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Oil - Approaching potential resistance. How deep the reversal ?Oil seems to be finishing a 5 waves move and approaching potential resistance zones which are the Fibonacci clusters in green at 113, 115 and 118. I do not know which one of those will act as resistance but one thing is sure, it's time to take profits off the table, not add new positions for the short term at least. On the hourly time frame, we can see that we're potentially finishing a 5 waves move. Notice that the Fib projections also come around the same levels as the 15min chart.
TVC:USOIL
by ElliottWaveBelgium
Oil is near its selling zone. Oil is on fire because of sanctions against Russia. Russia is one of the largest oil-producing countries globally, and the European countries mainly depend on Russian oil and gas. The sanction against Russia put the fire on the oil sector. So, it is tough to say where the oil price will stop. But there is something about to say technical analysis and profit-taking factors. As long as the European don't find alternatives, the oil price will rise. But profit-taking is a must for every trade. The present rates are $110/115/Barrels seem a profit-taking zone. That means oil may go in deep correction nearly from the present rate. So, I expect oil to drop from $110/115 to $90/92 for profit-taking purposes. But remember, profit-taking doesn't mean the trend is changing. The oil trend still is in an uptrend as long the European countries don't find the alternatives of Russian oil or the OPEC agreed to produce more oil. So, we can sell in the short term from the present rates to the $90/92 price zone after deep correction, and we will go for buy again from the $90/92 price zone. On the other hand, if oil breaks above the $115.00, we will continue our trade till the 2008'sswing high price zone of $145/150 price zone. However, I am not expecting it yet. I expect a correction first in deep, and then we will buy again. But I am still bullish on oil. If you like my chart and analysis, please like, comment, share, and follow me.
TVC:USOILShort
by Gold_Trading_Expert
Energy growth this coming yearThe WTI also known as the USOIL made a massive recovery after dropping to $-19 a barrel and looks to return to its glory days. All my USOIL analysis have been accurate to date as this is what made me my 1st million. Understanding how the oil prices come about and what influences the price for oil on the markets. The price for oil looks to become even more expensive considering the increase in demand. Should there be an over supply of the USOIL, we will see it plummet. For now I'm bullish bias but I will amend my analysis should we successfully break our of our rising wedge pattern. Because there's a chance that it could break out, I will place a buy stop above 70.30 and take my profits at 106.00 You have to be prepared to hold positions to trade this signal. All the best. Disclaimer NASDAQ Guru offers general trading signals that does not take into consideration your own trading experiences, personal objectives and goals, financial means, or risk tolerance.
TVC:USOIL
by Mezzoforte_Privilege
USOIL Swing updateThe reward is near, you've held for months, we're now about to approach a significant price in the USOIL were most oil traders will feel that the market will change direction at the resistance level $91.50. In the next two weeks we will have a retracement where we will see oil sell from $91 a barrel to $84 a barrel. Most scalpers take such opportunities to capitalize on profits. I recommend that you take some profits at the resistance of the rising wedge and open a buy limit at support ($72-$74). Once we can confirm a clear bullish movement at $85 (strong resistant cluster on the daily and weekly time frames), we will take the opportunity and take profit from $100 - $115 a barrel. Disclaimer NASDAQ Guru offers general trading signals that does not take into consideration your own trading experiences, personal objectives and goals, financial means, or risk tolerance.
TVC:USOILLong
by Mezzoforte_Privilege
Oil making it's way back to $100?oil drove to $100 due to fear of supply with Russia invading Ukraine. This is the first time oil has hit $00 since 2014, so of course it will not just bust through like we all wish it would. The market needed to correct itself first, pulling back to $90.50.on the 4hr time frame you see a fakeout of the trendline, indicating oil is going to push up some more. it is respecting the current uptrend as of right now. I see oil atleast going to $94 as of right now. I will watch the market and the news before making further decision. on smaller timeframe there is a small bullish divergence indicating a buy is coming as well.
TVC:USOILLong
by UnknownUnicorn11654040
Oil at 7 year highCurrently WTI Crude Oil is trading at almost $81 a barrel, which hasn't been seen since Oct 2014. With oil shortage rising in Europe, mainly in the UK we can see oil prices to continue to rise. With the next targets being $88, after which we should see a minor pullback, before it goes to $98 a barrel (as this is a major key level since 2008 - 2014). I've marked them in red circles. We might even see it go as far as $106 a barrel by the end of this year. As we are approaching the end of the year with major holiday seasons coming up and covid slowing down, we should see an increase in travel by road and flights. This should be a main driving factor for oil to continue rising.
