Wtilong
WTI buy using MTFAMy entry 45.97 /// 5% moderate exposure, starting to build a bigger buy position.
SL 45.20 / Risk 3.5% - pips 77
TP 48.91 / Reward 13.6 - pips 294 / RR+3.8
The bigget channel will be to break the 13EMA on 4H, at price is literally testing it right now.
Later this week we have the OPEC meeting and to me they have been proven to bring excellent pips expecially in the week before the meeting, either on buying or selling... but this meeting has the power to create strong momentum trends.
As for the daily chart, we didnt test 42.26 as I expected (yet) but we could give it a test before the opec meeting, so if EMA holds I will probably switch to selling and be aggressive on it.
If we move down to the 10M chart and even the 1H we see that price is trying to build a bullish flag, if that succeeds, I am able to move my SL to BE+
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.
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.
Best Time to long term Buy Us Oil .Long term buy Us oil near 51.50/50.00 sl below 46.30 Target 67.00 / 76.00 just Trade with proper money Mangement Thanks
Possible move up?Hello oil traders! I see that oil crossed the bottom of my channel and now looks like it may be moving back up. I had said for a long time that I expected oil to drop down around $52 and it finally did. Now looking for oil to return to the top of that channel around $56.40. StochRSI and MoneyFlow are both moving up which is a good sign. We’ll see what happens.
WTIUSD - LongSince 1st Nov 2019 until now, there were 3 times price bouncing regarding the RSI(14) at level of 45.
There is a potential that the price possibly bounce this time. Besides, the price is above MA200, basically we are following the trend.
Trade with care, this is just my opinion sharing to you guys !
Cheers
OIL WTI BUY/LONG OPPORTUNITYOil has broken out of the local resistance (The red dashed line).
Longing a 40% portion and then also waiting on the daily close. If we manage to close above the dashed line I will go long further.
Will state targets once the daily closes.
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 Could Test $58 Key ResistanceOil posted its biggest percentage decline in nearly 2 months after reports indicated Russia is unlikely to lower production at the upcoming OPEC meeting. WTI dropped towards its 7-week support trend line, but after that rebounded from $ 55.00 and 200-day SMA on H4 chart.
Earlier on Wednesday, the EIA reported that overall Crude stocks rose 1.4 Mb, about in line with consensus for a 1.5 Mb. However, the market latched on to the fact inventories at Cushing fell 2.3 Mb barrels, the most significant drop in 3 months.
When you look out over the last couple of months, we essentially have been forming an uptrend and bullish channel, and as a result we could very easily go higher. The nearest resistance is near $57.17 at 50% Fibo level on the recent fall from 63.38 to 51.06 (4-hours). A clear break there will extend the rise for testing key resistance $58. It corespondent to the upper border of the current range. In that area the market could see a bit of market memory where sellers could come back in. Conversely, if the price fails to continue under $56.50, it could resume its decline.
Ultimately, we like the idea of buying short-term pullbacks. But we're looking for any type of major breakout in one direction or the other, since the market have found a bit of an equilibrium in the last month.
CRUDE OIL LONG up to $59.80-$60.00The crude oil market was kind to us on the downside after we broke through support level time and time again. We were originally looking for shorts to continue however the upside opened up on Wednesday and didn't stop. The fact that we broke above a key resistance structure at $58.10 suggests the longs are out to play and there could be move upside if they hold their momentum.
We could see price retrace to 2 levels for us to continue to look for the long. The first level and more ideal level is the broken high at $58.00-$58.10 for a move back into resistance at $59.60.
The next level is the start of the impulse move at $57.00-57.10. This could still continue the upside structure. Over the last two days, volume was really strong. If we break under $56.80 we may see more downside.
Oil on buyOil on long...
And it's likely for it to break the horizontal ray....
Just for educational purpose...
+2348133242508
WTICOUSD West Texas Oil WTI has a habit of spiking down (or up) shaking traders out of the market. Im looking for an opportunity to go long if smart money makes another move down into my sweet spot. If price doesn't hit my entry criteria there's no trade. As always, the market can go in any direction at any time and there's no guarantee of success, risk management is key.
USOIL Time for changeHappy Hump Day oil traders! Maybe today could be a turning point for a while. Last 6 days have been sell days and push oil prices down to the bottom of my original channel in red. Stoch RSI and Money Flow have change directions indicating this could be the day for a change in directions. I am expecting upward movement to at least the top of my original consolidation triangle at about $56.50. I entered a long position at $54.00. Recommend setting stop loss to your risk level and TP around $56.50. Have a great week!
USOIL POSSIBLE SHORTS - WAIT FOR CANDLESTICK FORMATIONUSOIL POSSIBLE SHORTS - WAIT FOR CANDLESTICK FORMATION
