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Wticrudeoil

THE WOUNDED BEASTOil markets yesterday have experienced what is considered a technical correction, creating much expectation about a further recovery. However, it would be hard to claim that it is objectively true. Still, the market needs to deal with the Covid-19 and the disintegration of the OPEC+ alliance. The market remains under sellers pressure, where investor and traders are still weighting the immediate impact in the global economy with the spread in different latitudes of the virus, newly affected countries are considering stronger lockdowns, that definitely will create mayhem in the oil demand. Today's weekly report will have two charts to explain and easily spot the bearish pressure in the weekly reign and the technical correction in the H4 domain. In W1 (weekly charts) Oil has recorded a 69.20% plunge from its January high reaching levels last seen in Feb 2002, next support level from 1998 at 16.24 could be achieved even with economic stimulus announcements and the end of the price war between the Saudis and Russians. It would take time for the oil market to cope with the intense never seen disruption in the demand before finally correcting. Now in the H4 domain (4 hours charts), the price experienced a recovery of 38% from its lowest level, never seen before, giving some enthusiasm to the market. Some experts said it was due to Trump's proposal on increasing the national oil reserves supporting the American drillers hammered by the plunge in oil prices. However, personal opinion, this was a more technical correction after reaching a critical demand zone of $20 per barrel; bulls were sitting there expecting to fill up their orders, and clearly, it just happens, pushing the price action back to the daily moving averages. Finding resistance close to 50 Fibonacci level price action is still under a clear bearish bias, where the last line of defense for the bears could be the next Fibonacci level at around 61.8. Now, 50 EMA and 200 MA continue in bright free fall. MACD (not displayed in the chart sorry) showed some bullish divergence that confirmed this encountered correction. The market will continue to check on the Bulls' endurance for this short-term correction. As a last note, this downturn in prices for the oil producer dependent countries could vanish governments revenues by up to 85%, for instance, Venezuela, Ecuador, Iraq, Nigeria, Angola are at particular risk, opening the door for the international financial institution to step in and take extraordinary measures. Iraq's oil minister had pledged the call for an emergency meeting with the OPEC this week when price tested the $26 handle, with no confirmation on that front yet, let's get into the weekend and see what next week will bring to the market.
FX_IDC:USDWTI
by OGFXTRADER
WTI Oil: Rising Wedge towards 24.40.The bounce on yesterday's 20.00 low has been met with strong buying towards the end of the session, making a bottom sequence and today the price appears to be consolidating. This resembles the Rising Wedge of the previous sharp sell-off sequence on March 9th. After making Higher Lows, the pattern topped slightly above the first High. With 1H technicals largely mixed (RSI = 41.112, ADX = 21.510, MACD = -0.760), we are expecting this to make Higher Low and bounce towards a 24.40 top. ** 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
USOIL | Death Cross on Weekly ChartPlease support this idea with LIKE if you find it useful. 50 and 200 Weekly MAs are close to produce the death crossover. It's a bearish sign and usually a strong confirmation the decline will continue. However on the chart we see the situation where the Death Cross was ignored and price stopped the declining and later started to grow (it happens because losses are already booked and the confirmation comes too late). We might have the same situation now if price will hold the horizontal support zone, otherwise we have a high chance the decline will continue. 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.
TVC:USOIL
by Anpu
3
Oil good long term entry. R:R7 50% Solid long term support and bullish divergence on Daily. This looks like a good long opportunity to me ------------- Disclaimer: I´m not registered or licensed in any jurisdiction whatsoever to provide investing advice or anything of an advisory or consultancy nature, and therefore I´m unqualified to give investment recommendations. Always do your own research and consult with a licensed investment professional before investing. This communication is never to be used as the basis of making investment decisions, and it is for entertainment purposes only.
TVC:USOILLong
by Anoinvest
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.
TVC:USOIL
by InvestingScope
2
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.
TVC:USOILShort
by Anpu
7
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.
TVC:USOIL
by InvestingScope
1
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.
TVC:USOILLong
by TradingExpertGroup
2
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.
TVC:USOIL
by Mihai_Iacob
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.
FX:USOILLong
by InvestingScope
2