WTICO USD SELL (WEST TEXAS INTERMEDIATE CRUDE OIL - US DOLLAR)Hi there. Price is forming a reversal pattern to change its direction.
Watch strong price action at the current levels for sell.
Wticrudeoil
USOIL VERY IMPORTANT WEEKLY TRENDLINE WTIOIL CRUDE OILUSOIL VERY IMPORTANT WEEKLY TRENDLINE WTIOIL CRUDE OIL
US OIL @ WTIBreak UP of Downward Structure in Monthly .
It may pullback to retest the breakout zone and then continue higher
WTI OIL Buy SignalPattern: Bullish Megaphone on 4H.
Signal: Buy if the 53.90 Resistanct breaks, as the 4H MACD and RSI is repeating the December 02 - 10 bottom fractal.
Target: 56.00 (the 2.0 Fibonacci extension, which has been holding since late November).
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Oil Tested Support At $51.50Oil made an attempt to settle below the support at $51.50 but failed to develop sufficient downside momentum and rebounded closer to the resistance at $52.70. If oil settles above this level, it will move towards the next resistance at $53.30. A successful test of this level will push oil towards the next resistance level which is located near recent highs at $53.80.
On the support side, oil needs to get back below the $52 level to have a chance to develop downside momentum. If oil settles below this level, it will move towards the recent lows near $51.50.
Oil Mixed After API ReportOil has recently made an attempt to settle above the resistance at $53.80 but failed to gain additional upside momentum and pulled back. At this point, oil needs to settle back above $53.30 to have a chance to get to the test of the recent highs. A move above the resistance at $53.80 will push oil towards the next resistance level which is located at $54.40.
On the support side, oil continues to get material support near $52.70. If oil settles below this level, it will head towards the $52 level. A successful test of this level will open the way to the test of the support at $51.50.
Oil Tries To Settle Above Multi-Month HighsOil managed to get above the resistance at $53.30 and made an attempt to settle above the resistance at $53.80 which is located near multi-month highs at $53.90. In case oil settles above this level, it will move towards the next resistance at $54.40. A successful test of this level will push oil towards the $55 level.
On the support side, a move below $53.30 will open the way to the test of the support level at $52.70. In case oil declines below this level, it will head towards the next support at the $52 level.
Oil Moves Towards The Resistance At $53.30Oil managed to get above the resistance at $52.70 and is trying to settle above the $53 level. If this attempt is successful, oil will get to the test of the next resistance at $53.30. A move above this level will push oil towards the resistance near the recent highs at $53.80. In case oil gets above $53.80, it will move towards the resistance at $54.40.
On the support side, the previous resistance at $52.70 will likely serve as the first support level for oil. If oil settles below this level, it will head towards the support at $52.00. This support level has been tested several times in recent trading sessions and proved its strength. A move below this level will open the way to the test of the support at $51.50.
WTI CRUDE LONG TERM VIEWoil prices maybe on the road for another bottom in 2021.
ATH possible in 5 years possible due to massive demands followed by a robust economic recovery .
Oil Tries to Settle Below $52Oil failed to settle above the resistance at $53.80 and gained strong downside momentum. Currently, oil is trying to settle below the support level at $52.00 The next support level is located at $51.50. If oil declines below this level, it will head towards the support at $50.90. A move below $50.90 will push oil towards the 20 EMA at $50.10.
On the upside, oil needs to get back above the $52 level to have a chance to develop upside momentum in the near term. The next resistance level is located at $52.70. If oil gets above this level, it will head towards the resistance at $53.30. A move above this level will push oil towards the resistance at $53.80.
Oil Pulls Back Below The $53 LevelOil managed to get below the $53 level and is trying to settle below the support level at $52.70. If this attempt is successful, oil will head towards the next support at $52. A move below this level will push oil towards the next support at $51.50.
On the upside, oil needs to get back above the resistance at $53.30 to continue its upside move. This resistance level has been tested during the current trading session and proved its strength. The next resistance level is located at $53.80. If oil manages to get above this level, it will head towards the next resistance at $54.40.
WTI OIL needs to hit the 4H MA50 to accumulate buyersPattern: Bullish Megaphone on 4H.
Signal: Buy once contact is made with the 4H MA50 (blue trend-line) and after the price consolidates with a Double Bottom. Every drop below the 4H MA50 has been the optimal buy entry.
Target: 53.90 (the Resistance) and for those seeking more risk 56.00.
Most recent WTI signal:
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Oil Tried To Settle Above $54Oil tested the resistance at $53.80 but failed to develop sufficient upside momentum and pulled back. If oil manages to settle above the resistance at $53.80, it will head towards the next resistance level at $54.40. A successful test of this level will open the way to the test of the psychologically important $55 level.
RSI remains in the overbought territory, and oil has already made an attempt to develop downside momentum which was stopped near the support level at $52.70. If oil declines below this level, it will head towards the next support at the $52 level.
Oil Tests The $53 LevelOil gained strong upside momentum and almost managed to get to the test of the resistance level at $53.30. If oil gets above this level, it will head towards the next resistance at $53.80. A successful test of this level will open the way to the test of the resistance at $54.40.
It should be noted that RSI is in the overbought territory so the risks of a pullback are increasing day by day. The nearest support level for oil is located at $52.70. If oil declines below this level, it will move towards the next support at the $52 level. A move below $52 will push oil towards the support at $51.50.
WTI OIL Testing the monthly MA50 for the first time since FebAttention is needed now for WTI Crude Oil traders as the asset has made contact with the 1M MA50. That is the first touch on that trend-line since February 2020, right before the massive March COVID melt-down.
Last time this level was tested as a Resistance, recovering from a similar melt-down, was in December 2017. The price easily broke above it on the next candle and made a top on the -0.382 Fibonacci extension.
Before that, the previous 1M MA50 test as a Resistance, was in June 2009. It failed to close the monthly candle above it and pulled back to the 0.382 Fibonnaci retracement level. Then a few months later, it closed its first candle above it (October 2009) and as in 2018, it peaked just below the -0.382 Fib extension.
What could this mean for oil traders? Well unless we close one 1M candle above the MA50 (53.00), then it is more likely to get a pull back to the 0.382 Fibonacci retracement level (40.00) before the price peaks on the -0.382 extension (65.00).
Do you agree? Feel free to share your work and let me know in the comments section!
Most recent WTI signal:
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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.
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.
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.
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.
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.
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.
