Wticrudeoil
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.
USOIL AnalysisDear Traders,
Due to US-Iran conflict, Crude has been unstable, now that the US is not responding "violent" as expected, the oil could move stable and respect the next support area that could be a nice entry to long/buy with strict stop if it is not respected.
this is my setup for next week:
USOil Buy at 58.40
Stop Loss at 57.50
TP 1 at 61.05
TP2 at 62.20
Good Luck guys and Happy weekend!!
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.
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.
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USOIL is near SELL zone, Sell trade Opportunity..USOIL Sell
For Entry:
Wait for the formation of Bearish Candlestick Pattern to close on 4hr or more..
Push Like & Support the Idea...
USOIL: Bear-Flag Analysis, Short Setup..USOIL
The market is forming potential Bear-Flag Pattern.Wait for the market to break below the support level and after a small correction,look for Short opportunity..
Fresh Mind Oil analysis and My Trading Plan The latest analysis was made a little unclear :-) There are three scenarios for the daily and four hour periods. But each of them implies a reduction in oil prices in the near future. I am interested in making money next month, and oil provides such an opportunity.
key point at weekly, daily, 4 hour resistanceCrude oil is currently at key point of resistance. the first 2 time, it didnt pass, now its at its 3rd time. it has very high probability it can't break the resistance start its retracement.
USDWTI on both ways on chart you will see if the price going up 180 it well hit 225 angel and if close bullish going to 270 angel
and if close below 180 angel it well going to 135 angel and close below that well going to 90
Can WTI Make the Six-day Winning StreakWTI rose to levels not seen since September 17 yesterday as weekly stockpiles data showed a reduction in reserves. Monthly Crude oil has climbed over 9% in December and is showing upward momentum.
Ultimately, the market looks as if it is trying to close through the resistance barrier that extends to the $62.50 level, so it’s likely that we will continue to see buyers come back in on dips. We don't have interest in shorting that market. But, of course, it could be susceptible to bits of exhaustion.
Overbought conditions of RSI indicator raise worries of a pullback towards psychological $60 level now. In event of a breakout there a fresh decline to 61.8% of the daily Fibonacci retracement at $58.63, can be expected.
Now the pair is struggling around 78,6% Fibo level (there is also the upper line of daily Bollinger Bands) and we're looking for Buy position in that area. Cause sustainable move above it could send the price higher to the September top at $63.33.
What is your positioning on that instrument?
WTI Oil: Short term Buy opportunity.WTI Crude Oil is on a short term Channel Up on the 1H chart (RSI = 52.630, MACD = 0.040, Highs/Lows = 0.0000). Those neutral technical indicators suggest that we may be near a buy level and as we see on the chart the price is indeed near the Higher Low trend line.
Additionally we see a double tier Support level provided 1st by the 1H MA50 and 2nd by the MA200. So far we've bounced on the MA50. The RSI also bounced right above the Buy Zone for December. Based on those signals we are expecting a structured rise to a new Higher High at 61.40.
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Selling WTI expecting 4% dropEXPECTING BEARISH WTI
As seen in the screen shots released in the chat and trade alert channel... we see that WTI is currently at the top of its range and at an important resistance level which is the upper trend line, connect that with RSI being at the overbought zone and we have a higher probability of selling over buying.
The pattern we are trading is a CONTRACTION REVERSAL pattern which ususally has high chances of bears taking over.
