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Wticrudeoil

Try again on renewable resources - USOIL ready for next leg downHello there, this is our view on USOIL, enjoy! Oil made a great dead cat bounce after the capitulation that occurred on March 9th and the following week but couldn't really manage to completely reverse the trend. So what's now for wti crude oil? First of all, let's focus on the news: US is now leader both in total coronavirus cases and in deaths, which isn't positive for any sort of market. Yet the crisis end can't be foreseen (some people claim it'll be during next couple of months, but no one could effectively state if the real peak has already occurred, so who knows?), we hope we'll see an end very soon. Now, let's focus on pure technical analysis: price is still stuck inside a pennant, which once broken will state a continuation in (bearish) trend. Then we can also see a bearish turn in high/low count: yet could manage to mark a lower high, while latest thing was a higher low. Next opening prospects to be bearish since Easter holidays have been bearish so far for futures. This is also part (on h4) of a perfect AB=CD pattern, which already played out through the HL. Price is now moving below many pending bearish moving average crosses. Either do exponential moving averages. It couldn't manage to breakout mid bollinger band twice, which resulted in an extremely bearish double top. Then oscillators they come: fisher transform is just about to form a death cross, meanwhile relative strength index, stochastic and ultimate weren't able to grow to an higher high, so they do look like the price and are now going to test lower trendlines onto them. Nice recover trend on moving average convergence/divergence and awesome. No bullishness spotted on this chart since also candles study suggests (with a bear engulfing) a bearish turn. We're not able to predict a strategy for the price since we're not used to trade without volumes, all levels are marked on chart. Happy Easter at home! Anlvis
TVC:USOILShort
by Anlvis
1
WTI Crude Oil: Channel Up on 4H aiming 30.00.Oil appears to be trading within a Channel Up formation on the 4H chart (RSI = 62.702, MACD = 1.460, ADX = 28.496, CCI = 59.3622) having so far made two Higher Highs and one Higher Low. Since the MACD is about to make a Bear Cross, we are expecting the price to pull back now for its 2nd Higher Low and make contact with the 4H MA50 (blue trend line). Our Target Zone is 30.00 - 32.00 which is where we expect to price its 3rd Higher High and make contact with the 4H MA200 (orange line). ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
TVC:USOIL
by InvestingScope
4
MARKET SENTIMENT DRIVEN BY CALLSThe oil market started this trading week recording a new low at 19.29 US$, a level last seen 18 years ago, with a shadowed and gloomy projection of the global oil demand falling by more than 20 Mb/d, the yesterday’s rebound in the oil price could be only temporary relief. Technical reading prevails clear bearish bias, oil market tilted towards the upside yesterday to later closing with a firm rejection and seller pressure right at the support zone in red. Only this week, the price was able to recover some lost ground, almost 42%, fighting not only with the support level but additional finding rejection from the 18 EMA. Starting the week, the headlines that capture the spotlight in the energy market were regarding Trump’s talks with Putin. President Trump spoke with Russian President Vladimir Putin on Monday, and they agreed to have their top energy officials to discuss the sliding oil demand. Trump is clearly showing concern about the price war and direct impact that is already causing in the US oil rigs. Later on, Wednesday report with the surge in the US stockpile inventories by 13.8 million vs. 3.5 million forecasted did not cause the expected selloff as expected; instead, price closed in green supporting the theory of a broken global oil market. Storage facilities are filling up, according to Bloomberg. At the current rates, storage could overflow in just a few months. The physical oil market has seized up. The risk sentiment in the oil market is currently that shallow that even a tweet from President Trump about his conversation with Saudis and Russians yesterday moved the market in one day by 28% up to later drop and close with a 17%, closing in green but signaling a strong seller pressure, again technical correction as the bearish bias remain to hover the energy sector. With no confirmation yet on agreements after the talks, the market will close this week with the skepticism in place.
FX_IDC:USDWTIShort
by OGFXTRADER
USOIL Long Trade Setup Update ( Banked TP3 with 710+ Pips )Thanks for Jumping back on my Analysis, Traderchamp is here on your Service, Congratulations to my followers banked 710+ Pips with the OIL Pump. In here we can see a perfect trend breakout happened with a retest! This is the second confirmation we were waiting for, Previous Analysis: I have witnessed a "W" formation on 4h time frame on the major support price has formed. Price failed few time to break the $20 level and its very promising for a trend reversal which can support for bulls to make price in an average range of $25 or above. Good Luck in your trading. Profitlio Trading ( Since 2014 in Financial Markets )
TVC:USOILLong
by Profitlio_Trading
2
WTI Crude Oil: Channel Up on 1H. Sell and Buy targets.Oil is trading within a Channel Up on the 1H chart (RSI = 66.305, MACD = 0.410, ADX = 40.465) and has just priced the Higher High on the 1H MA200 (orange line). Roughly a -9.00% pull back is expected for the next Higher Low (20.50) and then the bullish leg for the next Higher High at 22.90 (0.618 Fibonacci). ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
TVC:USOIL
by InvestingScope
1
WTI Oil: Close to a MACD bullish reversal. Bottom may be close.The MACD on the 1D chart, which remains vastly oversold (RSI = 25.205, ADX = 68.790, CCI = -108.7025), is close to making a bullish reversal. If successful it will be the first time since February 26th. This is quite similar to the 2018 sharp sell-off, when Oil recovered on the 2nd MACD bullish cross (since the decline started). During that sequence the price bottomed on the -0.236 Fibonacci level, almost exactly when the 2nd MACD bullish cross took place. At the moment we are almost on the -0.236 Fibonacci level and about to make the bullish cross. This can be an early indication of finally finding a bottom, and if that's the case Oil's target next month or two should be 33.00. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
TVC:USOIL
by InvestingScope
1
WTI US crude oil. Buy. Divergence. Gap fill?Here we can see a nice divergence of lower prices with a rising RSI and MACDH divergence on the hourly. Nice Doji reversal candle to. Analysis of the WTI charts shows big volume on this candle to. Is this a double bottom? Will we see a big pump up to the neckline? Resistance box to get through first. As always I'll be taking profits as we hit that and buying pullbacks again on the 5 min (or 1 min depending on momentum) charts.
OLong
by breakoutfakeout
1