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Wtioil

WTI Crude Oil: Touched the 1W MA200. Potential Support & ReboundOil has completed three red weeks, making a strong correction since the Iranian crisis. In doing so, the price has just made contact with the 1W MA200 (orange trend line) and since the 1W chart turned neutral (RSI = 45.808, STOCH = 47.665, CCI = -38.1509, MACD = 0.520, ADX = 23.460) we may have a Support and a valid long term buy level. Notice how the 1W MA200 has been providing Support since mid January 2019, making this a full year of Support for Oil. This is a strong indication that buyers are accumulating periodically here. The same sequence is spotted in 2016/2017 with the 1W MA50 providing this time Support for 1 full year. The pattern is quite similar. Based on the above we've set a medium term Target at 63.50 and a long term at 69.00. ** 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
4
OIL / D / Broke Trend Line Support and looking for continuationHi Traders, In this article, we will be looking at the recent break out of the support on WTIOIL Daily. Previously, we can see oil price has been putting a series of HH and HL and reached the Daily Resistance (Red) Zone (roughly 64.50 ~ 66.50) on 6 Jan 2020. After the retest of the recent highs (Red Zone), Oil price has dropped substantially over 10%. Price tried to rebound from the TL Support but failed to break the previous structure resistance (near 59.80). Recently on 22 Jan 2020, price further broke the Daily Trend Line Support (Blue Line) and the recent support (near 57.40). We are anticipating a further price continuation to the downside with possible TP near 51. Gordon @GoreStreetForex
OANDA:WTICOUSDShort
by Gordon_Chow
USOIL Look Ahead for week starting 1/19/20The future USOIL, symbol CL, is in a Bear Market with price trading above the 50 ema, which is below the 200 ema, which is below the 800 week ema. The long term emas are mostly flat, indicative of an accumulation / distribution zone. Price has closed below the 13 ema at 58.85 on the weekly, so therefore, the Bear Market Rally can be considered over. Last week was a red bodied candle with a long lower wick, which is known as a Hammer. Hammers are bottoming candles that have to be confirmed by the next candle trading higher, preferable a long green candle. Price action tested a long term trend line, but did not close below it. The larger cycle period length Elliott Wave implies a rally above 66.58 to complete this primary b-wave. The Market is in a Bear Market on the daily, with price below the 13 ema and the 50 ema which are still above both the 200 and 800 emas, but the 200 ema, at 57.81 still below the 800 ema, at 58.36. Price broke below a long-term trend line last week, implying a potential trend change. 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 59.48. We got a couple dojis as part of a morning star pattern last week, implying a potential bottom. With the emas flat and as close together as they are, we are likely to see a lot of trading range activity, stop hunts, and all kinds of other malfeasance until the Real Bottom on this x-wave gets put in. This is the kind of market that chews up trading accounts. The Market is in a deep correction of a Bull Market on the 4 hour, with price below the 30 and 50 emas, which are above the 200 ema, at 59.51, which is above the 800 ema at 57.83. Price would have to close back above the 9 & 13 ema, at 58.53 to consider the correction over. The way this market is trading expect a retest of the lows… 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.
FX:USOILShort
by Cincinnatuus
WTI Oil: Buy Signal from The Support ZoneThe price reached the support zone formed by the uptrend line and SMAs. We got a reversal signal, which is confirmed by RSI and MACD histogram. It gives us a possible buy opportunity with stop orders below the local swing low. The market has room for the upward movement, and buy trades can be profitable. The market should be added to a watchlist as it gives us the buy signal from the daily timeframe, and there will be more trade opportunities from the hourly charts. Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
FX_IDC:USDWTILong
by DLavrov
3
WTI Crude Update: De escalations of US/Iran tensionsWTI Crude Update: De escalations of US/Iran tensions will offer selling opportunties across oil markets. - US de escalation of US/Iran tensions. Rhetoric confirmation over the coming weeks will fuel our short bias lower toward $50 per barrel. - EIS/API record supply & bearish inventory figures near backend of 2019. - Price remains largely rangebound, fading 2019 highs with bulls failing to push through 200DMA with any conviction. - +20% move on the table toward our buyside liquidity target of $50 per barrel. - Sensitivity remains to the downside from here. We have added bearish exposure to our macro & directional portfolios.
OANDA:WTICOUSDShort
by Portier
WTI Crude Oil: Buy opportunity on a Rising Wedge.Oil is currently trading sideways within the 1D MA200 (orange line acting as a Support) at 57.40 and the 1D MA50 (blue line acting as a Resistance) at 58.90. This is basically the price attempting to create a Support Zone following the 65.70 High after the Iranian tensions (1D turning neutral because of this consolidation with RSI = 44.650, MACD = -0.250, ADX = 33.237). This price action has created a Rising Wedge (displayed by the dashed red lines). A key characteristic is that every time its RSI hits the dashed line shown on the chart it reaches a bottom and gradually starts rising again. Assuming the 1D MA50 breaks, then this scenario (gradual rise on the Wedge's Higher Low line) becomes valid. Our Target remains 66.00 (close to the April 23rd High). A break below the 57.40 S1 however risks further drop to Support 2 = 55.00 and if that breaks as well then total reversal towards the 1W Support. ** 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
1
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.
FX:USOILShort
by Cincinnatuus
WTI OIL Buy SignalPattern: 1D Channel Up. Signal: Bullish as group of parameters is fulfilled: 1. Reached the Higher Low of the pattern, 2. Made contact with the 1D MA50, 3. Hit the 1.3 Fibonacci retracement level after the Iran attacks, 4. The RSI is on a 3 month support level. Target: 64.00 (Higher High trend line of the pattern) and in extension (depending on the geopolitics at the time) 66.00 (just below the 1W Resistance). See how accurate this pattern with Supports and symmetrical Resistance levels has been in the past:
FX:USOILLong
by TradingShot
USOil 1h PlanHaven't posted in awhile but with recent events in the middle east its a good time for oil as volatility will enter the market. Iran has made a retaliation bombing against the US. We have yet t hear if the US will escalate the situation. We can expect there will be a escalation as I believe due to Intel the US has been preparing for something like this for awhile. My bias at the moment is long although there is room to push down since these recent rally's has been quite large but expect buying pressure if a move down occurs. On the chart you will find the consolidation zone and SR lines where the breakout will could occur. Blue lines are for take profits. Long term there's still room for Higher Highs to make a touch on the top channel line. Good luck and Happy hunting!
TVC:USOIL
by Phyro
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. ** 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