TVC:USOILLong
by DeepHaldar
2
Crude Oil Finds Buyers on Dips | WTIWTI crude oil prices remain on the front foot at around $91.45, up 1.30% intraday while consolidating the first weekly loss in nine during Monday’s Asian session. Although fears among the energy bulls could be spotted as the key catalyst for the black gold’s first weekly loss in multiple weeks, geopolitical noise surrounding Russia and Ukraine joins the OPEC+ supply concerns to keep WTI buyers hopeful. It’s worth noting that the Fed’s rate hike chatters and inflation woes add to the upside filters of the energy prices. That said, Ukraine and the West continue to suggest an imminent Russian military attack on Ukraine. However, Moscow rejects the claims. Recently, a Reuters’ witness said, “Explosion was heard in the center of the rebel-held city of Donetsk in eastern Ukraine.” It’s worth noting that a diplomatic meeting between US Secretary of State Antony Blinken and Russian Foreign Minister Sergei Lavrov can provide a ray of hope to witness a de-escalation of the geopolitical fears and hence the WTI bulls take a cautious approach ahead of the key meeting outcome. Elsewhere, the OPEC+, a group of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, struggle to match the output hike promises. Recently, OPEC President Bruno Jean-Richard Itoua mentioned that the oil supply is not now enough and blamed oil companies for not investing enough. "OPEC+ should stick to its current agreement to add 400,000 barrels of oil per day each month to output, ministers of Arab oil-producing countries said on Sunday as they gathered in Saudi Arabia, rejecting calls to pump more to ease pressure on prices," said Reuters. Alternatively, fears of the Fed’s faster rate hikes and inflation woes challenge oil traders at multi-month highs. On the same line is the latest risk-off mood, portrayed by downbeat US Treasury yields and stock futures. WTI crude oil traders will keep their eyes on the Russia-Ukraine developments for fresh impulse ahead of the key US-Russia meeting late in the week. Should the tension de-escalate, the odds of witnessing a sharp pullback in the oil prices can’t be ruled out. Technical analysis: The 21-DMA precedes a monthly support line, respectively around $89.10 and $87.95, to limit WTI pullback. However, firmer RSI and ability to stay beyond key supports, not to forget strong fundamentals, keep oil buyers hopeful to renew 2022 high, currently around $94.00. - WTI bulls keep reins despite snapping an eight-week uptrend. - US highlights possibilities of imminent Russian invasion, Moscow rejects claims. - DXY fails to cheer risk-off mood amid downbeat yields. - Fedspeak, PBOC rate decision may offer immediate catalysts, PMIs, US PCE Inflation will be crucial. - It's important to keep in mind that cryptocurrency markets are extremely volatile, making it difficult to accurately predict what a coin’s price will be in a few hours or a few days and even harder to give long-term estimates. As such, analysts and online forecasting sites can get their predictions wrong. We recommend that you always do your own research and consider the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decisions. Be patient and look long-term wisely and never invest more than you can afford to lose. Trading & Investing both are masters of RISK. Please comment, like, and follow if it was helpful for you. Thank you for your time. Have a profitable day. | Review and analysis by Samadi.Finance |
OANDA:WTICOUSD
by AliSamadiTR
WTICOUSD 7% correction....WTICOUSD 7% correction........Following a significant rise. My analysis shows a complex wave structure. In this wave structure several regular wave sequences can be identified, these sequences form fractals. We can speak of fractals when there is a shape and size relationship between the initial wave and the subsequent second wave sequence. A shape relationship means that the original and the following wave sequence are similar, and a size relationship means that there is some well-identifiable mathematical relationship between the two wave sequences. For example, in the main trend, the size of the following wave sequence is double the size of the original wave. At the same time, the size of the original corrective wave sequence is half the size of the next corrective wave sequence. These are the basic conditions for mathematical identity between two wave sequences. Let us return to the WTI. The figure shows two purple squares. Within the squares marked A and B, a fractal identity can be seen. Within these fractals are two terminating wave sequences, which are two terminating correction waves. Both indicate the end of a longer wave sequence. The B wave sequence is a double of the A wave, so here we can say that the B wave sequence is fractally related to the A sequence. Why is this important ? Because it can be seen that these closing fractals are where a significant oil rise starts. In other words, in order for oil to rise significantly there is always a major correction beforehand. Let us return to the current time. You can see in the analysis an orange dotted line. This is a D1 wave axis. Its slope is determined by the rise in D1ATR. It can be seen that the upward wave that is currently forming has been moving along this axis. Wave axes are characterised by the symmetry of the wave sequence with respect to the wave axis. In other words, it develops symmetrical amplitudes above and below the axis. Summarizing the above, my hypothesis is that the WTI is about to correct. Its movement could result in a decline of around 7%. This downward wave sequence will be the fractal formed in the red square marked 2, which is twice the size of the previous sequence marked 1. Thereafter, a significant rise is expected. The size of which may be the same as the size of the previous rise. This is indicated by the green square. To summarise. I currently expect a correction in the WTI price with a target price 7% lower at 83.39 usd. After that, another rising wave sequence is expected which could take it well above 100 usd. Its target price could be 114 usd.
OANDA:WTICOUSDShort
by meszaros
3