USOIL output cuts to end of AprilWe highlighted this zone earlier this week. the price will probably bounce from this level. we will watch the $42 level closely.
Wticrudeoil
WTI Crude Oil: Buy on the pull back.Oil is replicating the rebound sequence earlier in February. So far the 1H MA200 (orange trend line) is applying selling pressure and once the 1H MA50 (which is acting as a Support) breaks, we will most likely get a pull back on the Higher Low of the emerging 4H Channel Up (RSI = 47.327, ADX = 39.738). We will be buying this pull back and target 48.60.
** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. **
Comments and likes are greatly appreciated.
OIL - DAYLY CHART - DANGER TRENDLINEOIL - WTICOUSD
If to lose the yellow trendline and support(42.206) will go until 25.754(blue line).
USOIL | Downward Breakout of Ascending ChannelPlease support this idea with LIKE if you find it useful.
Price made a breakout of support trendline of Ascending Channel. Also it's a breakout of Ichi Cloud. This can lead the price drops to 30 usd.
Thank you for reading this idea! Hope it's been useful to you and some of us will turn it into profitable.
Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts.
The information given is not a Financial Advice.
WTI Oil: Entered the long term institutional Buy Channel .Oil has seen a sharp sell-off this week as the coronavirus threat is escalating. The price broke the weekly support levels and the 42.20 Support from the August 2016 low is the last monthly level standing.
This level is conveniently place exactly on the Higher Low trend line of the 1M Channel Up (RSI = 41.589, MACD = -0.200, ADX = 9.410) that started in 2015. In our opinion this is the hyper long term pattern which big institutions has been using to invest on Oil. As you see the price is currently inside the Buy Channel, which has been used since 2016 as a long term Buy Zone. The zone above this displayed in light blue is the Hold Channel as naturally it has been dominating the price action for the past 5 years as it is the neutral zone where investors hold their positions. Above that zone we have the Sell Channel, which is where investors and big institutions liquidate the positions they have been holding on the long term and take their profits.
It is no coincidence that last week's 1W candle was rejection right at the bottom of the Hold Channel and this week we got that much lower price. The market used the Coronavirus news to push the price deeper into the 5 year Buy Channel which is the strongest demand zone they can get. Investors who want to trade WTI Oil as big institutions do, this is their opportunity to buy low.
We see Oil as a long term investment and with the 1W RSI indicating that this is still an accumulation process (and not a break of the bullish pattern) for the next long term bullish leg towards the Profit Taking zone, we are expecting a reversal initially into the Hold Zone and the 65.60 Resistance and (possibly in +1 years time) at the 77.00 October 2018 peak.
** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. **
Comments and likes are greatly appreciated.
WTI Crude Oil - updated entryThe USOil is now finding a strong support level under the previous demand area $51.
Already creating a double bottom formation, we now expect a break upwards.
The uptrend should start to form now with prices bouncing above the 50-100 EMA's.
On the retest of the $ 52 level, we can put our pending buy orders. The target is $ 59. We might close part of positions at the 200 EMA. We will monitor price action and update the idea as usual.
Traders, If you find this complete analysis on point, please subscribe for more free market analysis to come.
WTI- 52 is the line in the sandIn the past month and a half, WTI lost 16usd of its value( more than 25%) dropping from 66 to 50 area. At this point, WTI found support and formed a double bottom with the neckline just around 52. After a break of the neckline and a rise to 54, oil dropped again and is trading now just in support (previous neckline resistance).
A reversal from this point would confirm that oil has more to rising and opens the door for 57 resistance.
Alternatively, a daily close under 52 would signal that the correction is over and the downtrend has resumed.
WTI Oil: Short term (bullish) outlook.Oil has finally entered a consistent uptrend on the 4H chart, practically being within a Channel Up since the Feb 04 bottom (RSI = 59.395, MACD = 0.500, ADX = 23.410, Highs/Lows = 0.0000). The MACD shows that it can be sustainable in the near future as the buy/ sell points seem quite obvious.
It is also positive that the 4H MA50 (which was formerly a strong Resistance in the January sell-off), has now turned into Support and has already successfully provided rebounds twice. Also see how systematically the Lower Highs of the January downtrend are filled (blue dashed lines). It appears that the market is using those as benchmarks/ targets during this (early) uptrend.
