At the moment, the trading instrument is probably in the correction phase, but the correction is nearing completion, as we are told by the formed liquidity pool, upon crossing of which we will break the downtrend. Based on my vision of the market, I can add the following, in order for the price to start an upward movement, which the formed liquidity pool...
WTI, profit taking correction may take over before continuing up. SEEDED S to 80.55 target 74 area. Overextension to the upside is possible so be mindful. TAYOR.
WTI broke out of consolidation and closed above its 200-day EMA and resistance zone. The OBV (on balance indicator) confirmed the breakout with a move to a new cycle high, and volumes (whilst below average) are turning higher to show buyers stepping back in. Furthermore, we saw a gap ahead of the consolidation above HKEX:79 , although using classic definitions...
When it comes to oil, it was supposed to do the super moon back to $120 thing when Xi Jinping and his Chinese Communist Party finally stopped welding people in their homes and going full blown technocratic social credit while humans tried to "fight" Wuhan Pneumonia (COVID-19), but for one reason or another, the pump never got off the ground. Probably because a...
WTI Crude Oil is about to hit the 1D MA200 on nearly overbought 1D technicals (RSI = 68.113, MACD = 1.880, ADX = 54.309) for the first time in 7.5 months (August 30th). This is a critical technical junction as 83.50 is also the top of the R1 Zone and the High of December 1st. With the RSI also approaching the HH trendline, we are going short on WTI and target...
Wti-Oil is another pretty simple setup with a continuous bullish movement up to the nearest supply, we may see a breakdown from that zone but of course if we don't see a breakdown we will look towards the new bullish range that would of been created to make another move higher... from open iam looking for price to drop down giving us a reason for a shift higher...
The WTI Crude Oil is being currently rejected on the 4H MA200 but with 4H technicals naturally bullish still (RSI = 61.154, MACD = 1.320, ADX = 61.771). This is due to the strong 9 day rally since the price made a bottom on the LL trendline of the Channel Down of December. The 4H RSI also got rejected on the 70.000 overbought level and 5 times out of 6 within...
Looking at the H4 chart, the price is currently at our sell entry of 72.56, which is an overlap resistance along with a 50% Fibonacci retracement and 127.20% Fibonacci extension. Our stop loss will be at 74.68, which is slightly above the swing high resistance. The take profit level will be at 71.46 along with a 23.6% Fibonacci retracement Any opinions, news,...
The USDCAD traded strongly to the downside as the price failed to break beyond 1.3745 and fell beyond the support level of 1.3650. This move lower was due to a combination of the renewed weakness of the DXY but more because of the surge in oil prices. WTI traded up from the 69 price level, breaking beyond the near term high of 71.40 to reach the round number...
WTI Oil (USOIL) transitioned from the Inverse Head and Shoulders (IH&S) pattern we described last week to a Channel Up: Our target remains 74.50 on the medium-term which makes both a Higher High on the Channel Up while filling a 2.0 Fibonacci extension, which is the technical target for the...
Looking at the H4 chart, price has reached our sell entry at 70.380 along with a 38.2% Fibonacci retracement. If the price were to reverse from here, it could potentially drop to our take profit level at 67.02, which is an overlap support. The stop loss will be at 72.80, which is just slightly above the swing high resistance. Any opinions, news, research,...
WTI Oil (USOIL) is forming an Inverse Head and Shoulders (IH&S) pattern on the 4H time-frame, which is a technical bottom and bullish reversal formation. The 4H RSI is on a Higher Lows trend-line, indicating an uptrend and already above the 50.00 neutral mark. One last pull-back to the 65.70 Symmetrical Support is possible, before a strong rally targeting the 1D...
WTI Crude Oil is at the bottom of a Channel Down pattern. Comparison with the November 22nd fractal shows there might be one last Low left but already the Risk/Reward is appealing going long. Trading Plan: 1. Buy on the current market price. Targets: 1. 72.00 (on Fibonacci 0.5 and Pivot 2). Tips: 1. RSI (4h) is forming similar bottom pattern as November's. ...
WTI had fallen for 3 consecutive days in Wednesday. The bank crisis is calling banks to deleverage their positions, pulling back on their exposure on oil and causing the price to fall. International Energy Agency (IEA) is also reporting that the current situation in the oil market is a situation of oversupply, while Russia is looking for buyers for its oil. The...
Hello Fellow Oil Futures Trader, Here's a Technical outlook on WTI Futures! Support the channel by giving us thumbs up and sharing your opinions in the comment section below! Chart Perspective WTI Futures is breaking out of the neckline of a triangle pattern. Breaking out of this pattern indicates a potential trend continuation from previous bearish bias. The...
Yesterday's long positions in crude oil yielded good profits, and after taking profits, crude oil experienced a temporary decline. Currently, the medium to long-term strategy for crude oil is still biased towards long positions. The chart shows two support levels and two possible trends. Aggressive traders can go long now, but they should be mindful of their...
WTI Oil is inside a Triangle pattern. Sell any rejection on its top and taget Support A (75.00). Buy any break above its top and target Resistance A (80.50). Follow us, like the idea and leave a comment below!!