Crude Oil Intraday Trade Setup. 17/07/19Hi Trader,
I have share Crude Oil Intraday Trade Level.
Take Profit - 15 - 100++ Pips
Stop Loss - As per your risk profile.
If you want target for both. Please comment your request.
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Wtioil
WTI DWTI Oil has reached an important area of resistance. The pair has also formed a Doji on Daily Timeframe. A correction is expected to the next support area of 58.25.
This is a counter trade so be very careful as the price could continue to shoot higher specially after it broke the descending trendline and the price is still hovering above support in 4H chart.
I am looking to trade it if I see a 4H candle breaking support ( black line on below chart ) but I will exiting the trade if I see any sign of strength
Crude Oil Intraday Trade Setup. 15/07/19Hi Trader,
I have share Crude Oil Intraday Trade Level.
Take Profit - 15 - 100++ Pips
Stop Loss - As per your risk profile.
I need more like for my effort.
For Tomorrow Intraday View and Targets i want 15+ Likes.
Trader can share your Ideas, feedback and suggestion in Comments Box.
USOIL Price Forecast The main trend is still bullish in the daily chart. WTI crude oil is trading above the major moving averages. Also, RSI at 60 which indicates the bull have the upper hand and Parabolic SAR confirms the bullishness.
On the other hand, USOIL could not clear the $60.85 level in the last two sessions last week. It's a Fibonacci retracement level . If USOIL manages to penetrate it a move to the next resistance at $63.77 is expected.
In the way down WTI will find supports from the trend line and then from $57.35 level. Since the trend is up these two supports areas may attract the bulls to come. WTI will turn negative if it sinks and close below $56.06 level.
WTI Oil: Dec-February fractal shows mid term potential for $74.Oil is replicating the December-February price action when the price again bottomed aggressively after an earlier market peak and then started rising gradually to the annual High. Common parameter is the Golden Cross on the 4H chart. We can assume that as long as the MA200 holds, the uptrend will be sustained. 1D is actually on strong bullish levels (RSI = 63.049) and 1W is about to break through its neutral barrier (RSI = 54.302, MACD = -0.860, Highs/Lows = 0.0000) into a medium term bullish trend towards $74.00.
USOIL DI find USOIL interesting but I WILL STAY AWAY FROM IT.
We have reached an area of resistance, both horizontal resistance and trendline and it has formed an inverted hammer, meaning the higher prices have been rejected. MACD continues to lose strength what makes more of a valid point to short it with a profit target of around 54.5.
Now, if we look at 4H we can see how the price is contracting near the resistance area and after a strong bearish move a couple days ago the price is not breaking the lows an it is just consolidating. That could be a case for a breakout to the upside
This is also supported by 50 and 200 MA on 2H chart
For all these reasons I will stay away but I wont blame anyone who trades USOIL