Wti- 30, a good place to sellWTI had a very good run last week, with the price gaining around 40%. Now Oil is facing strong resistance in the 30's area and I believe the price will drop in the next few days.
Looking to sell for a drop to 25 zone.
Wticrudeoil
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.
WTI- Bullish above 23Yesterday, the price of WTI skyrocket more than 20% at some point. As normal, the price corrected and settled.
I anticipate a next leg up for OIL that can drive the price to 27 zone and even close to 30.
As long as the price stays above 23 zone the structure is bullish
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 )
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).
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USOIL IS FORMING DOUBLE BOTTOM WAITTING TO BUY USOIL IS FORMING DOUBLE BOTTOM WAITTING TO BUY THIS PAIR, AND AS WE KNOW USA AND RUSSIA AND SAUDI ARABIA AGREED TO MAKE THE PRICE HIGH.
Short till 12.15OIL IS OVER. short 100k untill under 12.00. Tired of these fools fooling everyone! HAVe A NICe DAY
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.
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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.
CRUDE OIL - Range and dropI'm expecting some hours-days in a range of crude oil and then another huge drop of the price.
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WTI Oil: Must hold 20.00 otherwise risks drop to 13.50.A very bearish pattern is emerging on Oil as if the 20.00 Support fails we may see another sharp fall as the one last week. In March 17th the price broke the Support and Oil collapsed to the 1.786 Fibonacci extension. If the 20.00 Support doesn't hold we may see sellers accumulating causing another flash crash to the 1.786 which in this case is at 13.50. The MACD sequence between the two fractals is identical as you see on the chart.
If on the other hand, the 20.00 Support is defended and the price breaks the 4H MA50 (blue line on the chart), then that will be a strong bullish reversal signal as it will be the first time Oil would touch it since February 24th. In that case we will target the 28.50 Resistance.
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Which way will oil break???Here we are at the crossroads, US crude oil has put in a lower high and lower low on the hourly charts and we could see another move downwards.
This is an interesting trade as we could either see a continuation flag to the upside where we may break major resistance and pile on up to 28. Or we could see a cup and handle reversal pattern and see a retest down to 20-21. As such i'm on the sidelines waiting to see. At time of writing we just saw a breakout fakeout of the flag and so now we could see the cup and handle come into play. Or another go at the flag (5 min moving averages are indicating long trade). In these types of situations its easy to get burnt multiple times trying to trade breakouts. Better to wait until an explosive move comes in which would negate the other potential pattern.
STALLED WEEK FOR THE OIL MARKETAfter the technical correction experienced in the market last Friday, the wrecked oil market had what is considered a flat trading week, forming a consolidation channel within 25- & 21-dollar range, market sentiment remains skeptical with investors in “sit-and-wait” mode weighting the outcomes of events in different fronts before placing their bets.
On one side, the market is waiting for April to validate the ramp-up in production announced by the Saudis that will overflow the market with the black commodity, budgetary cuts in major oil producers’ companies were also announced. And last but not least, the confirmation this week of a possible alliance between the US and Saudis to curb the damaged oil market.
The technical chart does not say much. The market is still under intense bearish pressure, trading within a consolidation channel. Here MACD also confirms a flat trading week. Moving averages reducing their falling angle.
Although not comment on the alliance front, the news was enough to booth the sentiment in the market. Big oil players are already announcing a significant cut in spending, as the oil price remains in the $20 handle. It is a fact that with current oil prices, US oilfields activity will collapse.
Additionally, as the virus continues to destroy demand, Australian refiners viva energy (ax:vea) and Caltex Australia ltd (ax:ctx) said they expect jet fuel demand to shrink by 80% to 90% due to air travel grinding close to a halt and plan to take in less crude.
With price showing enough room to fall further, the price could reach levels previously seen in 1986 or 1998 of around $10 per barrel.
Leaving aside the presumption of the ability to predict the market, technically and fundamentally speaking, the carts are on the table. Let’s stay in the “wait-and-watch” mode until further notice. Happy weekend ahead. See you next Friday.
Crude Long Term Outlook : 200$ by 2030oil still under pressure and searching for bottom...
after this economic turmoil , oil price can run for historic highs in 10 years.
good luck.
USOIL | CRUDE OIL (WTI) | Possible scenariosGraphs (WTI) and BRENT are very similar, but there are little differences.
Here is BRENT scenarios
US OIL double bottom. Big pump up?US crude posted a nice double bottom on the 15 min chart after the expected fakeoutbreakout (see other post). After taking some nice short profits on that trade this was a great long already netting some quick profits with huge momentum as we moved back into the triangle.
I'm holding 30% of position for a move higher. Will look to add again on pullbacks. Daily chart is showing a buy signal
US OIL - WTI SHORT TERM LONGPotential long setup viewed from 4H (wait for breakout from 4H channel). See previous post in profile to see possible long term outcomes.
WTI Crude Oil: Sell opportunity on a Head and Shoulders.Oil is trading within the (wider) 24.00 - 20.75 neckline of the 1H Head and Shoulders with 1H neutral (RSI = 47.139, MACD = -0.480, ADX = 27.490). With 4H below the neutral line (RSI = 39.581) we are expecting the neckline to hold and provide at least one more sell opportunity. Our Target is 21.40.
Previous short term trade:
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CRUDE OIL (WTI) | Bearlish scenario The graphs of CRUDE OIL (WTI) and BRENT OIL are very similar. However, I want to show a separate scenario for CRUDE OIL (WTI
Scenario for BRENT is BELOW
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