hey guys, good day!!! I have received very lovely comments after yesterday's post on gold and many of you asked me to clarify the picture on WTI. The first thing to consider is that we haven't seen a pullback for more than 1 month! Slowly but surely bulls are still keeping pushing the market forward. Yesterday the market has finally entered 64 - 67...
Looking at the 1 day WTI chart. I see that we did get a decent rise thanks to tension in the middle east. Things could get sticky folks. We are on the verge of war with Iran. Do I want a war? Hell no. But will I capitalize on oil if war is unavoidable? You better believe I will. If you dont take advantage of it others will. Now I am the last person here that is...
Oil has broken out of the local resistance (The red dashed line). Longing a 40% portion and then also waiting on the daily close. If we manage to close above the dashed line I will go long further. Will state targets once the daily closes.
A US airstrike at the Bagdad airport killed Iranian General Qassem Soleimani’s. Not only this is going to increase geopolitical instability in the region but it also questions the legality of the President's decision as he acted without Congressional approval! US-Iran relations are taking a sour turn early in the year following an “extremely dangerous” attack...
Significant breakout in #oil today. Price broke through horizontal resistance & falling TL resistance in play all year. Nice follow through in $XLE as well. I'm targeting a push to $63 (Sept 19 high, June 18 low) $WTI $CL
An important thing to note with contraction fakeouts, if they are valid and work out, is that a vicious reversal usually follows. Currently, price action came right back into the contraction and is testing the bottom layer of it, which could easily create a breakout. Later in the day we do get the US Crude Oil Inventories which could be the push the WTI bears...
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WTI is in an attempt to break below minor horizontal support. If a candle closes below the underlined level, we can short the market expecting a bearish continuation. Target levels will be based on structure: 57.4 58.6 Stop - 58.80
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This is a great example of a broadening wedge that we took advantage of this week. COngrats to all that took this trade with us. Broadening wedges are hard to ind but hen they break it can have some significant and extensive price action to the prictable direction. This wa a +6% return on our CFD at the time of rollover.
See related ideas from yesterday,
Trading suggestion: . There is a possibility of temporary retracement to suggested support line (56.22). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . USOIL is in a range bound and the beginning of uptrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic support. ....