WTI-OIL
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$
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Entry: 34.70 | Stoploss: 33.70 | Takeprofit: 36.70 |
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Disclaimer: All information and ideas provided is for educational purposes only. It is not a recommendation to buy or sell.
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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 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 >>
WTI - OIL ANALYSES
Oil prices are as shown below :
Peaked at 1 July 2008 -147 $ plummeted to 35 $
Peaked at 1 July 2014 -107 $ plummeted to 28 $
Peaked at 1 July 2018 - 77 $ plummeted to 21 $ (You can see this in my profile exactly predicted in September 2019 as of 21 $)
Will Peak at 1 July 2020 -60 $ will plummeted to 9.71 $
So until July 1 2020 May be long after badly short.