WTI is reaching a significant weekly supply zone with sign of RSI divergence.
Bias to lower levels towards 68 with likely bounce on the lower channel support.
Further upside towards the upper resistance channel first remains a possibility.
technical say oil must see big trend line soon or late
it can go up then go down
or
from now start go down
buy limit on big trend is good idea too with sl =0.50$ (dont close sooner than 75)
What do you think of this fractal on the 1W time-frame? The price action since mid 2020 resembles that from early 2017 to mid-late 2018. During that time, WTI started off a Channel Down (blue), then as it broke above the 1W MA50 (blue trend-line) it rose aggressive and after it broke above the 1W MA200 (orange trend-line) as well, it entered a a 9 month Channel Up...
Technicals such as RSI, MACD and Stochastics are all bullish. In addition to that ADX shows signs of awakening. Price continues to rise and on 3rd June USOIL’s price reached 69.37 USD. We think there is high probabillity that USOIL will reach our short term price target of 70 USD within next week. Because of that we would like to update our medium term price...
Fundamentals keep pumping Crude Oil.
The price managed to violate a key weekly resistance cluster and close above that.
Now it looks like the market will go higher.
The next key resistance on my radar is 74.85 - 76.85 structure.
It is based on 6 years' market high.
❤️ Please, support this idea with a like and comment! ❤️
⬇️ Subscribe to my social networks! ⬇️
We dont really post trade ideas as we are day traders and most of our trades are pretty quick, but since we have a little extra time right now we are sharing this WTI short.
We believe there are good to great indications that WTI could achieve a small reversal in its up trend and move closer to the 10 day EMA (purple)
We are in a strong uptrend, but we have...
A lot of talk has been made lately around popular assets like Gold's strength, the selling on BTC and the weakness of the USD while few have been paying attention to WTI Crude Oil's long-term carts. WTI has silently broken above its Historic Lower Highs trend-line (that has been in effect since the July 2008 Market Top) and is on a sustainable trade above it. This...
Pattern: Channel Up on 1D.
Signal: Buy once contact is made again with the 1D MA50 or the RSI enters its Buy Zone. The entries have been consistent since March 23.
Target: 72.00 (around the 1.5 Fibonacci extension).
Previous WTI plan:
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **...
Oil 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...
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...
Pattern: 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:
** Please support this...
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...
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...
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...
