CL1! - 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 @...
The 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...
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.
Return 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 : )
Today 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.
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...
I 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...
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...
The WTI broke all the supports, the 20M BPD wasn't enough and the market is discounting this.
I expect more sellers and a touch of the support at $12
From there, the price should go to at least 17/18
$12 a petrol barrel is a long term gift, the same price of a papa john's pizza
Headlines
• EIA Inventories Release Shows Crude Build of 19.248 Million Barrels
• IEA Reports Oil Demand in 2020 to Plummet as Lack of Demand Rocks Markets
• Crude Plummets Below $20 Handle as IEA Shows Expected Demand to Fall
