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Wticrudeoil

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
Oil Falls After Shocking Increase In Crude InventoriesOil is under pressure after the release of a shocking inventory report which indicated that crude inventories increased by 15.2 million barrels. As a result, oil is trying to settle below the nearest support level at $45.20. A move below this level will push oil towards the next support at $44.75. If oil declines below $44.75, it will head towards the support at $44.40. In this case, oil will have a good chance to develop additional downside momentum. On the upside, oil needs to get back above $45.80. The next resistance level, which has been tested during the current trading sessions, is located at $46.25. If oil settles above this level, it will gain upside momentum and head towards the recent highs at $46.65.
TVC:USOIL
by FXEmpirecom
1
Oil Did Not Manage To Settle Above $46Oil failed to settle above the $46 level and even tried to get to the test of the $45 level but received support near $45.20. If oil declines below $45.20, it will head towards the next support level at $44.75. A move below this level will push oil towards the support at $44.40. On the upside, oil needs to settle above $45.80 to have a chance to get to the test of the resistance at $46.25. If oil gets above $46.25, it will head towards the next resistance at the recent highs at $46.65. While oil failed to immediately develop upside momentum above the $46 level, it maintains solid chances to continue its upside move.
TVC:USOIL
by FXEmpirecom
1
Oil Pulls Back At The Start Of The WeekOil is facing some pressure at the start of the week and tries to settle below $46.00. However, support for oil remains strong, and it needs to settle below the nearest support level at $45.80 to develop downside momentum. On the upside, a move above $46.25 will push oil towards the recent highs at $46.65. A successful test of this level will open the way to the $47 level. At this point, the big picture remains bullish for oil, and it should be noted that the recent attempt to gain downside momentum was quickly stopped at $45.40.
TVC:USOIL
by FXEmpirecom
Oil Tests Resistance At $46.25Oil managed to get above the resistance level at $45.80 and is trying to settle above the next resistance at the previous highs at $46.25. It has already managed to get above this level but faced strong resistance at $46.65 and pulled back. If oil settles above $46.25, it will get to another test of the resistance at $46.65. A move above this level will push oil towards the $47 level. On the support side, the previous resistance at $45.80 will likely serve as the first support level for oil. If oil declines below this level, it will move towards the next support at $44.75. From a big picture point of view, the current setup looks rather bullish, and oil has a good chance to develop additional upside momentum.
TVC:USOILLong
by FXEmpirecom
Oil Tries To Gain Momentum Above $45The technical picture for oil has not changed much compared to the previous trading session as traders continue to wait for OPEC+ decision on production cuts. Yesterday, oil made an attempt to settle above the resistance at $45.80 but failed to develop sufficient upside momentum and remains below this level. A move above $45.80 will push oil towards the recent highs at $46.25. If oil gets to the test of the resistance at $46.25, it will have better chances to settle above it. On the support side, the nearest support level at $44.75 has been tested during today’s trading session and proved its strength. A move below this level will push oil towards the support at $44.40. If oil declines below $44.40, it will gain downside momentum and head towards the support at $43.75.
TVC:USOIL
by FXEmpirecom
Oil Gets Back Above The $45 Level As Crude Inventories DeclineOil made an attempt to settle below $44.00 but failed to gain sufficient downside momentum and returned back to the $45 level. The current technical picture looks rather bullish for oil, but it needs to get above the resistance at $45.80 to confirm that it is ready to gain more upside momentum. In this case, it will head towards the next resistance level at the recent highs at $46.25. On the support side, oil has mostly ignored support levels at $44.75 and $44.45 but the support at $43.75 should be strong enough in case oil gains some downside momentum. A move below $43.75 will push oil towards the next support at $43.00.
TVC:USOIL
by FXEmpirecom
Oil Moves Below $45 While Traders Wait For OPEC+ DecisionOil managed to settle below the $45 level and is currently testing the support at $44.40. If oil settles below this level, it will head towards the next support which is located at the previous resistance at August highs at $43.75. A move below this level will push oil towards the next support at $43.00. On the upside, the previous support at $44.75 will likely serve as the first resistance level for oil. A move above this level will push oil above the $45 level. The next resistance is located at $45.80. If oil gets above this level, it will head towards recent highs at $46.20.
TVC:USOIL
by FXEmpirecom
Oil Stays Near The $45 Level Ahead Of OPEC+ DecisionOil made an attempt to settle below the $45 level but received strong support at $44.45. The nearest support level for oil is still located at $44.75. If oil declines below this level, it will head towards the recent lows at $44.45. A successful test of this level will open the way to the test of the next support level at $43.75. On the upside, the nearest resistance level for oil is located at $45.80. A move above this level will push oil towards the next resistance at the recent highs at $46.25. If oil manages to settle above this level, it will head towards the $47 level.
TVC:USOIL
by FXEmpirecom
M15 Comparative Analysis : US Oil ↔ UK Oil (with 4 indicators)Here, a comparative analysis of US Oil (West Texas Intermediate) and UK Oil (Brent) on a 15-minute chart (M15). US Oil on the left and UK Oil on the right. The four indicators are the main indicators used at ADX-BRIEFING. - Top indicator (directly below price window): modified MACD - 2nd indicator: modified ADX - 3rd and 4th indicators: modified momentum indicators. The modified MACD indicator (on both markets) has been in the BUY zone since November 16, 2020 and is still in the BUY zone as of now. The modified ADX indicator is in a downtrend and this means that right now, we have a consolidation. We are waiting for a turn-around on this indicator which would indicate that we have a new significant move on the way. As of now, this is a waiting period, when considering this higher 15-min time-frame. Indicator #3 on both markets, is still in the BUY zone and now is a risky time for a long-term short trade. Indicator #4 is in the neutral zone between the BUY zone and the SELL zone. Conclusion: On the 15-minute time-frame, there is no clear signal for either a BUY trade or a SELL trade. I will add, in the comments section, more detailed analysis, related to the time-frame we are actually using for trades. François Normandeau Institutional Research Director ADX-BRIEFING This post can also be found on: www.adx-briefing.com
TVC:UKOIL
by Pine_Academy
1
OIL made 2 month highs! What is the ceiling for the market?WTI Oil broke above the 2 month Resistance zone of 41.50 - 41.90 and is fast approaching the 43.80 High of August 26 (chart on the left). Needless to say, it broke above the bearish channel and reached the 43.00 Target as I discussed two days ago on the idea below: How far can this go for the short-term? As the left chart shows (4H time-frame), the MACD hasn't yet rolled over (as it did on September 20), so the uptrend can extend a little further on the short-term before buyers book profits and cause a minor pull-back. On the long-term though we have to look at the 1D time-frame (right chart), which shows an interesting development. The sequence since the November 02 low, is similar to the one following the late April bottom. The MACD pattenrs are identical. I don't need to remind you that it was the rescue package along with OPEC's production cuts that supported this insane recovery rally back then. This week we had the very encouraging vaccine news. Can Oil start a similar rally based on such positive news? Is $47 again a realistic number? Feel free to share your work and let me know in the comments section! Please like, subscribe and share your ideas and charts with the community! -------------------------------------------------------------------------------------------------------- !! 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 ==> seba26-77 --------------------------------------------------------------------------------------------------------
TVC:USOILLong
by TradingShot
2