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Wtioil

WTI OIL Inverse Head and ShouldersLast time I made a post on WTI Oil the price was still struggling to get past both a very strong Lower Highs trend-line and the 1D MA50 (blue trend-line on the left chart): Well the price managed to break and close above both and rallied. The rejection though near the 74.15 Resistance has formed an Inverse Head and Shoulders (IH&S). Look how the Pivot Zone mentioned on the previous analysis is almost perfectly matched as the Shoulder line. Naturally, we should be expecting an initial pull-back and since the IH&S is a bullish reversal pattern, break above the 74.15 afterwards. However we need to consider an earlier potential Support and that's the 1D MA50 which, as mentioned, was previously the Resistance since August 03. That fits well the pattern on the right side (which is on the 4H time-frame) which is a Channel Up whose Higher Lows trend-line limit is currently roughly where the 1D MA50 is. Short-term target if the Pivot Zone holds is the 74.15 Resistance (1). Long-term target is the 77.00 Resistance (2). A candle close below the Pivot Zone temporarily sets this back to the 1D MA200 (orange trend-line on the left chart). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> Vergnes --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
7
Bearish broadening wedge on USOIL! WTI technical analysis!Hello my beauties. It seems that the price of oil, while climbing, has created a bearish broadening wedge (or megaphone). The completion zone for this pattern is the green area. I'll wait for any wign of weakness and initiate a short position to the completion zone. If you find this idea to be helpful like, follow, and drop a comment below if you'd want me to analyse a different pair. Consider supporting me if you think I am providing you with value. Peace. Luca, TrickleDownFX
TVC:USOILShort
by TrickleDownFX
1
Technical analysis update: WTI oil (2nd September 2021)USOIL continues to trade just slightly below its short term resistance at 69.60 USD per barrel. In terms of technicals RSI is flattening but still bullish. MACD and Stochastic are also bullish. However, ADX is low which suggests no trend or very weak trend. We remain bullish on WTI oil. We expect WTI oil to surpass its short term resistance and restart its previous bullish trend. Our short term price target remains 70 USD. Our medium term price target is 77.50 USD and long term price target 80 USD. Disclaimer: This analysis is not intended to encourage 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.
TVC:USOILLong
by Tradersweekly
11
Technical analysis update: WTI oil (3rd September 2021)Our short term price target of 70 USD was reached yesterday. USOIL currently trades around 70.30 USD. We remain bullish on WTI oil. Our medium term price target is 77.50 USD and our long term price target is 80 USD. We would like to set new short term price target for USOIL to 72.50 USD. Technical analysis RSI and Stochastic are bullish. MACD has bullish direction and we will observe it closely in the following days. We will look for crossover above 0 points (to the bullish zone). We expect this phenomenon to further bolster bullish case for the WTI oil. Previous short term resistance (at 69.60 USD) now acts as short term support. Medium term resistance is at 74.21 USD. Major resistance sits at 76.95 USD and major support sits at 61.58 USD. Depiction above is another interesting setup for USOIL when a line is drawn from the peak of 76.95 USD and extended through the peak of 74.21 USD. Latest news in the oil market 1.OPEC continues to keep its supply boost agreement in place signaling healthy oil market. News media report that OPEC+ is expected to raise its 2022 oil demand growth forecast to 4.2M bbl/day from its previous outlook of 3.28M bbl/day. 2. EIA reports that the U.S. crude oil inventories fell more than expected last week. U.S. crude stockpiles fell by 7.2M barrels to 425.4M barrels. This is despite domestic production continues to climb to a 15-month-high. 3. Yesterday Javad Owji (Iran’s new Oil Minister) met with top official from the China national Petroleum Corporation (CNPC) to discuss cooperation and expansion of bilateral relations. Disclaimer: This analysis is not intended to encourage 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.
