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WTI-OIL

WTI Oil: Bullish break out confirmed. Buy opportunity.The price broke the November low (49.35) and has entered into medium term bullish territory looking for an extension on the current 4H Channel Up (RSI = 71.469, MACD = 1.090, Highs/Lows = 1.1843, BBP = 2.7960). However the overbought levels (STOCHRSI, ADX, Williams, Ultimate Oscillator) can pull the price lower for a Higher Low, currently supported at 49.35. This bullish break-out has high probabilities to form an Inverse Head and Shoulders pattern on 1D (also entered bullish territory on RSI = 56.738, Highs/Lows = 3.2479), aiming to consolidate for the next 20 days within 49.35 - 54.485. We are taking this opportunity to go long on a more modest TP = 52.630, as the Higher High of the current channel. After all as a previous long term analysis shows (see below), December's low was on the 42.005 1M (monthly) support giving WTI oil high chances of a sustainable rebound: ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
OANDA:WTICOUSD
by InvestingScope
1
WTI Oil: Will the monthly support hold this time?Oil tested this week the first 1M (monthly) Support at 42.005 which has so far stayed intact. This level has supported the price successfully on 4 occasions since 2015. From a medium term Risk/ Reward perspective it is worth buying here, aiming at 54.600 which should act as the Resistance. If that level breaks, then the long term bullish reversal gets valid. Otherwise as we've seen last month (November) even a +10% rebound doesn't guarantee a bullish reversal on the long term. Therefore short term traders can look for scalping opportunities within 42.150 - 46.450. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
OANDA:WTICOUSD
by InvestingScope
1
The end of Oil as we know it: Chapter 2=> Firstly, well done to all those who managed to make their slice of the pie on our previous Oil trade. A monster move with our stops holding by crumbs before an almost -40% move to the downside. => See attached for those wanting to read in detail the macro and fundamental rationale behind the move. => For this latest idea here we are tracking two things; either a feeble bounce into next year with profit taking for short or a continuation of the bleeding and unlocking of the $40 handle.
TVC:USOIL
by ridethepig
WTI (CRUDEOIL) – Finally bombed…Hello everyone, the count is gone and I was not on the right side. So good so far, but I do not give up reading the chart and share my ideas here. So, there is another count in the chart… I think, that the whole structure since the low in Feb 2016 at 26$ is corrective, because WTI has destroyed the impulsive count yesterday. In 2016 I felt not good, because the structure of the first movements up didn’t look impulsive rather corrective, but WTI was starting to new highs, so I changed my opinion. That eventually was wrong! Superordinate I now see a subordinate ABC-correction-pattern, which will lead us down to under 26$! Yes, under 26$. It may sound sick, but this is absolutely possible! And yes, there is a chance for new highs – absolutely. We should keep an eye on the structure of the movement up, which started today. I think this will be only a corrective wave 2 up, which I will use for a short-entry, if my actual count is right. The blue circle in the chart may be the sore point form where we have to make a decision: up for a final uptrend, or down for a massive downfall. Don’t hesitate to contact me, if you have any questions or other ideas! Take care tgo
TVC:USOIL
by TV_ACC_02