LONG WTIUSDLong WTIUSD, Trending up, flag Pattern,
Entry - MACD Cross
Exit - MACD Cross
Stoploss - 200EMA
Wtioil
WTI OIL The important 1D MA50 testWell I've been tracking and trading the pattern you see on this chart for over a month and the very last formations have played out particularly well:
Right now WTI is ahead of the first important test of this uptrend, the 1D MA50 (blue trend-line) which is currently posing as a Resistance. If that breaks, we have a strong case of a bullish continuation. However, this the current wave is repeating that of August - September quite closely, the (yellow) Lower Highs trend-line will be critical as well, and what I am particularly looking as confirmation is a rejection there, hold on the 1D MA50 and the red Ichimoku area and then a strong bullish break-out. The RSI is so far on course for its Symmetrical Resistance of those Lower Highs. If that breaks, our next target will be $85.00.
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USD/CAD Technical Analysis, WTI CAD Fundamental OverviewUSDCAD has reached a 1 year high @1.2965. Breaking through the 1.2960 resistance could lead USDCAD to push towards 1.3020.
Canada Core Retail Sales came out under expectations (1.3% vs 1.6%), reinforcing with fundamentals the technical analysis.
Omicron is now the dominant COVID strain in US, with new cases soaring in Canada as well. Tighter measures have been put in place on Monday, as Quebec shuts down schools, bars, gyms.
WTI price is still under pressure despite the recent rebound, likely a reaction to the new wave of omicron virus is hitting US and Europe, with the new restrictions from countries (still not in place in certain large markets, but are being studied) may reduce the demand of WTI and put heavy pressure on its price.
CAD is one of the major commodity currencies which is highly correlated with WTI’s price, so lower price on WTI will push USDCAD trend to go higher as weaker CAD is expected.
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USOIL Price TargetIf you haven`s shorted the top here:
Then you should know that USOIL seems to be heading to its major support at 60.40usd.
in coming week : oil going to fibo 61% still we advice buy near 70$ and buystop on friday high around 72 and wait minimum to fibo 61% around 77
alert= if low break,oil can crash to 50$ so put sl in low
good luck
WTI OIL Consolidation almost over. Buy the break-out.This is an update to a pattern on WTI that I've been working on since August:
As you see, the price did eventually rebound and right now is consolidating within the 1D MA200 (orange trend-line) being the Support and the 1D MA100 (green trend-line) being the Resistance. This is similar to the August 25 - September 10 consolidation, looking like another accumulation phase before a major rally.
Be ready to buy the break-out and target 76.30 on the short-term, which where the 1D MA50 (blue trend-line) may act as a Resistance. After the (yellow) Lower Highs trend-line breaks, our attention shifts to the long-term target of $85.00.
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Technical analysis update: WTI oil (7th December 2021)Today WTI oil broke above 70 USD and it currently trades around 71.50 USD per barrel. In our previous ideas we stated that ongoing politics between OPEC and the U.S. presented headwinds for the price of oil. We also noted that USOIL reached oversold conditions and its price was very attractive for long position (re)entry (as we remained bullish in long-term). Then we updated the most recent idea on 3rd December 2020 where we said that a bullish breakout above 69.21 USD took place. Today's breakout above the 70 USD price tag is even more bullish; additionally, it suggests that correction most likely ended. We are bullish on oil in the short-term as well as in the long-term. Because of that we would like to set a short-term price target for USOIL to 72.50 USD. Our medium-term price target for USOIL is 75 USD and our long-term price target for oil is 85 USD per barrel.
Technical analysis - daily time frame
Stochastic reversed and it is currently pointing into a bullish direction. RSI broke above 30 points (from oversold zone) which is very bullish. MACD remains in the bearish area, however, it shows first signs of trying to reverse. This view is also supported by its declining histogram. Additionally, ADX peaked which suggests that correction peaked as well. Though, DM+ and DM- continue to show bearish conditions. Overall, technical analysis is less bearish than at the time of our most recent update. Indeed, several indicators point to the end of correction and reversal in trend.
Technical analysis - weekly time frame
RSI seems to reverse its bearish direction back to the upside. We will await confirmation of this move by gain in USOIL for the current week (and next week). MACD remains in the bullish area, however, it still points into bearish direction. It needs to be observed closely in the following weeks.Stochastic remains bearish. DM+ and DM- remain bearish, however, ADX declines which suggests that selling pressure is cooling off. In general, weekly time frame remains bearish. Because of that we remain little bit cautious. However, weekly time frame respons with higher latency than daily time frame.