TVC:USOILLong
by Tradersweekly
4
Technical analysis update: USOIL (7th September 2021)USOIL gave up some of its gains from the last week. Currently it trades just below upper bound of downward moving channel. We continue to monitor USOIL closely while we look for any strength and potential breakout above the upper bound of a channel. We think this would be bullish developement for USOIL and it would be followed by another breakout above the short term resistance. We remain bullish on WTI oil. Our short term price target is 72.50 USD and our medium term price target is 77.50 USD. Our long term price target is 80 USD. Technical analysis RSI is flattening. MACD has bullish direction but it remains in the bearish territory. We continue to observe MACD closely while we watch out for crossover above 0 points (to the bullish zone). We previously noted that we expect such developement to further bolster bullish case for USOIL. Immediate support/resistance sits at 69.60 USD. The short term resistance is around 70.50 USD while medium resistance is at 74.21 USD. Long term resistance is at 76.95 USD. Another important price level is at 65 USD. This level now acts as strong support. Then finally major support level sits at 61.58 USD. Weekly chart: Monthly chart: Prior developements from 3rd September 2021: Disclaimer: This analysis is not intended to encourage 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.
TVC:USOILLong
by Tradersweekly
2
Uptrend Returns to Oil?H4 time frame. Structure: Downtrend. The current price is still trading in the range of the 70.00 resistance zone . Oil price is having upward moves to break the resistance level of 70.00 but there is no confirmation yet. Along with that, the uptrend is decreasing, showing clear divergence signals. In the bullish case, a clear rise above the 71.00 level is needed and there are confirmation retest signals. In the case of a downtrend, it is necessary to wait for the price to break the Key level and confirm the downtrend is back. ----------------------------------------------------------------------------------------------- Wish you all have a good trading day!
TVC:USOIL
by tradafx
Technical analysis update: USOIL (13th September 2021)USOIL continues to trade around its short-term resistance near 70.50 USD price level. We continue to be bullish on USOIL. Our short term price target is 72.50 USD. Our medium term price target is 77.50 USD and long term price target is 80 USD. Technical Analysis ADX exhibits low value suggesting that trend is neutral or very weak. Although, RSI and Stochastic are very bullish. MACD is also very bullish. Indeed, it is performing crossover above 0 points (that we predicted in our previous idea). We expect this phenomenon to result in resumption of the bullish trend and subsequent price rise. Important support levels appear near 65 USD and then at 61.78 USD. Contrary to that, closest resistance sits at 74.21 USD and then at 76.95 USD. We currently remain bullish on price of WTI oil. 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.
TVC:USOILLong
by Tradersweekly
10
A reversal pattern appeared at an important zone with OILH4 time frame. Structure: Downtrend. After the price rose to the important Key level of 70.00, there is now a head and shoulders - reversal pattern. Now waiting for the price to clearly break this reversal pattern or break the Key level up move at the price of 67.000, we can find selling opportunities. The profit target is the 62.000 zone. ----------------------------------------------------------------------------------------------- Wish you all have a good trading day!
TVC:USOIL
by tradafx
6
WTI OIL analysis on the 1D and 4H time-framesLast time I analyzed WTI Oil on August 24, I made it clear that it was trading within a long-term Triangle and until it broke, its price action would be sideways: I stressed out the importance of the 1D MA50 (blue trend-line) and the Lower Highs trend-line of that Triangle. Well as you see on the chart, WTI Oil got rejected exactly on that Resistance level twice and has been pulling-back since. Until the price closes a 1D candle above the 1D MA50, the bias are towards the Pivot Zone. A 1D closing below it, sees the 1D MA200 (orange trend-line) as target, which last time held (August 20-23). That is on the left chart which is on the 1D time-frame. On the 4H time-frame (right chart), a Channel Up has been formed, which naturally is limited by the Lower Highs trend-line (and 1D MA50) of the Triangle. The previous 4H candle, even though it broke below the Channel Up, it managed to close inside it, so as long as we close within the pattern, the short-term target is 71.50. On the long-term, as shown on the 1D chart, it is the 74.15 Resistance. ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> GJMRealEstate --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
Waiting for the opportunity to sell with USOILH2 time frame. HIgher time frame downtrend structure, price tends to rise to Key level 70.00 then price breaks the trendline. Price formed a double top reversal pattern with a divergence signal. However, the bullish structure remains and there is no bearish confirmation yet. Wait for the price to drop below the price of 67.00 and have a bearish confirmation to find a selling opportunity. Profit target after price confirmation is 62.00. ----------------------------------------------------------------------------------------------- Wish you all have a good trading day!
