Get started

Wtioil

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
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. ** 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
WTI Oil: Buy opportunity on the pull back.Oil made the expected Higher High on the 1D Channel Up (RSI = 56.507, MACD = 0.750, Highs/Lows = 0.1029, as forecasted on the buy call below: At the moment the 4H RSI has reached the 1-month peak and is consolidating, a sign that normally indicates the start of a pull back within the Channel Up in order to price a Higher Low. If the 4H MA50 breaks (so far held once on Friday), we are expecting a full retrace to the Buy Zone within the Higher Low and MA200. Our Target Zone then will be 59.80 - 60.90. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
TVC:USOIL
by InvestingScope
1