Get started

Wticrudeoil

Oil Pulls Back Towards The $52 LevelOil faced strong resistance near $52.70 and pulled back closer to the $52 level. RSI is still in the overbought territory so the pullback has decent chances to continue. If oil manages to settle below the $52 level, it will be able to get to another test of the support at $51.50. A move below the support level at $51.50 will push oil towards the support at $50.90. On the upside, oil needs to stay above the $52 level to continue its upside move in the near term. The nearest resistance level is located at the recent highs at $52.70. If oil settles above this level, it will head towards the next resistance at $53.30.
TVC:USOIL
by FXEmpirecom
1
Oil Moves Towards The $52 LevelOil managed to get above the $51 level and gained additional upside momentum. Currently, oil is trying to settle above $51.50 which will provide it with an opportunity to get to the test of the $52 level. RSI has entered into the overbought territory and the risks of a pullback are increasing but there is still some room to develop momentum. If oil gets above the $52 level, it will head towards the next resistance at $52.60. On the support side, a move below the $51 level will push oil towards the support at $50.50. In case oil declines below $50.50, it will head towards the next support at the psychologically important $50 level.
TVC:USOIL
by FXEmpirecom
2
Oil Tests The $51 LevelOil is currently trying to settle above the $51 level. RSI is close to the overbought territory but there is still plenty of room to gain momentum. If oil settles above $51, it will head towards the next resistance at $51.50. A move above this level will push oil towards the $52 level. On the support side, the nearest support level for oil is located at $50.50. In case oil gets below this level, it will decline towards the $50 level. A move below the psychologically important $50 level will be a disappointment for the bulls. In this case, oil will likely gain downside momentum and move towards the support at $49.40.
TVC:USOIL
by FXEmpirecom
Oil Tries To Settle Above $50Oil gained strong momentum and continues its attempts to settle above the $50 level. RSI remains in the moderate territory so there is plenty of room to gain momentum. The next resistance level for oil, which is located at $50.50, has already been tested during the current trading session and proved its strength. In case oil manages to settle above this level, it will move towards the next resistance at $50.90. On the support side, a move below the $50 level will be disappointing for the bulls as the risks of a fake breakout will increase. The next support level is located at $49.40. If oil declines below this support level, it will gain downside momentum and head towards the next support at $48.65.
TVC:USOIL
by FXEmpirecom
Oil Tests The $50 LevelOil gained strong upside momentum and is trying to settle above the psychologically important $50 level. RSI remains in the moderate territory so there is plenty of room to gain additional momentum. If oil gets above the $50 level, it will head towards the next resistance at $50.50. A move above this level will push oil towards the resistance at $50.90. On the support side, the previous resistance at $49.40 will likely serve as the first support level for oil. If oil declines below this level, it will head towards the next support at $48.65.
TVC:USOIL
by FXEmpirecom
Oil Is Volatile Ahead Of OPEC+ DecisionOil has a very volatile trading session today. It has already tested the resistance at $49.40 and the support at $47.30. Most likely, it will easily ignore levels inside this range while traders wait for news from OPEC+ meeting. Earlier, oil almost managed to get to the test of the $50 level but faced strong resistance as some traders decided to take their profits ahead of the OPEC+ meeting. On the support side, a move below the 20 EMA at $47.10 may present a serious problem for oil bulls as it may lead to a sell-off.
TVC:USOIL
by FXEmpirecom
Oil Remains Range-Bound At The End Of The YearOil continues to consolidate near the $48 level. Big moves are not expected in the last trading session of the year, so oil will likely finish this year somewhere in the current trading range between the support at $47.70 and the resistance at $48.65. The current consolidation looks like a healthy base for the continuation of oil’s upside move in 2021 but oil will likely need additional positive catalysts to gain more upside momentum. If such catalysts emerge, oil may quickly get to the test of the $50 level once it manages to settle above the resistance at $48.65.
TVC:USOIL
by FXEmpirecom
Oil Tests Resistance At $48.65Oil is trying to settle above the resistance at $48.65 after the release of a bullish inventory report. It remains to be seen whether there is enough interest in the market at the end of the year, but there is plenty of room to gain momentum after the recent consolidation. If oil gets above $48.65, it will head towards the next resistance at December highs at $49.40. A move above this level will push oil towards the psychologically important $50 level. On the support side, the support level at $47.70 has been tested once again during the current trading session. The support at this level remains strong, but a move below $47.70 may lead to a sell-off.
