Get started

Westtexasoil

Technical analysis update: USOIL (12th August 2021)USOIL struggles to move up since announcement of supply boost by OPEC. On 20th July 2021 price found its support at 65.11 USD. On 9th August 2021 price again dropped and halted its decline at 65.17 USD (6 cents above support). After that 2 trading sessions with higher low and higher high followed. RSI seems to develop similar pattern as price itself. It did not cross below 30 points to the oversold zone. Instead it reversed above this level. This is normally associated with corrections in strong bull trends of higher degree. MACD is bearish but flattening out. Stochastics strives to reverse to the upside as ADX contains low value. We think these circumstances could potentionally signal temporary bottom for USOIL and thus end of correction. We would like to set short term price target for USOIL to 70 USD. Our medium term price target remains 77.50 USD and our long term price target remains 80 USD. Developements from 5th August 2021: Here we expressed our belief that 65 USD support level would hold in case of further selling pressure. Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
6
WTI OIL Long for 77 per barrelTrend trading the constant rallying in West Texas oil, indicators showing a long opportunity with the S/L and T/P based on x1.25 the 14-day ATR. If oil reaches 77 per barrel, this may be the first time in years that it has reached such a level. Fundamentals to consider: - Economies are opening back up, therefore driving demand for oil, up, due to the low production from OPEC prices may continue to rise. - OPEC meeting on Monday, until the meeting is over is when an entry can be considered. In the event, anything is said that may play with the price.
OANDA:WTICOUSDLong
by Joshehull
💡WTI . Weekly Technical Analysis UpdateMidterm forecast: 51.60 is a major support, while this level is not broken, the Midterm wave will be uptrend. Technical analysis: While the RSI uptrend #1 is not broken, bullish wave in price would continue. A trough is formed in daily chart at 51.60 on 02/01/2021, so more gains to resistance(s) 63.10, 66.50, 72.55 and more heights is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 79. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
TVC:USOIL
by ForecastCity_World
16
💡WTI . Weekly Technical Analysis UpdateMidterm forecast: 51.60 is a major support, while this level is not broken, the Midterm wave will be uptrend. Technical analysis: While the RSI uptrend #1 is not broken, bullish wave in price would continue. A trough is formed in daily chart at 51.60 on 02/01/2021, so more gains to resistance(s) 63.10, 66.50, 72.55 and more heights is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 79. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
TVC:USOIL
by ForecastCity
8
WTI Crude Oil above key area looking for 2019 highs $WTI WTI Crude Oil above key area looking for 2019 highs $WTI, above key level of the $50 level, could have possible already put in the low at $47 for 2021. The last time in traded above this level is stayed in a range as highlighted in the blue range and was very profitable to buy this level every time it his this level until it eventually gave in the 2020 covid crash. Would assume this will be an area of interest to buy at for a retest to get long. TVC:USOIL
TVC:USOILLong
by UnknownUnicorn5478134
Crude Oil Price Above $50 a Barrel, Reversal incoming?Crude Oil prices have surprised many investors and traders. Similar to Copper, in a sense both are an economic recovery play. Way back last year, we saw Oil hit 0, but then form a head and shoulders reversal pattern. The uptrend has been held since then, but we have finally now hit a major resistance zone which could signify a shift in trend. First of all the fundamentals. Oil above 50 is big because it signifies a recovery. Even with second lockdowns in many nations, Oil continues to move higher. The play was the covid vaccine. With a vaccine developed, the question now becomes how quickly it can be distributed and how quickly can people get inoculated. People like Kyle Bass see this being bullish because the demand for air travel once things re-open will be greater than many expect. People will want to live life and do things they were holding back on due to lockdowns. Jetfuel demand will be overwhelming. The second major fundamental is of course OPEC. The oil cartel is saying that demand for oil is cloudy due to pandemic uncertainty. Maybe a stronger mutation means the vaccines become useless, and we go back to lockdowns. OPEC members have decided to maintain their production cuts due to low demand. But really, could this just be a way to raise prices? OPEC discussions can be an issue going forward with surprise cuts or production increases. The Biden administration and their green energy plan will be seen as negative on fossil fuels, but the truth is we cannot phase out of oil very quickly. Oil will still be here. Yes, I know that many oil company balance sheets are bad, but I have told my readers that in this irrational exuberance fueled market, investors will look for things that are cheap. Our options were limited to airlines, cruise ships, banks and energy. Energy just looked the best because these companies will continue to pump, and with rising oil prices, can churn out a profit. Regardless of what you think about Oil, it has surprised many people who were bearish the commodity. I trade the markets I see, not the ones I hope or want to see. Emotions are set aside. I have profited on the way up, and I believe there is an opportunity to play a short. Starting with US Oil (West Texas), the 4 hour chart is showing some price reaction at the major 53.50 resistance zone. I recommend going out to a longer daily time frame to see why this area is major resistance. A good zone for a trend reversal. On the 4 hour chart, we are forming the reversal pattern known as the double top. In fact the short was triggered, but due to US markets being closed today, a lot of liquidity is not present for follow through. The breakout was triggered when we closed below 52.25, and price pulled back to retest and currently sellers are stepping in. It looks good. Placing our stop loss above 52.55, we can target the major psychological zone at 50.00 to the downside. We can assess from there if price continues making multiple waves lower. Brent Crude (UK Oil) actually looks much nicer. The very popular head and shoulders reversal pattern. Same technicals apply: breakout has been triggered and we have pulled back to retest the breakout zone. To the downside, I would target a broad zone between 51.00-52.00 as it is a major flip zone (an area that has been both support and resistance in the past). For an entry, you can enter right now, or wait for price to make new recent lower lows.