Assuming the pattern holds, the next Lower High Gap is at 56.00, which should be the technical Target for short term buyers.
This is very much in line with our long term perspective:
** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. **
Comments and likes are greatly appreciated.
The CHK perspectiveI like Chesapeake energy for the longer term investment. Energy has been lagging compared to other sectors over the last few years and there is tremendous potential in good energy companies. CHK is historically cheap and could do very well if energy takes off. However, I suspect more pain ahead for oil with the potential for an enormous flush.. perhaps below 2016 levels.. Regardless of that, I think oil goes bonkers high over the next 6-7 years. I'm looking at holding some longer term USO call options (if we see a deep oil flush) as well as a few good oil/energy companies.. CHK is one of those in my opinion. CHK could disappear.. there's always risk in investing but I'm accumulating shares of CHK sub .48 but I wouldn't be surprised to see .20 either. We have some chart history that demonstrates these exact type of moves- From current levels, a $20/share run would equate to a 45x (4500%).. a move back to the 2008 ($69 per share) high would be 16000+% (160x). It can go to $70+ or it can go to 0.. This is a long term trade that has some risks so I'm only willing to put in what I'm willing to lose.
WTI outlook2 days ago we spoke about a double bottom that is forming on Oil price, with the necklike coming into place just above 52.00.
Yesterday sellers failed to regain control and the price formed a nice Pin Bar.
We favour long positions as long as the price is above 50.50, with a medium-term target of 57.50
Oil to trade over $100 Beginning of 2019 we saw a change in character with a sharp bull move to 66.20 level end in May 2019.
Oil as been in a accumulation until February 2020 where we saw a run on equal lows. Sweeping out stops positioned below the 50.20 level then trading higher.
This area dips down into the buy zone of the 61.8 fib retracement level. Institutions are defending the 50.5 level with a higher move above $100 handle, with a projected target of 113.20
WTI Crude ABC Corrective Pattern - Possible Wave 3 Buy SetupCrude Oil fell quite sharply past month due to US-Iran conflict and recent Corona Virus news, there is plenty of support around $50 mark on this market, this is a counter trend trade as I am seeing momentum weakness and convergence around this area so expecting the market to revisit $54 mark.
Trade Safe!
WTI Crude Oil: Short term outlook. Bullish divergence on 4H RSI.Oil appears to have found Support following the very aggressive sell-off that started on January 7th after the Iran tensions began to ease. It has so far successfully tested the 49.30 level as a Support twice and is trading sideways within that level and the 52.20 Resistance on the 4H chart (RSI = 57.881, MACD = 0.140, ADX = 33.370, Highs/Lows = 0.4321).
Despite being ranged, the RSI is on a bullish divergence on the 4H chart, printing Higher Highs and Higher Lows ever since the January bearish (Lower High) trend line (dashed line on the chart) broke. Since the price also crossed above the 4H MA50 which has been acting as a Resistance since January 8th (and is now holding as Support), there are higher probabilities to make the 52.20 break out. If that happens then the move will attract more buyers and we will most likely see an immediate test of the 4H MA200 (now around 56.00). Notice that this is roughly where the 0.382 Fibonacci retracement level is.
This is in line with out longer term perspective as shown below:
** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. **
Comments and likes are greatly appreciated.
All Roads Lead to... Freaky Friday? - Mid-Term USO Overview
United States Oil ( USO ) falls on spread of Wuhan virus, U.S. oil-stocks build.
Currently $10.50 per stock or $50/bbl seems like local support while bearish downtrend still is in action.
Looking forward for major bearish continuation, until nearest (Mar '20) Triple Witch.
WTI Crude Oil - long term overview WTI Crude Oil touched the bottom support area of 51.70 - 52.40. Started the correction, now we expect one more retest of the strong support creating a lower low and making a double bottom formation.
From a technical perspective, the USOIL has to start the up-move towards the 61.8 fib level. Potential of climbing up to the 63$ per barrel price.
The technical analysis is supported by a fundamental overview of OPEC's policies. For the year 2020, they cut oil production. By the simple rule of supply and demand, target price is upwards.
