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WTI-OIL

Oil 4hr chart 10-1-2019Taking a look at the oil charts this a.m. We have been correcting ever since the attack happened on the Saudi facility. That really was to be expected as it was only a temporary spike in price due to the circumstances. We have pretty much corrected to where we were before the attack. I see a possible break out on the horizon. I have not looked at oil charts much in my time as a trader but this is how I see it playing out. I know that oil is more political than most investments so we will have to wait and see if this plays out like I think it will. RSI is low so that is a good sign for the bulls, not to mention the fact that we are reaching a point we have bounced off of in the past so I am watching the candles for some action today or tomorrow. Of course nothing is set in stone but keep an eye on oil if you are playing the market. Cheers
OANDA:WTICOUSD
by UnknownUnicorn4304403
WTI (oil) 9-26-2019 1 hour chartTaking a look at oil this morning. I see us settling back down after the attack on the Saudi oil facility. But is it truly over? I imagine that Saudi is being much smarter about defending the facility. They had all their defenses pointed south which left their north wide open for an attack. People are accusing Iran of committing this and they do have their finger prints all over the evidence. With that being said Iran sells weapons to other entities just like the US does with a ton of countries. So simply saying you have evidence that a Iranian drone and weapons were used doesnt mean the case is closed. These wars are typically proxy wars perpetrated by nations that despise each other but dont want a full war. Instead they do proxy fighting. Just like the US and Soviet Union did back in the day. Look at Afghanistan. We armed the rebels fighting Russia in the 80's. Well fast forward to where we are now and we are still playing the same games. Just new game pieces. Its messed up because we are arming our future enemies simply to be a thorn in the side of our bigger enemies. I see us in a pennant at this time. It looks to me that this is a continuation pattern which suggests we break up out of this but oil is so political anything can happen. That is why I like trading BTC. It is impacted less by stuff like this. Oil is more susceptible to politics. Depending on the response we have to Iran will effect the price of oil. Also if another attack happens and they find out Iran did it then we will absolutely go to war. If that occurs we will see oil over 110$ again. Maybe much higher. Iran likes to set mines in the straight of Hormuz when they are unhappy with what is happening so that would dramatically effect oil logistics and shipments world wide. Anyone with any idea of how supply and demand can see that when the oil supply is interrupted than prices rise. The US govt seems to want to prevent oil from rising and you can see that from our response to this event. I have to say I am quite surprised we didnt attack them. Pleasantly surprised though. This attack on Saudi is the first time I have seen dems and reps agree on something (they wanted to attack Iran as a response) We will have to keep an eye on the situation. I have friends in Iran and I hope that nothing happens for their sake. Its a shame.
OANDA:WTICOUSD
by UnknownUnicorn4304403
1
WTI update for 24 September 2019Daily Data Summary Suggests: Current Daily Trend is Bear The anticipated upcoming trade range is between 55.19 - 58.20 If WTI is capable of maintaining the current strength as of today, there is a projected daily target price of 55.75 Price movement has slowed below the average trade range and are suggesting either a stall for averages to catch the prices or a turn in the prices in the opposite direction The RSI that monitors bullish strength has a current daily reading of: Neutral Bull The RSI that monitors bearish strength has a current daily reading of: Neutral Bull The strength demonstrated over the last 5 days is currently: Bearish Price Consolidation has formed between: 54.87 - 63.33 The price relationship to the moving averages currently suggest Short positions. ** If data does not significantly change between trade dates, a daily update may be skipped. Monthly and Weekly updates will always be provided. **
TVC:USOILShort
by priceprophet
WTI Update Morning 16 September 2019Commentary: It is obvious that a disruption has occurred in Saudi oil production. This will cause a cascade effect across the technical indicators that can take a few days to be accurately realized. Technically speaking the entire set of indicators this morning jumped from bearish to bullish. This jump, should stabilization occur rapidly will take up to 21 or more to be filtered out of many technical indicators. Why? The prices in this spike will be calculated in for many trade periods from now and create false signals. Prices have jumped with a high of 9% from Fridays close as of the moment I am writing this. Prices have traded 5x the normal daily range and the EU markets haven't opened yet. There are other factors to weigh in that have not been announced/accounted for, such as rig counts having gone down the past few months as demand grew less. Oil from the Americas have decreased in production due to a decrease in prices. It would be easy for these taps to be turned back on and an increase in sales then would adjust the prices. Also the response of the remaining oil production nations to this disruption could stabilize the price after the a few days. So, I advise caution when trading this news situation. As a technical trader, I have no idea of the closed door discussions going on currently to counter-act this current situation. If any at all are occurring. So, I am going to position myself at this time as Neutral until I have a technical idea of what exactly is going on with the prices. That being said. Weekly oil is still In Consolidation between 50.55 - 60.89 (Price at this moment is 60.11). That consolidation may/may not be broken today to the high. Also, obvious the daily consolidation is broken to the high. Trade with caution. Be safe, place stop losses and take profit conservatively if you are trading this event. -PriceProfit
TVC:USOIL
by priceprophet
WTI Oil: Buy opportunity on the 4H Support.Oil has been trading on a 4H Descending Triangle (RSI = 32.603, MACD = -0.400, Highs/Lows = -1.0093) with symmetrical Lower Highs (red arrows) and a clear 53.00 - 52.90 Support Zone. Since mid August every Golden Cross formation marked an upcoming Top (Lower High) while every Death Cross marked an upcoming Bottom (4H Support test). The price just made contact with the 4H Support and technically is on the ideal buy level. Our TP is 55.10 (interim rejection point from last Support bounce) and under conditions 56.50 in extension (expected Lower High). ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
FX:USOILLong
by InvestingScope
5
WTI 8/9/2019 hourlywell we spiked a bit and we are above the hourly cloud which is a good thing if you work in the industry like I do. We are finding some resistance at the .5 fib around 54.65. The wicks touch there but the candles actually corrected to the .382 fib which is around 54.39. Oil is so much different than Bitcoin which is what I am used to charting. I have started developing more of an interest in the oil price lately as the line of work I am in is dependent upon oil prices. If oil is booming so am I. They recently cut our hours a bit here at work so I am trying to make sense of it by looking at the WTI chart. we seem to be in an uptrend for now but oil is going to be a bit volatile so long as this trade war keeps escalating. I guess I will have to start trading more to make up for the lost time at work. But like I always say... WTFDIK? We are trading at 54.05 US dollars.
TVC:USOIL
by UnknownUnicorn4304403
oil, cl, day trading for Aug 9thlate into the overnight oil had a nice rise and is finding some volume at these levels so will look for further long if we remain above 52.91, we do have some resistance to watch out for on this long trade at 53.36 and 53.75 and above these levels the longs should have control heading into next week. A move down below 52.91 should see a test of the current lower levels, not sure all the way to the 50.54 but if it did then would start looking back to 45 area. So starting idea for me will be to look long as long as we remain above the level mentioned.
FX:USOIL
by alleytrader
WTI Oil: Medium term action plan.Oil has just tested today the 50.50 1W Support of the Descending Triangle (RSI = 39.101, MACD = -1.300, Highs/Lows = -3.3064). This creates the ideal medium term long entry towards the Triangle's potential Lower High at 56.00. The downside on this is the 42.50 1M Support, while the upside if the pattern breaks (above 61.00) is 66.66 and 74.00 on the long term. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
FX:USOILLong
by InvestingScope