I will update it in a timely manner. Please continue to follow my strategy and leave me a message if you have any questions. I hope this can help everyone.
Usoilidea
USOIL top-down analysisHello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
Why has USOIL skyrocketed?
Yellow leaves give up the trunk in anticipation of the verdant spring; candles sacrifice their perfect bodies to have a lifetime of brightness; and the mind lets go of the mundane clamor to embrace tranquility. Only by letting go can one free their hands and seize true happiness and joy that belong to them. Learning to let go is essential to living a fulfilling life.
Now, let's analyze the reasons for the USOIL rise on Friday:
Middle East conflict: Saudi Arabia and the United Arab Emirates have conflicts over multiple issues. The most significant disagreement is related to Yemen. The UAE is seeking to build a military base and runway on an island at the southern end of the Red Sea in the Mandeb Strait. However, Saudi Arabia has refused. Sources also indicate that the UAE has been urging OPEC+ to allow for increased oil production, but Saudi Arabia has remained steadfast in its refusal. In the end, the UAE publicly and privately indicated that it would adhere to the current OPEC+ agreement for at least this year. Therefore, this led to a significant rebound in crude oil prices after the initial sharp drop. However, it is important to continue monitoring the situation to see if the development of events will persist, which represents the primary risk.
Sudden incidents: At least 12 people died in a pipeline explosion in Nigeria. On March 3, the Rivers State Police Department issued a statement saying that a segment of an oil pipeline in a village in the Imoha area of the state caught fire and exploded in the early morning. At the time of the accident, local residents were stealing oil from the pipeline, and it is believed that the burnt-out cars found at the scene belong to the oil thieves. The police are investigating the cause of the accident. This is a bullish factor for crude oil since Nigeria produces 1.44 million barrels per day, and the already repaired production may once again be affected.
Data release: In the week ending March 3, the total number of oil drilling rigs in the United States was 592, compared to an expected 602 and a previous value of 600. This data is bullish for USOIL.
From a technical perspective, USOIL was oscillating within the 76-78 range, but due to the impact of sudden events and data, the trend broke through upwards, and the trend turned bullish. It is worth emphasizing that USOIL belongs to the energy and strategic resources sector, and many events can lead to dramatic price fluctuations. Therefore, it is important to pay attention not only to technical analysis but also to the impact of news. In the short term, we will focus on whether 80.60 can form an effective breakthrough. If the resistance above is strong, the trend will fall back to around 78.60, and then we can lay out a long position in line with the trend.
In the short term, the USOIL market is not stable, and cautious investors should observe mainly and wait for the impact of news to dissipate before laying out a more secure technical strategy. I will provide specific operation suggestions timely, and feel free to leave me a message if you have any questions. Thank you for your attention and support.
How to allocate your funds for profit?
There are no wasted paths in life. All your efforts now either earn experience, knowledge, or wealth. As the Chinese saying goes, "Don't put all your eggs in one basket." This is because if you accidentally drop the basket, all the eggs will break. This principle applies to investment markets as well. It is recommended to avoid concentrating all funds into one type of investment, as it could lead to uncontrollable risk.
So, how can we allocate our funds sensibly?
Here are three investment types to consider:
Cryptocurrencies
After the emergence of countless "get-rich-quick" stories in the cryptocurrency market, many people have flocked to invest. However, the reality is that the market is merciless and risky. Only those who are strategic and opportunistic can make a profit. It is recommended to invest 10% of your funds into the market for a coin with a lower price point, and hold it for the long-term. If the value increases, your assets will expand infinitely. If it fails, you won't lose everything.
Forex Market
To participate in the forex market, choose currency pairs with lower liquidity, such as EURUSD, USDJPY, and GBPUSD. When these products show good buying opportunities, it is recommended to invest 50% of your funds into the market. The fluctuation of currency pairs is relatively small, making it a stable option for long-term trading. However, it requires a certain amount of capital accumulation to see profits.
Futures Market
In this market, let's focus on XAUUSD. This product has storage value internationally, making it suitable for trading. However, due to its sensitivity to news and geopolitical events, it can experience severe fluctuations. It is recommended to invest 20% of your funds into the market for short-term operations. Trading once or twice a day to gain short-term profits is the suggested approach.
