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Teekay Tankers: Bullish Cup with Handle Targeting $61.82Teekay Tankers is a Marine Shipping company that is a Subsidiary of The Teekay Corporation, and it mainly focuses on the Shipping and Storage of oil. Recently, the BDI has begun to rise, and oil demand has picked up, leading to increased demand for dry bulk shipping. Despite this one already being up a bunch, I do think it has formed a nice enough Cup with Handle pattern here to try and play for a measured move breakout up to around $61.82.
NYSE:TNKLong
by RizeSenpai
WTICOUSD: Triple Bullish Divergence at Bullish Bat PCZWe have a Triple MACD Bullish Divergence at the PCZ of a Bullish Bat that happens to align with the 200-Week SMA and the 800-Week EMA. I have generally been bearish on this chart since the highs back in 2022: but the persistence it's shown at this Harmonic and Technical level of confluence makes it hard to ignore the potential for at least a 50% move up back to the level of $100. The 1.618 is at the level of $96.13 but usually if price gets that close to $100, the asset ends up hitting $100, so my target will be $100. I do think that after it hits the level of $100, it will likely come back down and continue the bearish trend all the way down to even $10, but in the meantime, it looks like there is a decent chance of a short-term rally, which in this case happens to be about a 50% move up from the current level.
OANDA:WTICOUSDLong
by RizeSenpai
USOIL: Remaining Stubborn within the RangeUSOIL has managed to stay slightly above the PCZ of a Bearish Butterfly as well as to not break down any trendlines and avoid the bottom of the Range; However, Despite how strong it may look it still has dailed to break structure and it has been showing lots of Bearish Divergence. So long as the range holds i suspect that we will trade back below the 1.618 and eventually go for the Bearish Break Down Targets that could lead to a Bearish 5-0 to take us down to Atleast $56.27.
TVC:USOILShort
by RizeSenpai
1
Bearish Crab on USOIL: Bearish Continuation Expected This WeekWe have a Bearish Crab with MACD Bearish Divergence at Last Week's high on USOIL after a reaction to the PCE report. I'm expecting that we have reached a top for the week and that we will continue to make the bigger move to the downside to continue the trend started by the 4HR Bearish Bat Trade Below. I will be waiting for the stock market to actually open before taking the trade if it's still within the Pattern Completion Zone by then.
TVC:USOILShort
by RizeSenpai
2
WTICO-CRUDE OILThe West Texas Intermediate Crude Oil market has been all over the place during the trading session on Thursday, as traders continue to try to price in a bit of a premium for Russian aggression, and of course, the fact that most shipping companies will have nothing to do with transporting Russian oil, effectively taking 10% of the world’s inventory off-line. Going forward, the market almost certainly will find plenty of buyers, but I think we are getting close to a significant pullback. Quite frankly, there are only so many people out there willing to buy this market going into this type of volatility, and although longer term we will probably go much higher, you need to see a certain amount of profit-taking and of value hunting after that to continue the overall uptrend. On the downside, I see the $100 level as a potential support level, as it is a large, round, psychologically significant figure and an area that has been important in the past. We have seen a major breakout there, and I think it may have to be retested before we go much higher. However, this does not take into account that we could see a headline crosses the wires that send the market parabolic again, especially if it involves Russia. We are obviously in an uptrend and a very strong one at that. However, when markets become parabolic like this it is very difficult to keep up this kind of momentum, so the market almost certainly will have to pull back in order to attract more trading capital from big accounts. Even if you told me that we were most certainly going to fall in price tomorrow, I would not sell this market because it is so sensitive to the occasional headline. As far as changing the overall trend is concerned, I think we would have to break significantly below the $100 level because it would show a complete change in momentum. Unless Russia pulls out of Ukraine suddenly, I just do not see that happening. With all things being equal, this is a market that if you are patient enough you should find value that you can take advantage of. This is by far the preferable way to trade the market, as it has been so obviously one way.
OANDA:WTICOUSDLong
by SmoothJB
WTICO/USD FUNDAMENTAL AND TECHNICAL Hi Traders, We have here one of my most favourite assets to trade. Oil brings great volatility and even greater potential for profits. Oil could potentially hit $50 over the next few months. Global inventories have been in moderate decline that will accelerate by mid-2021, the chief executive of Vitol, Russell Hardy said as quoted by Reuters. Thanks to Pfizers announcement last Monday on a vaccine candidate for COVID-19 that had shown a 90% efficacy rate during late stage trials. However, the vaccine has still some way to go as the sample of study participants the company examined at this rate of efficacy is limited, at 92, to draw any major conclusions. "Still, the immediate price action after the news indicates how important positive news about the pandemic has become amid surging cases, lockdowns, and a rising death toll". The oil benchmarks added as much as 10% following the Pfizer news. Furthermore, in combination with the weakening U.S. dollar and Joe Biden victory in the U.S. election, which boosted the appetite for riskier assets and removed the election uncertainty from the market. Moreover, prices were supported through the Energy Minister of Saudi Arabia, Abdulaziz bun Salman, who said the OPEC+ production cut deal could be 'tweaked'. Combined with the technicals, I feel that there could be two potential movements. Firstly, we could potentially see a breakout from the bottom of the descending triangle, taking price arguably down to support at $40/40.5 If this is so, we will have to watch price action and volume at this price to decide our next step. However, there is a potential head and shoulders opening up on the hourly time frame which would mean we'd have a movement up to $43. Please like and follow!!
OANDA:WTICOUSD
by Market-Snipers
2
WTICOUSD Previous Forecast Still IntactHello traders, The bigger 3 wave B structure in the middle is almost complete!! Look for the bigger up move first to break the trend line and then if we don’t get a sharp rejection we will look for a consolidation and another up move to break the 60.2 / 61.0 range in order to complete the huge flat pattern before we eventually head back down for the monster dump. I will post a long setup when I see a good opportunity! Check out some of my other ideas down below. If you would like me to forecast a specific pair that I have not covered, feel free to comment it down below. Don’t forget to like & follow, I will be posting forecasts & trade setups on a regular basis! Thank you, Good luck
OANDA:WTICOUSDLong
by UnknownUnicorn852976
Oil PERFECT FORECAST Buy The BreakoutHello traders, We just made a strong impulse up exactly as predicted and now we are consolidating nicely without failure. Look for the next breakout and click BUY. Refer to my forecast that I made earlier to see what the bigger picture looks like. Check out some of my other ideas posted under 'related ideas' down below. If you would like me to forecast a specific pair that I have not covered, feel free to comment it down below. Don’t forget to like & follow. I will be posting forecasts & trade setups on a regular basis! Thank you, Good luck
OANDA:WTICOUSDLong
by UnknownUnicorn852976
1
WTICO/USD - Will it reverse??Hello traders, WTICOUSD - Still in major downtrend for now. Look for the completion of the small correction pattern and then the bigger one, at which point we will wait to see whether it will correct and give us an impulse that breaks the trend to start an up move or gets rejected and falls back down to break the end of 2018 low target. If you would like me to forecast a specific pair that I have not covered, feel free to comment it down below! Please don’t forget to like & give me a follow if you like what you see. Thank you, Good luck
OANDA:WTICOUSDShort
by UnknownUnicorn852976
1