Crude Oil possible short for 79.502nd August daily key reversal bar indication for weakness ahead. 83.30-50 strong trendline resistance area. price may spike for stop loss hunting. but suspect down for target 79.50.
Wtioilshort
WC 26 June WTI OIL Short SetupOil has been treating previous month's 50% level as fair value.
Simple fib level retracement from last Thursday's expansion.
Confluence of last month's 50% acting as f value + 70.00 key level + 50% fib retracement level
300 pip drop to previous week's low.
Keepin' it simple.
WTI Oil- Will it drop under 70?In my previous Wti Oil analysis, I draw attention to the possibility of a double top formed above 120 with the neckline at the 92 zone.
Oil has dropped under this support and confirmed this zone as new resistance.
At this moment the price is also under 85 support and the road looks clear for continuation.
The next obvious level of support is around 65 and as long as 85 is intact sell rallies is my strategy.
Crude Oil Update Hi Trades,
Crude Oil is on the move today with the price plummeting almost 10% today at the time of this post. We have seen the bearish momentum take out support that has been created and it keeps pushing to the downside. Price is currently trading at around $101 a Barrel and I would like to see the price remain and close below $106 in order for me to be interested in Shorting opportunities on the commodity.
Looking at some technicals, we see that price has created a Double Top which ties in a lower high as well. The current daily candle, if it closes as is, will be a bearish engulfing candle and will give me more confidence in the setup. All that awaits now is for price to close and then start pulling back in a more corrective (Slow) manner in order for us to find shorts to the downside.
My style of trade is always Reactive and never Predictive.
Renaldo Philander
WTI Crude Oil Short Setup.We need to break below 101 to confirm the short signal I posted on my WTI Crude Oil (see the related link).
Crude Oil - H4 - Shorts for a 1200 pips target Crude Oil - H4 - shorts at cmp 85.30 with target 73.50 and stops above 87. Lets ride
Crude Oil intraday thought volatility was expected in an earlier analysis you can find on my page, this chart is an intraday chart and what to expect today
US oil short position Bears are always welcome in the oil market, we have seen a huge rally for oil in April 2020, some producers have made a big reserve of production.
we always see that the market has always to correct the direction allowing some associated to collect their profits, bulls out bears in. for the next period we find bearish news looming on the horizon,
-Omicron is snappily getting the dominant COVID-19 variant in South Africa lower than four weeks after it was first discovered in the country, with
theU.S. reporting its first case on Wednesday.
-Some had speculated that OPEC+ could pause those additions in an attempt to slow supply growth, now expected to yield a surplus of 3.8 million
BPD by March 2022, according to an internal report seen by Reuters. OPEC+ is likely to make its decision on Thursday.
-The United States, in tandem with several other nations, announced plans in November to release 50 million barrels of its reserves into the market
to try to cool energy prices. Retail gasoline prices have barely changed even as unfinished gasoline futures known as RBOB have dropped sharply.
News resource
-----------------------
theoilsellers.com
reuters.com
Our position
----------------------
Sell position on 63 $-64 $
----------------------------
73.20 $ -74.40 $ sell limit just in case the price reverses against our position before it continues falling
----------------------------
Targeting : 55 $-56 $ support area
Usoil short trade idea It's looking for good short trade. Price near at strong resistance $76.XX. Goodluck
WTI. H&S looks pretty wry, but yet it looks like H&SShort at 73.75
Stop goes above last cluster high (77.5)
If it plays like H&S should play (IF!), I would take my profit at 43.75
WTI CRUDE OILHey traders here is a downtrend signal. 49$ price got rejected, this is an opportunity of a bearish setup for oil. Look for selling opportunities on CRUDE OIL as long as the price is trending below the
200 & 50MA.
OIL SELL TP_43.94_7.36%_3.49pips_SL_47.78_0.74%_0.35pipsOIL SELL TP_43.94_7.36%_3.49pips_SL_47.78_0.74%_0.35pips
Oil Back to Downtrend - Descending Triangle/Uptrend WaningDescending triangle forming in last 3 days. Uptrend is about to wane and fall under the .236. I think as it falls below and the .236 line is the new resistance, it won't have the strength to move above. Momentum has been sporadic and unreliable, and the inability to gain momentum above 46 is a telling sign that oil can't go up without going back down for now.
However, I think we will see huge upside once more currency devaluation pushes commodities up further in nominal terms. We could talk about the covid shit but who cares about that. It's a misnomer, at this point. The real price movements will be with currency devaluation in the year-to-come. That's all that'll give it strong upward momentum.
I see moves back down to 36 to continue the downtrend. That would be my counterpoint to inflation that would actually have some merit. But we will see dollar devaluation and a push towards status quo which will not only push up the price nominally, but will increase demand because employment will increase a bit. Wouldn't be surprised if Biden's commissars enlist a Civilian Conservation Corps to help maintain employment rate and boost his approval rating.
OIL SELL TP_41.15_9.74%_4.44pips_SL_46.20_1.34%_0.61pipsOIL SELL TP_41.15_9.74%_4.44pips_SL_46.20_1.34%_0.61pips
WTI- I maintain my 37 targetWTI had a short-lived spike above resistance and this rise proved to be a false break.
Now Oil is trading just in rising trendline support and a break here should accelerate losses towards at least 37.
OIL TP_33.49_15.66%_6.22pips_SL_40.40_1.74%_0.69pipsOIL TP_33.49_15.66%_6.22pips_SL_40.40_1.74%_0.69pips
WTIThis is what I'm thinking, I received an RSISE on Daily and RSILE on the DXY. But the DXY looks pretty weak so this could be just a dip in crude for buying and the chart forms some sort of I&HS on HTFs. With Goldmen Sachs calling for a pull back and the Fed sounding Dovish about the economy this pull back was needed. I think markets rebound and WTIC heads towards $50 into late June early July.
Important day for OilIf MA 200 (1H UNIT) breaks and oil goes above it, strong buy signal with target 41$. But my privileged scenario is that MA 200 will resist and send oil down to 28.9$ then 27.5$.
CRUDE OIL (WTI) | Bearlish scenario The graphs of CRUDE OIL (WTI) and BRENT OIL are very similar. However, I want to show a separate scenario for CRUDE OIL (WTI
Scenario for BRENT is BELOW
____________________________
Guys, please hit the like button, and write any comment, this will be the best thanks from your side.
!!! Please, dont forget, the content on this analysis is provided for the sole purpose of assisting traders to make independent investment decisions. Do not trade this idea before you make your own analysis! !!!
______________________________
OIL is Very Bearish, A $30 Barrel in No Time, Recession Time!Huge descending triangle on US OIL, I wouldn't expect much from oil other than lower prices. I've mapped out some targets and time frames in blue.
This is NOT financial advice.
