USOIL IDEA.Hi
Today I present you USOIL.
In the following days there will be a great opportunity to take short.
Wticrude
OIL 18th MAY 2022Based on chart pattern analysis XTIUSD is currently forming a symmetrical triangle pattern, the price broke out above the resistance area, then retested. the price tends to be bullish going forward. Bullish target is up to 115.30 , stop loss if the price returns to the symmetrical triangle area.
WTI Oil - a case for continued upside. Oil has had a massive bullish run since 2020 which was driven by pandemic followed by post pandemic demand in addition to the more recent geopolitical instability between Russia, Ukraine and NATO countries which accelerated the price to over 100$/bbl.
Years of negligible reinvestment into new oil plays by the energy sector and ever expanding demand for oil should allow price to continue to the upside to challenge the July 2008 all time highs.
Currently the asset is trading within a range between 126.45-92.20 price levels in what I am interpreting as an accumulation for upside objective of 140$/bbl.
There is a possibility for price to sweep under the outlined range to trap breakout short sellers before price accelerates upward and puts a squeeze on the bears.
cl1 is trading between the yearly pivot pointsCL1! is trading between the traditional & Fibonacci yearly pivot points. The BIGGEST reversals happen at the yearly pivot points!
USOIL Crude oil : Russian oil ban, what's next? 4.5The pennant consolidation opened the week with a breakout and a retest confirmation of the breakout.
Consolidation took place between Jan - April 2022, With a high of ~128 and a low of ~88.
The breakout is a major bullish technical alert, indicating new daily up-trend.
Resistance levels on the new up-trend are:
*106.80 - 108.50
*114.60 - 116.40
*125 - 127.80
Retest potential to the downside:
*Consolidation retest - 100-101.50
*Consolidation support floor - 96.50-98.20
A break below consolidation may lead to trend reversal, but for now bullish indications on full alert!
Russian oil sanctions are increasing and we have 1 million barrels a day off circulation as of now, this amount is expected to double soon, Bernard Looney, CEO of BP oil company says.
This is a fundamental trigger for the technical breakout.
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Oil at correction (down)Possible levels (1, 2) to start correction. This is just an idea, bullish continuation is also possible (3).
Good luck!
🛢️ CRUDE OIL - The Monday Gap ⚡ ⚡ ⚡ 🍂⚡ ⚡ ⚡ Oil has been rising as expected but the markets will close for the weekend and they will open on Monday...
There are some traders out there (including myself) that dare take this kind of trades. Make sure it's a small amount and i high leverage (hero or zero- small special account) Do not try this at home..
Will the prices open Higher or Lower during the weekend? And why?
The only answer is Ukraine.. and the news from there are most likely expected to be Bad, or Very Bad.
Kinda difficult to have them good (and impossible to have the Very Good)
So: We expect Oil to most likely rise and there is a possibility that it opens a lot higher next week.
One Love,
the FXPROFESSOR
News: EU oil ban adds pressure on Russia but obstacles remain : www.aljazeera.com
EU sanction will create volumeThere's rumor that EU is planning to ban russian oil until year 2027 gradually to zero.
MACD is forming to a right line.
As soon as 5 days MACD goes to the top level again. it's time to see another rally of WTI US oil.
Price will continue to grow and it could create oil crisis sooner or later.
Shanghai and Beijing is trouble with lockdown also, Chinese president Xi Jinping will stop the lockdown soon.
Demand is strong and supply is weak. We would know what to do for now.
BUY WTI H2 8-5-22: MIND THE GAPS.
BUY WTI H2 8-5-22: MIND THE GAPS
- Looking for a push higher into GAP-resistance
- Liquidity resting above 115
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CFDs for WTI Crude Oil - RISE OR FALL?This graph is a representation of my point of you of the futures market (USD).
USOILpossible way for short position
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This is Not Financial Advice
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🧅JUST AN OPINION OF THE ONION.🧅
United States Oil FundNo clue how I found this chart, however, with looming concerns on various market, political and world disaster fronts - commodities, specifically OIL has been a major topic.
