Oil is going higher!Clear ascending triangle formed on the WEEKLY, oil will go to $80 in the coming weeks!!
WTI-OIL
Let's Sell Oil at Range TopOil rebounded and recovered losses from last week but is once again resisted at the top of the entire symmetrical triangle.
Commodity prices have been somewhat cooling off a little as China clamps down on hoarding of supply which could somewhat cool off the oil market for a short while.
Traders may consider selling at the range top now with very limited risk on the upside and a pretty good reward if it goes down even to the equilibrium level just below 64.
WTI Bullish Cypher WTI Bullish Cypher
TP1 66.16$
SL 65.13$
U.S. crude exports fell last week to around 1.8 million barrels per day (bpd), their lowest since October 2018, while crude inventories declined 0.4 million barrels versus an expected 2.8 million-barrel draw, according to weekly government data.
crude exports plunged on signs of a speedy economic recovery and upbeat forecasts for energy demand.
WTI OIL Buy SignalPattern: Channel Up on 4H.
Signal: Buy as the price entered the 4H MA50 (blue) - 4H MA100 (green) range, which has been a Buy Zone before.
Target: 67.50 (just below the 2 month Resistance). With a little more risk you may pursue the 1.618 Fibonacci extension, depending on where the price bottoms now.
Most recent WTI signals:
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OIL descending wedge. Will be in play soonwaiting for the break above or below. Retest and resumption.
Technical analysis update: WTI oil (28th April 2021)West Texas Intermediate oil is consolidating in neutral trend since 8th March 2021. Since then, price action took WTI back to its 20-day moving average and 50-day moving average which suggests that consolidation might be near its end and upward movement can be anticipated. This is further supported by reversal in RSI. Our price target for short term is 65 USD per barrel.
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.
WTI - OIL ROAD MAPSWTI trade
Ascending Broke, Projection to 66 / barrel
buy set up can placing at 61.70/80
Disclaimer on
WTI OIL Emerging 4H MA50/100 Golden Cross. Rally ahead?Simple fractal comparison on WTI as the price is consolidating since the March 23 low and is approaching the Higher Lows trend-line that started on December 01.
As you see the current price action is quite similar to the late October - early November one. After the 4H MA50 crossed below the 4H MA100, a bottom was formed a few days later. Once the two crossed again on a Golden Cross this time, the very aggressive rally of December - March was initiated. We are on a similar situation right now. Has the March 23 MA50/100 Death Cross priced the Bottom? And if yes will an emerging MA50/100 Golden Cross kick-start a rally?
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WTI OIL should avoid this fractal at all costs.I don't call it Fractal of Doom for nothing. As you see WTI Oil hit the 2 year Resistance trend-line (red zone) that was first created on the April 23, 2019 High, and got strongly rejected on March 08, 2021. This is a Triple Top (counting the Jan 08, 2020 almost hit). A common characteristic of all three rejections is that after the initial drop, the price consolidated (orange rectangle) around on the 1D MA50 (blue trend-line). On the first 2 occasions, a bigger fall took place after this consolidation. Will it happen again this time?
It is worth pointing out also the important of the 50.00 - 51.00 zone (blue) as a long-term Support. It didn't only hold from January 2019 to January 2020 (broke due to the COVID pandemic) but also on January 2021. If the bigger fractal fall comes after the current consolidation, will that (blue) Support Zone hold again and cause another lengthy sideways period between this and the (red) Resistance?
I am really interested to read your opinions on it.
P.S. See the RSI similarities
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OIL on an uptrendOIL on an uptrend
Good luck for your trades.
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market.
But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
WTI OIL Rebound on the 1D MA50Pattern: Fibonacci Channel on 4H.
Signal: Buy as the price hit the 1D MA50 (green dotted line) and rebounded while the 4H MACD made a Bullish Cross.
Target: 69.00 (the 2.0 Fib extension) and 72.00 (the 2.5 Fib extension).
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OIL Next Target 66Right now we have a good set up for oil. Bull flag currently showing confirmation, sideways momentum gathered enough pressure to move further upwards. Main target 66 with resistance in between. Entry should have been at 64. If you missed that, buy the upcoming pull back.
RSI and MACD in indicting 'bullish', and not overbought.
My set-up is based on intraday trading, I do not intend to hold my positions long.
WTI OIL Still Below Key Level! Bearish Bias! Sell!
Hello,Traders!
OIL is trading in an uptrend and is very bullish
Due to it being oversold previously
And also due to the positive fundamentals picture
However, it has reached the first major resistance level
And failed to break it during the first attemtp
While this level remains unbroken
I will be bearish biased but any short needs to be low risk
Because it goes counter to the trend
Any long position before the breakout is also unadvisable
Or permitted with lower risk
If this level gets broken
The next major resistance level for Oil is 76.5$
Sell!
Like, comment and subscribe to boost your trading!
See other ideas below too!
CRUDE OIL (WTI) Decisional Moment & Price Action
Will WTI drop?
If so, when?
How to catch a correction?!
Get the answer in this video!
WTI OIL Buy SignalPattern: Fibonacci Channel on 4H.
Signal: Buy as the price just hit the 4H MA50 (blue trend-line). The region within the 4H MA50 and 4H MA100 (green trend-line) has been the most optimal buy level since November. Also the RSI is very close to its Support Zone.
Target: 69.00 (just below the 2.5 Fibonacci extension) and 72.00 (just below the 3.0 Fibonacci extension).
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Waiting for and sell opportunity on USOILOIL has been on an aggressive bull run since February and now have recently hit a structure level from 2019. We can see it has been push down to Friday's high and now heading back up. Setting up the fibo from the start of the bull run in Feb, the 50% level is a possible target area as it is the last level of structure. Will be looking for an entry once price re-enters the area of structure.
WTI (USOIL) IdeaHello Traders hope everyone are fine.
We see WTI prices in sideways movement (range $63.050 - $63.600) after oil prices hit a 13-month high on tighter supplies. The FED's assurance on ultra low rates, and the overall weakening USD also supports commodity prices . Oil prices see/saw additional support from the very rare winter storm in Texas which has caused the US to drop oil production by more than 10% (or more than 1 million bpd) during the last week.
The weather improved significantly now, but it will take time for the oil industry and refineries to catch up. The additional cuts from Saudi Arabia continue to keep supply and demand in balance before the OPEC+ is meeting again March 4.
I expect the group to only discuss a very modest easing of oil supply curbs to maintain oil's current path (towards $70/barrel). Additional US fiscal stimulus, the improving market sentiment, the positive perfomance of the equity markets (in particular the heavy industry) and of course rising hopes of international travel to return H2 2021 will further support oil prices.
WTI is currently close to its (current) bottom range and will try again to push through $64 later this week.
I am doing this work to help people like you to get a share from the markets. Hope you like it and happy trading to you all. :)
WTI Approaching SupportWTI approaching support and channel bottom. It could use this area to mount another challenge to the long-term down trend above. A break above that could be the start of a bigger move.
💡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.
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WTI OIL Wait for a 4H MA50 test before enteringPattern: Channel Up & Bullish Megaphone on 4H.
Signal: Buy once contact is made again with the 4H MA50 (blue trend-line).
Target: 60.00 (top of the Channel).
Most recent WTI idea:
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