Support and resistance
Closest psychological support sits at 70 USD while short-term support sits slightly below that at 69.60 USD. Other two support levels are at 69.21 USD and then at 65.11 USD. Major support level appears at 61.76 USD. Closest resistance lies at 74.21 USD, then other resistance levels sit at 75.47 USD and at 76.95 USD. Major resistance level is at 85.39 USD.
Other possible resistance levels:
These resistance levels are derived from the peaks that price made during the correction. They are at 79.20 USD and 84.95 USD.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
Elliott Wave count for OILHello everyone hope you spending a good weekend, Here's the update for WTI Crude Oil in daily timeframe, as we can see in the chart seems the first leg of wave <2> has been completed and we are in the wave X of this correction. I'll prepare wave count in H1 timeframe to see these movements by more details, see the next post for that. You can see the details in the chart, If you have any idea or question about this scenario please share with us in comment. I will provide more Elliott wave count daily if you are interested follow us to receive updates.
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WTI Oil can rise above 80 (again)From 25th October's high at around 85, Oil has started to correct and dropped to strong demand zone between 62 and 65.
Now, this correction seems to be over and we can have a leg up above 80 again.
I'm bullish as long as the price is above 65 and, in my opinion, dips should be bought
WTI OIL approaching a medium-term ResistanceThis is an update to my WTI Oil outlook made over a week ago:
Despite breaking below the 0.786 Fibonacci retracement level and the Higher Lows trend-line of the multi-month Bullish Megaphone pattern, the price managed to close all 1D candles within the pattern and formed a Support. It has come very close to my first 73.50 Target which is near the 0.5 Fibonacci level and the 1D MA100 (green trend-line). I consider this a strong Resistance, in fact the whole zone as high as the 1D MA50 (blue trend-line), where we can see a weekly consolidation and sideways trading in a similar way as in late August - early September.
Short-term traders may buy if the price breaks above the 1D MA100 and target 76.30 and engage for a more long-term trade only if the 1D MA50 breaks (TP 85.00 in that case).
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US OIL stuck In a trendline resistance. Can it break out? The crude oil price has been on a steady climb this week, with two consecutive increases since the beginning. Today American market has not opened yet, but its possible prices will continue climbing even more tomorrow if they haven't already. But the crude price stuck below the trendline resistance nearly $75.30/barrel.
The rise in crude goods is likely due to increased demand out east caused by cold weather and holiday celebrations—the recent production cuts between OPEC members like Saudi Arabia who want lower gas prices.
At the same time, other countries need higher profits now instead of later when there might be fewer buyers because everyone needs fuel at some point or another-especially during winter months which require lots of road salt.
From the current crude price, $75.30 is the total resistance area. Breaking above $75 will open the door for $85/barrel.
On the other hand, as the market holds below the trendline resistance level, it may also correct a little bit to the downside. But fundamentally, I don't think it will drop a lot. It probably won't fall but a lot, but as a correction, it can test moreover $68.
Note: Don't go short on Oil as long as fundamental factors support be a higher price, at least during this month.
Cude oil Trend and Wave AnalysisCrude oil chart. My view of this chart is that it is creating an abc flat structure and is currently in wave c. This wave will grow in the form of 5 waves.
ukoil ... usoil ... wtioil ... opecoil
The wave you see in the future price on the chart is a schematic of a possible price trend and will not be formed just to clarify the possible price movement.
This is a personal analysis and should not be considered a criterion for buying or selling. Please pay attention the take profit and stop loss.
Nemodar naft kham va tashkil sakhtar abc flat ke pishbini mishe ta target taeen shode roye chart ghemat dar Ayande roshd kone ke mishe azash dar tahlil joft arzhaye commodity azash estefade kard
WTI BULLS 🐮WTI is showing solid signs that we could be moving into a bullish market in the current trading week.
We have already executed longs and have added to them, our take profit levels are already listed and we will determine based on short-term price action which level will be our profit target. Since we will compound the possible upside we might be getting out sooner as our profit could drastically increase due to compounding.
If we take into account price action, you will see that we have already formed a higher high and a higher low, while right now we are stuck in a little range, volume is increasing on WTI which suggest a move is coming today.
We are long until proven wrong.
✅WTI OIL WILL GO UP|LONG🚀
✅WTI OIL was trading in a downtrend
In a bullish wedge pattern, then retested a horizontal support
And finally broke out of the wedge to the upside
Now, the price is making a pullback to retest a demand area below
From where I am expecting a bullish reaction
LONG🚀
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Technical analysis update: WTI oil (2nd December 2021)Contrary to our expectations, OPEC's meeting resulted in a further drop in the price of USOIL. Sudden drop of more than 2 USD per barrel (to as low as 62.46 USD) occured on headline news regarding the proposal on output hike by Russian Federation.