I still have to do some research on what this fund actually represents, however, I know for a fact it is at a key price point technically.
TECHNICALS
Widening downward cone
At diagonal + horizontal resistance
Fundamental factors could flip this level into support
RED trendline is a long term TL that has served as a sort of mean reversion point since the beginning of this fund.
With price now on the right side of this line, this could be bullish when paired with everything else.
BELOW: Long term charts on the WEEKLY and MONTHLY timeframes.
Also something that should be noted - This security is also listed on FTX as a synthetic stock token.
Previous analyses related to OIL linked below.
Long term oil still looks bullish with $200+ target by 2025USOil looks to be continuing up after test of the median line on the monthly pitchfork.
weekly view looks like several more weeks of consolidation to build base for next run up.
consolidation on the 100 tick renko
Once consolidation complete May/June, could see a run up to test the 2008 highs.
USOILtwo possible way
I. retest and then go up ,short term target is previous high
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II. go up and gone
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This is Not Financial Advice
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🧅JUST AN OPINION OF THE ONION.🧅
USOIL - Russian oil ban = higher oil pricesMore than a week ago, we warned about potential EU's ban on Russian oil and the risk it poses for the higher price of oil. We suggested that this step would lead to higher prices of oil in the short-term. Just two days ago, Germany was reported to back a gradual ban on Russian oil. Because of that we abandon our short-term and medium-term price targets. Although, our long-term price target remains in place.
Technical analysis - daily time frame
RSI points to the upside which is bullish; however, over the past few days, it shows choppy pattern. MACD oscillates near the midpoint; if it manages to break above it, then we expect it to bolster a bullish case for USOIL. Stochastic is bullish. DM+ and DM- are bearish but due to perform bullish crossover. ADX signals presence of no significant trend. Overall, the daily time frame is bullish for USOIL.
Illustration 1.01
The illustration above shows the rectangle pattern - in which most of the choppy price action has been going on lately.
Technical analysis - weekly time frame
RSI is neutral. MACD is highly elevated and flattening at the same moment, which makes it neutral. Stochastic reversed to the upside. DM+ and DM- show bullish conditions in the market. However, ADX's signals that these conditions deteriorated over the past four weeks. Overall, the weekly time frame is mixed.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
WTICOUSDAt this point, I would need to see one of these trendlines broken to put any significant amount of money to work.
crudeoilCan fall to area 98 and then attack to 101.50. An opinion in the specified area can fluctuate.
🛢️ CRUDE OIL - New Rally Inbound? 💀Oil could be up for a new rally.
Recession worries might cause questions for demand but inflation combined with War seem heavier and most likely to push the price higher again this year.
In any case, we follow the chart:
Support worked nicely the same way that resistance was calculated perfectly (check our previous ideas below).
The price has exited the wedge and checked it as support..
We are Bullish here, again.
One Love,
the FXPROFESSOR
USOIL - Choppy but still bearishYesterday, we showed a bearish breakout in the RSI of USOIL. Although, later, during the trading session, this breakout became invalidated, and RSI moved back above the horizontal support. Despite that, we remain bearish on the USOIL, and our price targets stay in place.
Illustration 1.01
The idea above shows yesterday's intraday breakout below the support in the RSI on the daily time frame chart.
Technical analysis - daily time frame
RSI, MACD, and Stochastic are all bearish. The same applies to DM+ and DM-. ADX exhibits growth which signals that the bearish momentum is gaining strength. Overall, the daily time frame is bearish.
Illustration 1.02
The picture above shows the retracement in the RSI on the daily chart.
Technical analysis - weekly time frame
RSI and Stochastic are bearish. MACD performed a bearish crossover recently; however, it remains in the upper area of the bullish zone. DM+ and DM- show bullish conditions in the market, with ADX suggesting their further deterioration. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
