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Wticrudeoil

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.
FX:USOILLong
by InvestingScope
6
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.
TVC:USOILLong
by TradingExpertGroup
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.
TVC:USOILLong
by JayStieren
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.
TVC:USOILLong
by InvestingScope
12
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.
TVC:USOILLong
by InvestingScope
1
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.
FX:USOILShort
by Cincinnatuus
2
WTI Crude Oil: Touched the 1W MA200. Potential Support & ReboundOil has completed three red weeks, making a strong correction since the Iranian crisis. In doing so, the price has just made contact with the 1W MA200 (orange trend line) and since the 1W chart turned neutral (RSI = 45.808, STOCH = 47.665, CCI = -38.1509, MACD = 0.520, ADX = 23.460) we may have a Support and a valid long term buy level. Notice how the 1W MA200 has been providing Support since mid January 2019, making this a full year of Support for Oil. This is a strong indication that buyers are accumulating periodically here. The same sequence is spotted in 2016/2017 with the 1W MA50 providing this time Support for 1 full year. The pattern is quite similar. Based on the above we've set a medium term Target at 63.50 and a long term at 69.00. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
TVC:USOILLong
by InvestingScope
4
USOIL Look Ahead for week starting 1/19/20The future USOIL, symbol CL, is in a Bear Market with price trading above 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 58.85 on the weekly, so therefore, the Bear Market Rally can be considered over. Last week was a red bodied candle with a long lower wick, which is known as a Hammer. Hammers are bottoming candles that have to be confirmed by the next candle trading higher, preferable a long green candle. Price action tested a long term trend line, but did not close below it. The larger cycle period length Elliott Wave implies a rally above 66.58 to complete this primary b-wave. 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 57.81 still below the 800 ema, at 58.36. Price broke below a long-term trend line last week, implying a potential trend change. A likely down side target for this x-wave sell-off are the 200 and 800 emas. We’re still in an downtrend as long as each day closes below the 9 &13 emas at 59.48. We got a couple dojis as part of a morning star pattern last week, implying a potential bottom. With the emas flat and as close together as they are, we are likely to see a lot of trading range activity, stop hunts, and all kinds of other malfeasance until the Real Bottom on this x-wave gets put in. This is the kind of market that chews up trading accounts. The Market is in a deep correction of a Bull Market on the 4 hour, with price below the 30 and 50 emas, which are above the 200 ema, at 59.51, which is above the 800 ema at 57.83. Price would have to close back above the 9 & 13 ema, at 58.53 to consider the correction over. The way this market is trading expect a retest of the lows… 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.
FX:USOILShort
by Cincinnatuus
WTI Crude Oil: Buy opportunity on a Rising Wedge.Oil is currently trading sideways within the 1D MA200 (orange line acting as a Support) at 57.40 and the 1D MA50 (blue line acting as a Resistance) at 58.90. This is basically the price attempting to create a Support Zone following the 65.70 High after the Iranian tensions (1D turning neutral because of this consolidation with RSI = 44.650, MACD = -0.250, ADX = 33.237). This price action has created a Rising Wedge (displayed by the dashed red lines). A key characteristic is that every time its RSI hits the dashed line shown on the chart it reaches a bottom and gradually starts rising again. Assuming the 1D MA50 breaks, then this scenario (gradual rise on the Wedge's Higher Low line) becomes valid. Our Target remains 66.00 (close to the April 23rd High). A break below the 57.40 S1 however risks further drop to Support 2 = 55.00 and if that breaks as well then total reversal towards the 1W Support. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
TVC:USOILLong
by InvestingScope
1
USOIL Look Ahead for week starting 1/12/20The future USOIL, symbol CL, is in a Bear Market Rally with price trading above the 50 ema, which is below the 200 ema, which is below the 800 week ema. The 50 week ema is currently slightly up trending, but by and large the long term emas are mostly flat. This implies an accumulation/distribution zone. Price would have to close below the 13 ema at 58.86 on the weekly for the Rally to be considered over. Last week was an ugly long red candle which formed a dark cloud candle pattern, and marking the top of the intermediate cycle time frame c-wave top of the b-wave. The larger cycle period length Elliott Wave implies a rally above 66.58 to complete this primary b-wave. The Market is in a correction of a Bear Market Rally on the daily, with price below the 13 ema, but above the 50 ema which is above both the 200 and 800 emas, but the 200 ema, at 57.79 still below the 800 ema, at 58.36. Price is testing a long-term trend line zone and just broke below the 9/13/30 emas this last week and is testing the 50ema. A likely down side target for this x-wave sell-off are the 200 and 800 emas. We’re still in an downtrend as long as each day closes below the 9 &13 emas at 60.70. The Market is in a correction of a Bull Market on the 4 hour, with price below the 9/13/30/50 emas, which are above the 200 ema, at 59.90, which is above the 800 ema at 57.79. Price would have to close back above the 9 & 13 ema, at 59.82 to consider the correction over. The Oil Market is selling off as a result of the succession of US tensions with Iran. With a likely calm weekend, I’m expecting the oil futures to open in a positive light, but test the lower trend lines and emas, in the early part of the week, then bounce in to the later part of the week to complete wave form patterns. The over-all trend is down on the longer time frames, but there is a feeling that this is the quiet before the storm. Hostilities in the Middle East could unexpectedly show up at any point and cause prices to rocket back up. 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.
FX:USOILShort
by Cincinnatuus
WTI Crude Oil should drop to correctionWTI hit the 63.50 target. Now from a technical perspective USOIL needs to pullback at least to the 200 EMA level of 59.50. Potential of entering back the channel. Non-commercial's are holding massive amounts of longs (91%). They should start closing, changing the trend of the WTI Crude Oil. And of course, all of the above is valid only if fundamentals are matching the direction for this commodity. In order for that to happen we need to see the de-escalation of tensions between Iran and the US. And our view on it is that they will loose tensions in the following weeks.
TVC:USOILShort
by TradingExpertGroup
WTI Crude Oil: Buy the pull back. Potential for $66.00.Oil has hit the 63.90 1W Resistance and is naturally retracing, despite the Middle East geopolitics and lower than expected Crude Oil Inventories today. This is purely a technical reaction upon reaching a long term Resistance level and 1D approaching the sell zone (RSI = 68.142, ADX = 54.212). We are expecting a pull back towards the 60.00 Symmetrical Support or the 1D MA50, which we will buy. Target: 66.00. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
TVC:USOILLong
by InvestingScope