Sudden selloff is shown on 1 minute chart below:
It took merely 5 minutes for USOIL to drop over 4.3%.
We previously stated that we expected OPEC to ease production as a countermeasure to release of strategic oil reserves by the U.S. and its allies. However, the Russian Federation came forward with the opposite proposal at today's OPEC meeting (to boost production by 400 000 bpd, starting in January 2022).
Price retracement after selloff:
It took approximately an hour for price to retrace headline news selloff.
Overall, we continue to see headwinds for WTI oil in the short-term and medium-term ( mainly due to rise in production, global lockdown measures and ongoing politics between OPEC and the U.S.). Technical indicators show extremely oversold conditions on a daily time frame while weekly time frame suggests that bearish structure may continue to develop further for a little longer. Despite that we remain bullish in the long-term.
Technical analysis - daily time frame
RSI broke into the oversold area for the second time now. We expect its reversal and crossover above 30 points. We expect such an occurrence to be accompanied by a bounce in price. MACD continues to develop bearish structure and it is getting overextended. Stochastic, DM+ and DM- also show bearish conditions. ADX seems to be growing rapidly which suggests that correction nears its end (as peak in ADX often coincides with peak in prevailing trend).
Technical analysis - weekly time frame
RSI, MACD and Stochastic are all bearish. DM+ and DM- show the same conditions. ADX decreases which suggests that trend of higher degree is becoming neutral.
Support and resistance
Major resistance level sits at 85.39 USD while the major support level sits at 61.58 USD. Resistance 1 is at 74.21 USD, Resistance 2 is at 75.47 USD and then Resistance 3 is at 76.95 USD. Medium-term resistance is at 69.60 USD. Short-term resistance appears at 69.21 USD and immediate support/resistance sits at 65.11 USD.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
USOIL 2.12 - Technically bearish short termThe price crossed the Kumo on the DLY TF and the lagging span validated by breaking both the Cloud and the trendline.
The price almost reached the first TP.
Pullback to the TL by the lagging span is possible. OPEC today so high volatility is to be expected.
Technical analysis update: USOIL/WTI oil (30th November 2021)In our previous idea we noted that we saw short-term and medium-term headwinds for further rise in the price of oil due to ongoing politics between the U.S. and OPEC. We also stated that we expected the OPEC to take countermeasures in response to release of strategic oil reserves by the U.S. and its allies. We await tomorrow's OPEC meeting (and with it more insight into the mentioned countermeasures) which we expect to bolster the bullish case for oil in the long-term. We expect these measures to come in the form of less production quotas for cartel members.
Price of USOIL fell over 21% within the last 36 days. At the moment, technical indicators point to oversold conditions in the oil markets. We think that the current price is extremely attractive for a long position (re)entry. However, we are very cautious as it is possible that the U.S. and its allies will take actions to offset measures taken by the OPEC. If this is to happen, then we expect the price to continue lower towards 65 USD per barrel.
Technical analysis - daily time frame
RSI is oversold. MACD continues to develop bearish structure with no signs of flattening. Stochastic is also bearish. DM+ and DM- indicate a bearish trend with ADX suggesting its strengthening. Overall daily time frame is very bearish. However, some indicators reached an oversold condition already which suggests that end of correction might be in sight. Though, all depends on further measures by the U.S. and OPEC.
Technical analysis - weekly time frame
RSI is bearish. Similarly, Stochastic and MACD are also bearish. DM+ and DM- show bearish condition, however, ADX continues to decline which suggests that trend of higher degree is weakening. It is possible that the price will move in range for a while before a new trend will begin.
Support and resistance
Major resistance level sits at 85.39 USD while the major support level sits at 61.58 USD. Short-term resistance appears at 69.60 USD. Resistance 1 is at 74.21 USD, Resistance 2 is at 75.47 USD and then Resistance 3 is at 76.95 USD. Strong support also appears at 65 USD from a psychological standpoint.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
WTIUSD Pattern on H1Here's my idea for WTTIUSD. It should be going bullish. When reaching Order Block, it's your area to look out for. You can take 10R. Safe Trade!
WTI OIL Ideal long-term buy opportunityWTI Oil is down more than -20% since the October High. The fundamentals over the new Omicron COVID variant have undoubtedly accelerated this but technically this is a much needed correction following the big rally of August - October.
My last update on WTI was the following, where I pointed out the upcoming rejection on the 1D MA50 (blue trend-line):
The 1D RSI touched its multi-month Support Zone and even though a slightly lower level is technically possible (-23.50% would be within the technical limits of the 9 month Bullish Megaphone pattern), the current levels already represent an ideal buy opportunity for the long-term.