TVC:USOILShort
by tradafx
2
WTICOUSDhe West Texas Intermediate Crude Oil market has broken higher during the course of the trading session on Thursday as we broke above the $70 level. That is an area that I have been talking about for a while, and the fact that we broke above there is a very good sign and it is likely that we could go looking towards the $74 level. The $74 level is an area where we have sold off drastically in the past, and as a result it looks like we are going to continue to see that as important. On the other hand, we could turn back around and go looking towards the 50 day EMA underneath, which is near the $60.75 level. That is an area that I think could offer quite a bit of support, and therefore think it is only a matter of time before the buyers would come back into that area. At this point in time, the $67 level is an area that has been support during the previous session, as well as many other days. As long as we can stay above the $67 level then it is likely that we will continue to go higher. However, breaking down below that level would open up a completely different scenario. If we were to break down below the $67 level, then it is likely that the market would fall towards the $65 level, possibly even the 200 day EMA after that. When I look at this chart, that could very well be what happens next, but once we get past the jobs number will have a quite a bit more in the way of clarity, so therefore it is worth paying attention to how things end up at the end of the session. I feel at this point time we are at the precipice of some type of bigger move, so it is interesting to see how the market plays out at the end of the day. The size of the candlestick is relatively impressive, although I do not necessarily think that it is an explosive move to the upside. If we can break above the top of the candlestick, then it is likely that we go much higher. Ultimately, this is a market that looks like we are going to see volatility coming soon. In that scenario, the end of the day on Friday is crucial.
OANDA:WTICOUSD
by SmoothJB
Technical analysis update: WTI oil (30th August 2021)During the night USOIL peaked exactly at short-term resistance sitting at 69.60 USD. We will closely observe this short-term resistance in the following days. We will look for strength in the oil price and we will observe whether USOIL has an abillity to surpass this price level. In terms of technicals, stochastic is bullish. RSI is bullish but shows signs of flattening. MACD is also bullish. However, MACD is still in the bearish area. We remain bullish on WTI oil. Our price short term price target is 70 USD. Our medium term price target is 77.50 USD and our long term price target is 80 USD. Prior developments from 26th August 2021: Here we noted that if price of USOIL managed to hold above 65 USD it would be bullish. Disclaimer: This analysis is not intended to encourage 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.
TVC:USOILLong
by Tradersweekly
12
Technical analysis update: USOIL (26th August 2021)West Texas Intermediate oil continues to march higher. Yesterday it traded as high as 68.51 USD. RSI continues to rise since 20th August 2021. Although, yesterday it started to flatten little bit. MACD's averages crossed and point to the bullish direction now. However, we need to note that MACD is still in the bearish zone. Stochastic is bullish. We will observe price of USOIL in the following days for any weakness. Current level of the most importance is 65 USD and 70 USD. In our opinion if USOIL manages to hold above 65 USD pricetag then price will continue its rise. We are currently bullish. Recent thoughts from 24th August 2021: Disclaimer: This analysis is not intended to encourage 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.
TVC:USOILLong
by Tradersweekly
2
WTI OIL aiming at the 1D MA50Pattern: Triangle on 1D. Signal: Buy as the price (a) made a strong rebound on the Higher Lows trend-line, (b) near the 1D MA200 (orange trend-line) and (c) broke above the Pivot Zone. Target: The 1D MA50 (blue trend-line). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> nevada999 --------------------------------------------------------------------------------------------------------
TVC:USOILLong
by TradingShot
2
WTI OIL Double bottom at $65?WTI Oil has been trading within a Channel Up on the 1D time-frame since March. Despite the relative weakness we saw in July and so far in August, yesterday the price held on the 65.00 level , which if it holds will be a Double Bottom event. This is not a formation that WTI Crude Oil is unfamiliar with, as on April 05 it made the very same Double Bottom while being on a corrective wave under the pressure of Lower Highs. Once those broke, the price went on to post Higher Highs within the 1.618 - 1.786 Fibonacci extensions. With the RSI on a Higher Lows much like in April, we expect to see new Highs once the Lower Highs trend-line breaks. Until then you may target the 1D MA50 (blue trend-line). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> nevada999
TVC:USOILLong
by TradingShot
8