Get started

Wticrudeoil

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
Oil Pulls Back As Traders Take Some Profits Off The TableOil did not manage to settle above the resistance at $47.70 and pulled back. The nearest support level for oil is located at $46.65, and a move below this level will push oil towards the next support at $46.25. On the upside, the situation has not changed compared to the previous trading session as oil needs to settle above $47.70 to continue its upside move and get to the test of the resistance at $48.00. A move above $48.00 will likely allow oil to develop additional upside momentum and get closer to the next resistance at $48.65. From a big picture point of view, oil continues to move higher in an upside channel. RSI returned to the moderate territory so oil will have a good chance to gain more upside momentum when additional positive catalysts emerge.
TVC:USOIL
by FXEmpirecom
Oil Is Heading Towards The $48 LevelOil managed to get above the resistance at $47.30 and is trying to settle above recent highs at $47.70. If oil manages to settle above this level, it will head towards the next resistance at the $48 level. A move above the resistance at $48 will push oil towards the resistance at $48.65. On the support side, oil may get some support at the previous resistance at $47.30. A move below this level will push oil towards the support at $46.65. In case oil declines below this level, it will head towards the support at $46.25. A successful test of this support level will open the way to the support near yesterday’s lows at $45.80. It should be noted that oil made an attempt to settle below the low end of the current upside channel during yesterday’s trading session but failed to develop downside momentum. This was a very good development for oil bulls.
TVC:USOIL
by FXEmpirecom
1
WTI OIL Are we repeating May's Channel Up? Slow rise to $55?This is a strange but quite interesting fractal I found as I was trying to break-down the current Channel Up on the 1D time-frame that WTI is trading in. As you see the current pattern resembles the sequence of May-early June 2020. Both started rising aggressively after the 1D MA50 (blue line) turned into Support. Shortly after the RSI turned sideways and in the case of May/ June, it stayed sideways and consolidated until the end of August. So far we see this RSI consolidation on full display and it leads me to believe that we may have a similar development into early 2021. Is $55 possible by March? What do you think? ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> TradingView --------------------------------------------------------------------------------------------------------
TVC:USOILLong
by TradingShot
Oil Tries To Get Out Of The Upside ChannelOil gained downside momentum and is trying to settle below the support at $45.80. A move below this support level will push oil towards the low of the previous pullback at $45.00. More importantly, oil will get out of the current upside channel which will be dangerous for the bulls. If oil settles below the support at $45.00, it will head towards the 20 EMA at $44.65. On the upside, the nearest resistance level for oil is located at $46.25. If oil gets back above this level, it will head towards the next resistance at $46.65. A move above $46.65 will push oil towards the resistance at $47.30. In case oil manages to settle above $47.30, it will head to the test of the recent highs at $47.70.
TVC:USOIL
by FXEmpirecom
Oil Rallies As Traders Ignore Rising Inventories Oil gained strong upside momentum and managed to get above recent highs at $46.65. Currently, oil is moving towards the $48 level. There are few important levels in this area so oil may move fast. The nearest significant resistance is located at $48.60, although oil may also face some resistance at lower levels. If oil gets above $48.60, it will head towards the next material resistance at $49.40. On the support side, the previous resistance at $46.65 will likely serve as the first support level for oil. If oil declines below this level, it will gain downside momentum and quickly get to the test of the next support at $46.25.
TVC:USOIL
by FXEmpirecom
1