WTI-OIL
WTI CRUDE OIL | CORRECTION | UPDATINGOil rushed down and I closed my short. What was the purpose? Count five waves from the end of wave b (graph on the left) and close the short.
Wave 2 or b may continue. For example (the graph on the left) it can be a larger zigzag, in the wave of which the third wave ends.
Well, or even wave 2 or b can go double zigzag (why not?).
But when you trade corrections (not trends), it is important to follow the original plan, and it is now executed, so I left the trade.
Waiting for the next COT report
Second Wave of COVID-19 will be Caused by RiotingRISK DISCLAIMER
Risk Disclaimer: Forex and Equity Trading on margin carries a high level of risk, and may not be suitable for all investors.
WTIUSD H1 - Long trade SetupWTIUSD H1 - Hourly timeframe, will take a fair few hourly candles to see a nice new high set and subsequent trendline test. Hopefully we can look to grab another entry next week, similar to the one we caught this week. Strong S/R and TL intersection point
USOil, H1 - getting low volatileSlow down in the up trend channels, so it possible to break down today.
EIA Posts Build in Crude & Distillate Inventories Within USHeadlines:
- EIA Posts Build in Crude & Distillate Inventories Within US
- Natural Gas Data Shows Further Build in Storage
- US Energy Sector Falls Along with Indexes Whilst Futures in Asia Slide
WTI - Long IdeaI was in this short, just closed.
I see price sitting firslt on a few support levels:
- A double bottom?
- MACD bullish divergence
- RSI oversold
- Hammer formed at 200 EMA (1 hour)
I would like to see price make it a little further north, that trendline goes back to March 10th.
CL1! - Crude Oil - WTI - H4 - Weekly Analysis - Bullish TrendCL1! - Crude Oil - WTI - H4 - Weekly Analysis - Bullish Trend
We have a major Bullish Trend, the price made a pullback on the -0.236 Fibonacci Level that is a support zone.
Now we are waiting for a breakout on the 34.70$ with a closing candle H1 above 34.70$ to enter long.
Our target will be @ the -0.618 Fibonacci Level @ 36.70$
■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■
Entry: 34.70 | Stoploss: 33.70 | Takeprofit: 36.70 |
■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■
If you like this idea please click the like button to support us, thanks.
■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■
Disclaimer: All information and ideas provided is for educational purposes only. It is not a recommendation to buy or sell.
■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■
a major correctionThe 34 mark is proving to be a resistance.
If after the first attempt on May 21st, the second attempt also fails at the 34 level, a major correction to the $25-28 level is imminent.
This level has proven to be a strong resistance and support. Additionally it is a Fibonacci retracement.
Overall, the upward trend in oil should continue, so the $25 mark should serve as support for a price level above $35.
WTI getting ready for nap WTI has had an explosive run the past few weeks. It will continue but a breather is needed. 618 fib and top of the BB will provide formidable resistance. Looking for retrace to the .5 or .382 demand zone.
WTICOUSDReturn to Previous Level
Previous Up Trend Dec 2018
Economies opening up of course more oil is going to be used : )
Clever people brought at the low : )
WTICOUSDEconomies opening up
Can't see it going any lower, ridiculous
That's my theory : )
Pretty good analysis if you ask me : )
cl, oil, day trades idea for May 4th 2020Today after a down move from Sunday open oil has been working in complete balance with a slight skew to the lower side. will be watching the red zone close along with the signals after teh opening of the RTH session.
Closed the gap from 17 AprilThe gap from 17 April is closed and from here, i expect to rise at 25 usd, if the buyers go stronger, I expect a target for 42 usd, if go through 25.
CRUDE OIL (WTI) Potential Buying Opportunity & Trading Plan
Top-down analysis on crude oil.
key levels, potential scenarios, and trading plan explained.
WTI Mid-Term Technical Analysis - Potential and Risk Here is a more in depth analysis of yesterday's published idea. WTI has appeared to have confirmed a new bottom with the EMI after closing repeatedly above bottom support (scripting thanks to @bonic) signaling a heavy buy signal on the weekly and monthly charts. We have to manage risk here. I have place a strong watch on the bottom uptrend support around 1.8 up to potentially 2.5 and so on. Stop loss should be used accordingly how low depending on how much you are willing to risk. Though that should be pretty clear if you stay up to date on analysis. immediate resistance but according to EMI appears likely to break through both 2.37-.39 and 2.55-6 resistance lines. If it fails to do so you may consider selling to play safe. Read the charts.
bounce off long term support
same bounce with a more current date range
oil, cl, trading for Apr 24th 2020I find it interesting that I got many comments on my call to remain short oil. I would like to expand on this concept. First thing to point out is no one asked me how I plan to short or, and what part of the oil complex i am shorting, and additionally is there anything in the sector I am long.
Second part is the price is low and looks attractive to be long, but the question is how do you get long oil at this time as we deal with a very significant contango situation.
Here is my advice, Be very careful!!! and happy to have private chat and even a chat group to discuss the oil structure o complex.
USOIL / WTI Short selling idea Short selling idea
Short levels : 19.00 - 18.50
TP1 : 13.50
TP2 : 9.50
SL : 20.95
This is not an investment recommendation or any call to buy or sell
It is just an analysis based on a study of the history of price action
Behavior , that may not be a necessarily reason for the success of
the structure or repetition. So please make your decision based on own your vision .
To protect the capital and manage your deals and trading successfully
the maximum loss in each trade for the same pair or
commodity in the same direction should not exceed ( 2% ) of the capital .
Good luck >>