Our firm's thesis is that the rebound that will follow will target the 0.5 Fibonacci level (73.50) on the short-term, followed by the 0.382 (76.30) on the medium-term. The long-term lies on October's 85.40 High and potentially beyond (based on the geopolitics at the time can be reviewed).
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Technical analysis update: WTI oil (25th November 2021)USOIL seems to stabilize in range between 75 USD and 79 USD. Currently, it trades around 78 USD; and we are closely watching technical indicators as they continue to point to the bearish condition. Current state of oil coincides with the recent set of bearish news regarding realese of the strategic oil reserves by the U.S. and its allies. We do expect the OPEC to take counter measure in response to this action. We think this will most likely take form of lessening production quotas for OPEC's members. We still think that in long-term price of oil is headed higher. However, in short-term and medium-term ongoing politics between the OPEC and the U.S. create headwinds for further rise in price of oil. Despite that, we expect OPEC's counter measures to bolster bullish case for WTI oil.
WTI oil continuous futures chart and volume:
Volume continues to decrease which suggests that selling pressure cools off.
Other developments in a world thatt are related to oil market:
1. First snow in Europe drags power prices higher.
2. EIA reports that crude oil inventories rose slightly last week with inventories of gasoline falling.
3. UN Nuclear Agency failed to reach agreement with Iran last week.
4. Oil markets take relatively well release of strategic oil reserves.
Technical analysis - daily time frame
RSI is very bearish. MACD is also bearish but it started to show first signs of flattening. Though, it needs to be closely observed for next action in the following days. If it manages to reverse to the upside and cross above 0 points then we will view it as very bullish development. Stochastic remains in bearish area, however, it managed to reverse and it currently points to bullish direction. It also needs to be observed closely in the following days. If it manages to oscillate higher then we will view it as bullish development. DM+ and DM- remain bearish. ADX suggests that prevailing trend is very weak.
Technical analysis - weekly time frame
RSI exhibits divergence in its medium-term structure. We will observe it in the following weeks and we will look for its ability to reverse back into bullish direction. MACD remains in bullish territory, however, it keeps moving sideways (bearish histogram is forming today). DM+ and DM- remain bullish. ADX continues to decline which suggests that trend is weakening.
Divergence in RSI:
Double divergence in RSI is not particularly bullish development. We will observe action of RSI very closely in the following weeks as it flashes warning signs at the moment.
Support and resistance
Major resistance level sits at 85.39 USD while major support level sits at 61.58 USD. Support 1 is at 76.95 USD, Support 2 is at 75.47 USD, Support 3 is at 74.21. These supports act as short-term levels of importance. Additionally, yesterday's high at 79.20 USD acts as immediate resistance. Another important level from psychological standpoint is 80 USD.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
Crude Oil Price Analysis: Can oil price up again? Oil prices are up in trading today as traders eye potential for a bounce-back after being badly beaten down at the end of last week.
WTI suffered its worst performance this year with an 11% drop to $67.50 before finding some footing again around $71.50.
Although it remains weaker than usual due mainly because there's no sign yet that supply confronted by demand will ease anytime soon—even though most analysts still think inventories have been building too much all winter long.
The oil markets were in a slump on Friday as the Omicron headlines hit. Still, there is a serious consideration that what may heavily dampen oil bullishness due to recent developments.
Suppose more people die from this virus next year. In that case, those investing money in oil will lose hope for it being an optimistic fundamental outlook that could cause them to make decisions based on fear rather than the possibility.
This passage mainly discusses how one event can change many peoples' perspectives about what they believe their future holds.
Even we saw last year oil price dropped nearly $00 for somewhile. So, if the pandemic situation becomes worse like the previous year, the oil's demand will collapse, and crude oil prices may drop again vastly.
The ramifications of an Omicron variant crisis are huge, but it's not all gloom. If border controls tighten and more onerous restrictions are imposed globally again, there will probably be no quick fix to resolve the global oil market outlook.
We should be careful until vaccinations have had their chance at relieving us from worst-case scenarios once more if they're needed even sooner than expected.
If the world leaders can control Omicron and prove nothing more than a hiccup, Friday's retreat will be quite the dip to buy in on Friday, especially when we still need a few weeks.
But, one can't rule out dead cat bounce just yet because it may take some time for things to settle and cool off from such high volatility movements.
Suppose Omicron is just a hiccup. Then, it will continue its buying pressure. And If Omicron is absolute, then it will continue its Selling pressure again.