The remaining 20% of your funds can be used for your daily expenses. Trading is not gambling. It is important to learn how to plan within your capabilities, manage your finances wisely, and make trading easier.
I have extensive knowledge in cryptocurrencies, forex, stocks, gold, and crude oil futures products. I will continue to update my daily operation strategies. Thank you for your attention and likes. If you have any questions, please feel free to leave a message. I will provide the most reliable advice to help you.
USOIL possible buy zone!Instrument : USOIL
Possible direction : Bullish
Technical Analysis : After back to back 4 months of strong rejection from the support level, USOIL bulls has taken control of the market with strong impulse on the daily, price has broken out of the weekly resistance zone and it is highly likely USOIL will continue to rise with a strong momentum and may reach to 84.80 level where is the resistance level.
Possible trade recommendation : Bullish as per sketch.
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USOIL top-down analysisHello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
USOIL top-down analysisHello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
USOIL top-down analysisHello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
USOIL top-down analysisHello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
USOIL top-down analysisHello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
USOIL top-down analysisHello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
USOIL top-down analysisHello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
USOIL Long Strategy / Flip.What has really happened?
Drawing from reserves? Pushing the price cap narrative? They are all temporary relives, just like a plaster/bondage on a wound. Chinese demand will pick up and war continues, and latest developments around south korea...
I believe the Oil Rally is far from over, and the longer the spring is tried to be controlled/held, the harder it will be released back up.
With OPEC+ Set to meet this week, and the possibility of reduction of production, intimation of South Korea, WTI prices will also be effected indirectly for sure.
I believe the strategy is pretty forward with 3 TP targets on long, and should we cut our losses and move short before longing again, 1 TP for short.
TVC:USOIL
🟢 USOIL - 4H (18.11.2022)🟢 USOIL
TF: 4H
Side: Long
SL: $79.50
TP 1: $84.30
TP 2: $86.10
TP 3: $87.56
There is a nice flag formation and RSI + MACD look reset enough to take this long position.
I think that it could go well beyond my $87.56 target. But as part of my risk management strategy, I will close at $87.56 and open another position from there if that is the case once it flips the resistance to support.
USOil | New perspective for the week | Follow-up detailThis is a follow-up detail to my previous analysis of this commodity where we closed the week with approximately 200pips profit. Oil prices plunged about 1% on Friday after top crude oil importer China widened its COVID-19 curbs, though the price of oil rose during the course of last week's trading session after a significant breakout of the much anticipated $86.00 level to set the tone for a bullish momentum in the coming week(s).
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
USOIL Oct 1 22🧅Disclaimer :There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, and money market funds involve risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods. This is Not Financial Advice
🧅JUST AN OPINION OF THE ONION.🧅
USOIL - Short from bearish orderblock ✅Hello traders!
⁉️This is my analysis on USOIL.
Here we are in a bearish market structure, so I am looking only for shorts. I expect bearish price action as price took out liquidity above previous weekly high and mitigated bearish orderblock.
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USOIL - LOOKING FOR THE LONGUSOIL is looking like an expanding market about to complete 1-2-3-4-5 pattern - see purple.
A possible reversal area is the 1.272 ext (82.52) of the last swing higher - see green
This area is also a support area going back to January.
We draw another extension from the last small move higher - see black - and judge the price action as it moves through these extensions.
The 382 of the larger move higher is just below at 80.00
Somewhere in there can be ourrevrsal for a move back up to 100 mark.
Timne to follow....
USOIL is in sell area!!USOIL (4H) is currently approaching to test the neckline of 4H head & shoulder. It is high probability that the price will have a rejection as we already have seen strong rejection from this important area of value with long bearish engulfer.
As the long-term trend is down, it is a high probability that the price will continue to drop as daily has a strong bearish price action as well
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USOIL possible sell zone!!USOIL ( 4H ) Currently in a downtrend we have last week price has just rejected this long-term resistance and has created a double top on the 4H. As the trend line is respected, we could see another drop in this instrument to the downside to the monthly support zone
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