Major economies are facing a risk of stagflation and with that comes the risk of energy prices going up. At the moment, the oil price has not done any significant move reflecting the upcoming risk that major economies are facing but if I wanted to play the scenario where we see energy prices going higher during this Q4, this is where I would place myself on Oil.
WTI Oil (USOIL) hit and broke last week the 93.75 Resistance (which was the October 10 & November 07 2022 Highs) but failed to stay above it and got aggressively rejected back below it. This emphatic rejection indicates that as long as the price doesn't close a 1W candle above the Resistance, the short-term trend has more probabilities of being bearish. ** Cup...
WTI Crude Oil got rejected a little after crossing over Resistance (1) that was the double top of Nov 7th and Oct 10th 2022. The trend remains bullish but that calls for a standard correction to the Rising Support and the MA50 (1d). Trading Plan: 1. Sell on the current market price. Targets: 1. 86.00 (MA50 (1d) and Rising Support). Tips: 1. The RSI (1d) is on a...
✅USOIL is trading in an Uptrend and oil has just Broken the key horizontal Level of 93.24$ which combined With the Saudi's move to keep The prices higher makes me Think that Oil will go up even more LONG🚀 ✅Like and subscribe to never miss a new idea!✅
Dear colleagues, I assume that the price has completed wave 1. Correctional movement is inevitable. The nearest target is the area of 38.2% Fibonacci 183.36. Manage your capital correctly and competently! Only enter trades based on reliable patterns!
dear colleagues, I assume that wave 4 is coming to an end. This means that we are waiting for wave 5, which can reach at least the resistance level of 84.86 Manage your capital correctly and competently! Only enter trades based on reliable patterns!
usoil based on waves structure its ready to sell herewait for the confirmation to go
✅CRUDE OIL is trading in an uptrend Along the rising support line Which makes me bullish biased And the price is about to retest the rising support Thus, a rebound and a move up is expected With the target of retesting the level above at 84.00$ LONG🚀 ✅Like and subscribe to never miss a new idea!✅
The Gasoil chart also has several alternatives to how it can shape the end of the uptrend. I indicated them on the chart below. Black labels mark the alternative scenario. Probability is not much different from each other. In summary, we have to prepare for a volatile environment which would be difficult to orientate until it is over and wave of X is formed.
WTI OIL will be retesting a resistance level of 83.29. From where I am expecting a bearish reaction with the price going down but we need to wait for a reversal pattern to form before entering the trade, so that we get a higher success probability of the trade.
✅WTI OIL will be retesting a resistance level of 83.29$ From where I am expecting a bearish reaction With the price going down but we need To wait for a reversal pattern to form Before entering the trade, so that we Get a higher success probability of the trade SHORT🔥 ✅Like and subscribe to never miss a new idea!✅
Baed on the supply worries and the potential boost from chinese economy, there could be a move upwards, short pullback and then a move for the (needed) 80-level.
The price appears to bounce back as expected, with OPEC+ output curbs finally biting. Russia announced a voluntary decrease of 500 kbd that will remain through the end of August. The technical context entails an acceleration in wave [ 3] of iii. Most ElliottWave traders aim for a third of the third when the price moves a considerable distance with no...
✅WTI OIL broke the key Horizontal level of 69.7 So out local bias is bullish And I think that the price Will go further up LONG🚀 ✅Like and subscribe to never miss a new idea!✅
This is a quick short-term bet on the bottoming of the oil price-action based on a price action behaviour. It is possible that the price has bottomed as it has been consolidating and creating a triangle shape in the lower time-frames (see 1H chart). The RR ratio is looking very positive (above 3) for a trade, assuming price will rebound from this level and not...
I suspect that wave ii (red label) is not finished and we may be seeing a triangle in the making to finish it off (black labels).
WTI Crude Oil rebounded yesterday upon hitting the 4H MA50 and as the 4H technicals turned bullish (RSI = 55.674, MACD = 0.250, ADX = 26.371), this is a buy opportunity on the short term. We are targeting the 1D MA100 (TP = 73.50), where we will place the first medium term short (TP = 68.00). The maximum technical extension for this year has been the 1D MA200, so...
WTI Crude Oil got rejected today exactly on the 0.5 Fibonacci retracement level, which is the pivot level we have identified that determines the short term trade. The medium term pattern is a Megaphone and with both the 1D and 4H timeframes neutral (RSI = 52.099, MACD = -0.100, ADX = 28.689), we can easily realize that the price is exactly in the middle of the...