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WTI-OIL

WTI (Crude) 10/17/2019 daily doji lessonIm looking at the oil chart and I am seeing some decent gains today. There is a lot going on in the middle east so many different factors could be the reason for the rise. I am really more impressed with how well the speed fan is working. I used to use the speed fan much more than I do now. I still think they are great but many times when I have multiple indicators on the chart it makes it too noisy. So The fan was an unwanted sacrifice I had to make. I try to put em on the chart still when it looks like they belong there and this oil chart is a perfect example of how speed fans are great tools. The speed fan is a part of the fibonacci family. I am still in awe at the way fibonacci tools work so well. There are numerous I still dont know how to use. But traditional fibs and trend based fibs and speed fans are among the most used in my TA. If you look at this chart is is so clear the fan is providing support. From August 9th to September 16th we rode the .5 fib (on the fan) and then the Saudi attack happened and TA went out the window. When the dust finally settled we were lower at the .382 fib (on the fan). We have been riding that fan for 11 days now. I just like to point out when tools work this well. WTFDIK right?
OANDA:WTICOUSD
by UnknownUnicorn4304403
2
WTI oil 10/14/2019Taking a look at oil today and we have seen about 1.60 today in terms of price. Its to be expected I guess considering the attack on the Iranian oil tanker was only a temporary push. Cooler heads seem to have prevailed and even though the missiles were shot from the direction of Saudi Arabia, Iran seems to have backed off blaming the Saudi Kingdom for the attack but have stated they will not let this attack go unpunished. Problem is if Saudi didnt do it, who did? Im willing to bet it wasnt UAE or Yemen... But who was it if not Saudi? That is the million dollar question. This seems like a tit for tat if you ask me. Saudi felt attack but fell short of blaming Iran even though the attacks were clearly from the North suggesting they have Iranian origins. Not to mention the drones and missiles were of Iranian origin. Still Saudi refrained from blaming Iran. Now Iran was attacked at sea and the origins of the attack are still being investigated. Something tells me there is more to the story than meets the eye. Perhaps these are attacks that were planned ahead of time to try and increase the price of oil? I know that this probably wouldnt be the first time this occurred and will likely not be the last considering Oil is the life blood of these 2 countries and most of the middle east for that matter. If this escalates to all out war oil will likely surpass 100 a barrel very fast. Now looking at the oil chart today we have lost some ground and fell to the .382 fan. The candles have been finding support on this fan for 8 days or so. You can clearly see that the candles are respecting the fan quite well. Oil will become more volatile as the middle east becomes more volatile. No way around it. Trump seems dead set on keeping prices as low as possible to make himself look good. Gas has remained relatively reasonable the last 2 years or so. But something is going to give. One mistake and the world will be at war. One single wayward strike can end with the entire middle east in flames. I hope we do avoid war. Nothing is worth the death of perhaps millions.
OANDA:WTICOUSD
by UnknownUnicorn4304403
WTI Oil 10/7/2019Taking a look at crude this a.m. I dont trade oil but I enjoy keeping an eye on the charts as I am employed in the industry and the price of oil effects the work load at the shop I work at. We are trading around 53.50 which means we have pretty much seen a full retrace since the attack on the oil facility in Saudi Arabia. I threw a Fib speed resistance fan onto the chart last week and it is working like a charm. These candles seem to really show the fan respect. I havent looked at oil much so I am still trying to figure out if the charts work in a similar way to Bitcoin and from what I can see they do have plenty of similarities. We had a nice reversal candle I pointed out on the chart and since we reached that low (around 51$) We saw a healthy bounce to where we are trading now at 53.50. We were in a steady down trend since 9/23/2019 but on 10-3-2019 we had a reversal candle (which I pointed out on the chart) and we seem to have reversed course at that point and started gaining ground once more. Question is will the price continue to rise? If it does the first level of resistance I can see is around 54.50 where the candles found resistance and support just recently (.618 fib) We are also above the cloud on this chart which is bullish. We also made it back above the 50 MA for the first time since late September a few days ago. That 200 MA is still above our heads though so we are not quite out of the woods yet. If it was the Yemen rebels that attacked the Saudi oil facility I expect they will not give up on targeting these facilities. These Yemeni rebels get weapons from Iran and with the way the middle east is looking right now Iran may be drawn into a conflict with Saudi Arabia even if they are not the ones that perpetrate an attack. I have a feeling Yemeni rebels may prefer if Iran gets drawn in the conflict. Why wouldnt they? They are severely outmatched right now and even though these Yemeni rebels are having some success at the end of the day people in Yemen are starving thanks to Saudi blockades. Something has got to give. Why am I telling you all this? Well whenever there is a conflict involving Saudi Arabia oil prices are effected. Saudi Arabia is a top oil producer on the planet. Im sure Saudi is looking out for an attack on their oil facilities now and it may be tough to catch them off guard like the first attack did. But there is still the Persian gulf. If Iran or Yemen rebels start dropping mines into the Straight to Hormuz it can severely effect the flow of new oil to the rest of the world and will likely lead to another war in the middle east. Its a powder keg over there and oil is bound to gain ground with any conflict that happens. Keep an eye on oil. It could surprise us all.
OANDA:WTICOUSDLong
by UnknownUnicorn4304403
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