TVC:USOILShort
by Uncharted-FX
Oil Double Bounce and Up - Long PositionOIL BUY ORDER Entry: $52.71 TP & RR: $54.66 (4.88) Stop Loss: $52.31 REASONS FOR THE TRADE If you followed my trade idea from yesterday, then you know that I was expecting either for the price to bounce from the lower trendline and then start trending up or break through it and take a deep dive down. While the position is still profitable and you may choose to keep it open, here I am suggesting another alternative of how price action may develop. I think the price will start zig-zagging around the support level, do a double bottom and then start trending up towards the upper trendline from the channel we already defined. The Market Flow indicator turned green, which in my trading system is an indication to close short orders and look for a long one. Those of you holding the short from yesterday may choose to hedge that trade with a long from that level. The Stop Loss is fairly close, so feel free to adjust it if you are worried it will get hit (especially if the spread on the exchange you are trading on is fairly big).
TVC:USOILLong
by Quant_
Oil Reached Upper Channel - Time For a PullbackUSOIL (WTI Crude Oil) SHOST SETUP IDEA Entry: $50.94 Stop Loss: $51.82 TP & RR: $48.39 (2.9) REASONS FOR THE TRADE So far Oil has respected the channel fairly well and I am expecting at least some pullback (best case scenario reaching the lower trendline). The Stop Loss is set at a good distance, so generally speaking, a small fakeout shouldn't trigger it. Breaking above that channel, however, would invalidate the setup and I would look for a good place to open long. If you are a breakout trader then this would be your opportunity. My suspicion is further confirmed by the two indicators I am using below, printing a decline in volume and momentum. The effective volume bars give a clearer picture of what's going on in a smaller time frame.
TVC:USOILShort
by Quant_
9
💡WTI . Weekly Technical Analysis UpdateMidterm forecast: 43.75 is a major support, while this level is not broken, the Midterm wave will be uptrend. Technical analysis: While the RSI uptrend #1 is not broken, bullish wave in price would continue. A trough is formed in daily chart at 40.20 on 11/13/2020, so more gains to resistance(s) 50.70, 54.75, 57.80 and more heights is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 74. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
TVC:USOIL
by ForecastCity
24
WTI . Weekly Technical Analysis UpdateMidterm forecast: 43.75 is a major support, while this level is not broken, the Midterm wave will be uptrend. Technical analysis: The RSI downtrend #1 is broken, so the probability of continuation of uptrend is increased. A trough is formed in daily chart at 40.20 on 11/13/2020, so more gains to resistance(s) 46.30, 48.70, 50.70 and more heights is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 66. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
TVC:USOIL
by ForecastCity
13
WTI . Weekly Technical Analysis UpdateMidterm forecast: 43.75 is a major support, while this level is not broken, the Midterm wave will be uptrend. Technical analysis: The RSI downtrend #1 is broken, so the probability of continuation of uptrend is increased. A trough is formed in daily chart at 40.20 on 11/13/2020, so more gains to resistance(s) 46.30, 48.70, 50.70 and more heights is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 66. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
TVC:USOIL
by ForecastCity
19
WTI . Weekly Technical Analysis UpdateMidterm forecast: While the price is below the resistance 43.75, beginning of downtrend is expected. We make sure when the support at 34.60 breaks. If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid. Technical analysis: While the RSI resistance #1 at 65 is not broken, the probability of price increase would be too low. A trough is formed in daily chart at 40.20 on 11/13/2020, so more gains maximum to Major Resistance (43.75) is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 60. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
TVC:USOILShort
by ForecastCity
15
WTI . Weekly Technical Analysis UpdateMidterm forecast: While the price is below the resistance 43.75, beginning of downtrend is expected. We make sure when the support at 34.60 breaks. If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid. Technical analysis: While the RSI resistance #1 at 65 is not broken, the probability of price increase would be too low. A trough is formed in daily chart at 40.20 on 11/13/2020, so more gains maximum to Major Resistance (43.75) is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 60. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
TVC:USOILShort
by ForecastCity
16
WTI . Weekly Technical Analysis UpdateMidterm forecast: 39.70 is a major resistance, while this level is not broken, the Midterm wave will be downtrend. We will close our open trades, if the Midterm level 39.70 is broken. Technical analysis: While the RSI downtrend #1 is not broken, bearish wave in price would continue. A peak is formed in daily chart at 39.50 on 11/05/2020, so more losses to support(s) 36.30, 34.60, 30.85 and more depths is expected. Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains. Relative strength index (RSI) is 44. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
TVC:USOILShort
by ForecastCity
10
WTI . Weekly Technical Analysis UpdateMidterm forecast: 39.70 is a major resistance, while this level is not broken, the Midterm wave will be downtrend. We will close our open trades, if the Midterm level 39.70 is broken. Technical analysis: While the RSI downtrend #1 is not broken, bearish wave in price would continue. A peak is formed in daily chart at 39.50 on 11/05/2020, so more losses to support(s) 36.30, 34.60, 30.85 and more depths is expected. Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains. Relative strength index (RSI) is 44. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
TVC:USOILShort
by ForecastCity
14