Now we might see some consolidation in this area. Banks will probably build their longs before the reversal of the trend is confirmed.
We will also start taking smaller volume longs and build more on the accumulation period. The first price target is 59. Overall Target is 63.
Traders, If you find this complete analysis on point, please subscribe for more free market analysis to come.
Trading Expert Group is a financial market institution that provides access to real-time data components.
Oil about to get bullish long termWTI is hovering above linear support on $48.92 (approx), and in this case, the trending support line (the green dotted line) traverses linear support indicating that we should prepare to go long.
Stochastic shows an indication for a preparation of strength in price rise.
Look for an entry reason around linear support of $48.92 approx to buy WTI long term on the daily chart or 4 hour chart.
Enjoy your trading week & best wishes for success.
All comments welcome.
WTI Crude Oil: The 4H MA50 is the key for the uptrend.Oil has been consolidating this week on the 4H chart (RSI = 41.638, MACD = -0.340, ADX = 27.678, Highs/Lows = -0.0086) following the massive drop since the "Iran tension" High.
We are seeing the RSI on a bullish divergence at the moment but the uptrend has so far stopped on the MA50 (blue trend line). Since the price is trading around the 1W Support levels, we looked for pointers on the previous bottoms on that level (October and June 2019).
In October 2019 the RSI on the 4H chart was again on a bullish divergence, forming a Double Top and being rejected on the MA50 twice before it eventually broke higher. That break out essentially started the new uptrend. Same with June 2019 (RSI bullish div, Double Top, double rejection on the MA50 before break-out).
This appears to be a strong bullish pattern in formation and it is natural to expect that once the MA50 on the 4H chart breaks, a new strong uptrend will most likely start. A symmetrical target of $58.00 initially is a fair estimate.
** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. **
Comments and likes are greatly appreciated.
Crude oil Brokeout on ObservationLooks like market finally broke out to the upside, a long-awaited move.
WTI Crude Oil: Optimal long term Buy opportunity.Oil has been on a strong sell sequence since the January 8th Top (tensions with Iran) and has now broken into the 51.40 - 50.55 1W Support Zone. This level has been holding and accumulating buyers since June 5th, 2019.
At the moment 1D may be on an oversold condition (RSI = 27.481, MACD = -2.120, ADX = 46.874) but the RSI is also on the 20.50 June 5th low. Besides this strong bullish signal, another interesting development is the diverging pattern on the 4H chart (left chart). As you see whil 4H is on a Channel Down (RSI = 32.339, MACD = -0.900, ADX = 34.745), the RSI is on a bullish divergence, being on Higher Lows since January 27th.
We are turning into strong buyers at this level, expecting a gradual long term fill of the following gaps: 59.30, 60.90 and 63.30.
** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. **
Comments and likes are greatly appreciated.
USOIL Look Ahead for week starting 1/26/20The future USOIL, symbol CL, is in a Bear Market with price trading below the 50 ema, which is below the 200 ema, which is below the 800 week ema. The long term emas are mostly flat, indicative of an accumulation / distribution zone. Price has closed below the 13 ema at 54.24 on the weekly, with Last week a long red bodied candle confirming the sell-off. Price action dropped below a long term trend line, with authority, confirming the trend direction was down. The larger cycle period length Elliott Wave implies a rally above 66.58 to complete this primary b-wave, but we need to finish up an intermediate wave c down below 50.51 first.
The Market is in a Bear Market on the daily, with price below the 13 ema and the 50 ema which are still above both the 200 and 800 emas, but the 200 ema, at 57.75 still below the 800 ema, at 58.34. Price broke below a long-term trend line last week, confirming the trend change. A likely down side target for this c-wave sell-off is below the prior a-wave low at 50.51. We’re still in an downtrend as long as each day closes below the 9 &13 emas at 57.08.
The Market is in a Bear Market on the 4 hour, with price below the 30 and 50 emas, which are above the 200 ema, at 58.83, which is above the 800 ema at 57.77. Price would have to close back above the 9 & 13 ema, at 55.49 to consider the market to be back in a Bear Market rally. Last week, the market put in five waves down, so there needs to be a corrective bounce here, probably back up to the down trend line, before continuing back down.
This is my USOIL look ahead for my own trading purposes. FUTURES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