TVC:USOIL
by FXEmpirecom
Support At $47.70 Remains StrongOil continues to trade near the $48 level, and it should be noted that volatility decreased in recent days. The support at $47.70 has been once again tested during the current trading session and proved its strength. At this point, it looks that a move below this support level may present a near-term problem for the bulls. On the upside, oil needs to settle above the resistance at $48.65 in order to continue the move towards the $50 level. It remains to be seen whether oil will manage to gain momentum in the remaining days of this year or serious action will be postponed into the next year.
TVC:USOIL
by FXEmpirecom
Oil Continues To Trade Near The $48 LevelOil is currently trying to stay above the $48 level. It should be noted that oil has already made several attempts to get back to the previous upside channel but failed to develop sufficient upside momentum. Perhaps, the previous trajectory is too aggressive, and oil will need additional upside catalysts to get to the $50 level. The nearest resistance level for oil is still located at $48.65, and a move above this level will open the way to the test of the recent highs at $49.40. On the support side, oil has just tested the support at $47.70 which showed its strength. If oil manages to settle below this level, it will get to the test of the support at $47.30.
TVC:USOIL
by FXEmpirecom
Oil Faced Strong Resistance Near $48.65Oil made an attempt to settle above the resistance at $48.65 but failed to gain sufficient upside momentum and pulled back closer to $47.70. If oil manages to settle below $47.70, it will head towards the next support level at $47.30. It should be noted that oil’s volatility will be limited ahead of holidays so traders should not expect big moves. On the upside, oil needs to get above $48.65 to continue its upside move. The next resistance level is located at the recent highs at $49.40. A successful test of this level will push oil towards the $50 level.
TVC:USOIL
by FXEmpirecom
1
Oil Remains Under Pressure Oil is trying to settle below the support at $47.30. If this attempt is successful, oil will head towards the next support at the 20 EMA at $46.20. Recent trading sessions have indicated that there are no important levels between $46.20 and $47.30 so this move may be fast. On the upside, oil has once again faced resistance near $48.00. If oil manages to settle above this level, it will gain additional upside momentum and head towards the next resistance at $48.65. A move above this level will push oil towards the resistance at the recent highs at $49.40.
TVC:USOIL
by FXEmpirecom
1
Oil Is Under Serious Pressure Amid Renewed Virus FearsOil is under serious pressure today amid fears about the new coronavirus strain in UK. In addition, oil was a bit overbought last week so the coronavirus-related panic was amplified by some profit taking. Oil managed to find support at $46.30 and rebounded back above the $47 level. Currently, oil is trying to stay above the low end of the current upside channel. If this attempt is successful, oil may continue to move higher in the next trading sessions. On the support side, a move below $47 will push oil closer towards the support at the recent lows at $46.30. A move below this support level will lead to a test of the support at the 20 EMA at $46.
TVC:USOIL
by FXEmpirecom
Oil Tests The $49 LevelOil managed to get above the resistance at $48.65 and continues to move higher in the upside channel. RSI is in the overbought territory so the risks of a pullback are increasing. The next resistance level for oil is located at $49.40. If oil manages to settle above this level, it will head towards the psychologically important $50 level. On the support side, the previous resistance at $48.65 will likely serve as the first support level for oil. A move below this level will open the way to the test of the next support at $48.00. If oil declines below $48.00, it will head towards the support at $47.70.
TVC:USOIL
by FXEmpirecom
1
Oil Tries To Settle Above $48Oil managed to get above the resistance at $47.70 and is trying to settle above $48. If this attempt is successful, oil will have a good chance to get to the test of the next resistance at $48.65. A move above $48.65 will push oil towards the resistance at $49.40. On the support side, the previous resistance at $47.70 will likely serve as the first support level for oil. If oil declines below this level, it will head towards the support at $47.30. A move below $47.30 will open the way to the test of the support at $46.65.
TVC:USOIL
by FXEmpirecom
1