Us crude Oil ( WTIUSD) ANALYSIS 27 OCT 2020Hi Assalam-o-Alaikum , Dear GooD Afternoon Hope you are well and enjoing your trading , i'm here with my new analysis of WTIUSD
US Crude Oil (WTIUSD ) Current price is 3921.7
Current Resistence level is 3927.4
Current Support level is 3843.3
If Market Breaksout the Resistence level and Close on above this level we can enter in Buy Trade as Case 1 in Chart , Alternatively if Market Breaksout the Support level we can enter in sell here as case 2 in Chart
I hope my analysis will help you in your trading best of luck
share your point of view about WTIUSD in comments , Thanks
Wticrudeoil
WTI- Sell rallies above 40From the beginning of September, WTI is trading in a range between 36 support and 41.50 resistance.
At this point, Oil is trading on the upper side of the range and we have a nice opportunity to enter short for a 400 pips profit target.
In my opinion prices above 40 should be sold and only a daily close above 42 would change my bearish opinion
OIL Trading PlanPattern: Channel Up on 4H (inner/ blue and outer/ black lines).
Signal: (A) Buy as long as the 4H MA200 is holding, (B) Sell if the 4H MA200 breaks.
Target: (A) 42.00 (just under the Higher High trend-lines of both Channels), (B) 37.50 (just above the Higher Low trend-line of the inner (blue) Channel Up).
Most recent Oil trade:
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WTI . Weekly Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 43.75, beginning of downtrend is expected.
We make sure when the support at 37.10 breaks.
If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
A peak is formed in daily chart at 41.70 on 09/18/2020, so more losses to support(s) 38.85 and minimum to Major Support (37.10) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 49.
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WTI Crude Oil Massive SHORT within sight of $40! Dec. PUTsThis should bounce here, briefly, hopefully just enough to start loading Massively on the Dec. 2020, 25.00 PUTs - currently @0.60.
71 calendar days or ~61 trading days should be sufficient.
Wait for those PUTs to first settle down here, following the recent -20% drop - which we caught without sweat. (... it was obvious :-) See attached.
WTI OIL Buy SignalPattern: Triangle into Channel Up.
Signal: Bullish as the Triangle broke, the 4H MA50 has been crossed and the 38.45 Resistance is being tested.
Target: 40.10, that is roughly a +5% rise from the 4H MA50 break-out. Sinc June 16, every break-out above the 4H MA50 has resulted into at least a +5.50% rally.
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WTI . Weekly Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 43.75, beginning of downtrend is expected.
We make sure when the support at 37.10 breaks.
If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the peak at 43.835 on 2020-08-26, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
The RSI support #1 at 52 is broken, so the probability of beginning of downtrend is increased.
A peak is formed in daily chart at 43.75 on 08/26/2020, so more losses minimum to Major Support (37.10) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 32.
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WTI . Weekly Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 43.75, beginning of downtrend is expected.
We make sure when the support at 37.10 breaks.
If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the peak at 43.835 on 2020-08-26, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
The RSI support #1 at 52 is broken, so the probability of beginning of downtrend is increased.
A peak is formed in daily chart at 43.75 on 08/26/2020, so more losses minimum to Major Support (37.10) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 32.
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Oil- above 40 is a great sellSince mid-June, WTI OIL traded in a long rising wedge. Finally, we had the break of support followed by a 600 pips drop.
Now Oil is recovering some of the losses, but I expect this to be just a correction before a new leg down.
I will look for opportunities to sell WTI above 40 and my target is 32 with a great 1:4 R:R
USOIL Trading PlanPattern: Channel Up.
Signal: (A) Buy if the Lower Highs trend-line breaks (B) Sell if the Channel Up breaks downwards.
Target: (A) 43.50 (just below the Resistance) (B) 37.10 (just above the Lower Support).
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Don't miss the great sell opportunity in WTITrading suggestion:
". There is still a possibility of temporary retracement to suggested resistance line (42.56).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. WTI is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 40.
Take Profits:
TP1= @ 39.08
TP2= @ 37.13
TP3= @ 34.68
TP4= @ 30.32
TP5= @ 20.44
SL: Break Above 43.91
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