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Wticrudeoil

US OIL : Break above 39.30 required for Bullish ContinuationOIL has started the downward correction and reached around 34.60 which is the Fibo Extn. 1.61 Usually, if the price extends above 100% on Fibo, it's a sign of trend formation; one can expect the pullback and continuation of the move in the same direction. Therefore, I remain bearish for OIL until it closes above the falling trendline and breaks resistance at 39.30 GOOD LUCK FOR YOUR TRADES !!! PLEASE SHOW YOUR SUPPORT IF YOU LIKED THE IDEA
TVC:USOILShort
by moneytize
3
WTI Crude US Oil- Long Opportunity On The Bounce Of The 50 EMA!- A very decent buy opportunity on the bounce of the 50 EMA. -Price is was acting as support of the EMA which indicates that there is still strong bullish momentum. -The 23.6% fib level also adds another confluence that price will have a strong move to the upside. -Another confluence is the supply turned demand zone which price has retraced from. This is a very good opportunity to enter a long position and set a good risk to reward ratio for this trade. Let's see what happens this week and make sure to comment your ideas and opinions on oil!
TVC:USOILLong
by LDForex_
1
OIL MARKET RECOVERY STALLED BY UNCERTAINTIES AND GEOPOLITICAL TUWith June right at the corner, and this month staging 87% recovering in the black gold market, prices have unfortunately found a strong level at the $34 handle. The WTI index has struggled to cheer the USD's weakness and is currently trading in red in the Asian session with a correction of 1.5% from the Thursday session. Investors' sentiment is dampened amid heightening uncertainties with the current situation in Asia with the latest signal from the US of a possible change in its long-standing policy towards China and its internal affair within Hong Kong. Technically speaking, the price action had a seesawing week, consolidating between $30 and $34 handle. Although trading above the smaller EMA 18 & 50, MACD is finally showing diminished bullish momentum, turning a bit sour with the intention to form a sell signal. RSI condition is moving far from its overbought level. Investors should consider further movement in the price action before placing their bets. Any unexpected situation can quickly tarnish the positive momentum in the market. Yesterday's report about the massive buildup in the US crude inventories where the levels rose to 7.9 M barrels from a forecast of -2.5 M, instead of dropping the price, actually gave additional support to the market. It does not look right; the continued appearance of positive momentum and this rebalance faster than expected might be more artificial than real. However, by June is expected a 4 Mb/d increase in demand and cuts in the supply of about 12 MB/d could bring the market into balance.
FX_IDC:USDWTI
by OGFXTRADER
$27 WTI Crude Before $45 #USOILCrude Oil is recovering its value and positive sentiment. While the recent gains should subside, retracing to $25-$27 , the consolidation should set up the next leg to $45-$48 in light of increasing economic activity post-covid. The short term outlook is bearish, while a consolidation below $30 should give enough confidence to boost prices to $45. Thereafter likely a a range will be established between $35-$48 where oscillating indicators such as RSI and MACD should come in handy for swing traders.
TVC:USOIL
by IggyMoney
5
USOIL range still in playAs the API report yesterday was worse than anticipated, a small drop followed. However we can expect huge movement this week leaning towards the EOW. Once in the range, boolinger bands can be a decent indicator amid the swings within the range. But i would advise to take precaution as the channel has been holding for over a week now signifying a move is awaiting. under 24.6 we can expect downward action with targets 23.5 & 22 and 20. upwards we can target 28.8 > 30. lets see what this range brings us and remember to use stop loss! Check for yourself if the risk is worth the reward youre looking for and good luck out there! Comment/ like if you appreciate the post and let me know if you are interested in short/long term views in USOIL.
FX:USOIL
by Leezz
SHORT SWING FOR THE MARKET BULLSThe new month isn't exactly off a great start so far for risk trades. After the historic April 20th on the oil price for the first time closing at $0.01 per barrel, price action has been able to recover some grounds, as it couldn't go deeper in the charts, of course, price action register a recover of 244K% as the new high on May 6th touching $27.95 per barrel. The market remains under bearish pressure as production cuts won't ease or improve the impact on the demand sector as long as the trending COVID-19 "plandemic" is still capturing the spotlights, as quarantine, lockdowns and social distance policies remain, the most prominent world economies contraction is unavoidable. In the following weeks, expect economic releases to show worse conditions in the global economy, representing the height of downturn for most majors economies, no assuming much good news during this time, let us move on into the technical charts for the oil market. Reading the charts; after seven days' rally, the price action had reached the previous strong resistance level in confluence with Fibonacci level 0.5 stopping the rally as a clear technical correction. Price action has formed a triple top in this level; with stochastic in an overbought area, we could expect a downturn correction before the market can recover some strength and break the $27 handle. With a MACD in a bullish bias and the 200SMA still slopping down and overextended, we should consider entering the market only with additional confirmations from the technical side as the market remains under intense pressure from a global glut. With 27 million bpd removed from the market in April and the COVID-19 cases report rising, oil demand remains jeopardized. However, as it is widely known, the market is always benevolent to those smart investors and traders who take patience, usually in a sit-and-wait mode, before placing position. So, let's keep smart and sharp, as is expected in the short-term horizon, a solid hurdle around the $28 handle. Let us enjoy and recharge batteries in this weekend ahead and hopefully see you all next Friday.
FX_IDC:USDWTI
by OGFXTRADER
SHORT for WTI in Short term.Currently, there is too much uncertainties in Oil Industry. Most of the giant Oil companies are in struggle right now. First quarter was closed with minus profit. Small companies are on the edge of bankruptcy. On the other hand there is no storage for the currently producing oil. Saudi oil tankers are on the way to US. If US gets Saudi Oil on board there is possibility for another collapse of Oil prices going sub-zero. If US makes decision to start selling WTI in intercontinental market, the price will jump above Brent price. Overall there is not enough fundamental reason for the price increase for the short term. Eventually Oil prices will increase. It is all about supply and demand. Many companies will shut down with current price and naturally the supply will drop and prices jump. Removing lockdowns will force industries to consume Oil voraciously. I am expecting hyperinflation for USD soon. This will affect Gold and Oil prices to jump to new historical highs. I think in long term Oil price will increase dramatically above 160 USD. Based on technical and fundamental analysis I am not expecting prices to go above 16USD for this week. There is still possibility for another price crash for very short period. Please, trade at your own risk. I have less experience overall.
FX:USOILShort
by rufan8
WTI Oil July futures. Buy. Divergence 30min chartI have drawn the 1hr chart here to show the spike in volume with the low at 1780. We can see a break below the tredline and a lot of volume come back in. Actually the 30 min chart also shows a nice MACDH divergence at this point as well. All in all this actually constitutes a higher swing low on the oil charts after a lot of divergence at the major low of 1735 on the daily charts. I am preferring to trade the July contract due to oversupply concerns on the June contract. Stop at 1770 target 2020 in the first instance.
NYMEX:CLN2020Long
by breakoutfakeout