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Wtiusd

Buy Oil Below 50, Target: 55Waiting for long stops around 49-49.5 to get hit, with initial TP at 38.2 fib near 55 psychological level, and 2nd TP at 61.8 fib. Most likely it will go go ranging here in 50 psychological level for some quite time before rallying soon after being oversold especially with the risk of corona virus spreading being more controlled now compared to 2 months ago. editorial.fxstreet.com Need to be cautious still though because markets are generally still risk-off now which is fundamentally bearish for oil and a continued slide down to 42 is highly probable. Daily: Weekly:
OANDA:WTICOUSDLong
by aiza_belle
WTI is Trading Sideway Around 61.8% FiboOil fell from its highest close in almost 3 months after the API inventory reported a build bearish to consciences while uncertainly over the December tariff deferral added to the soft tone. The WTI Crude oil has been trading around 61.8% Fibonacci retracement of its September-October declines and the price action here will determine the next move direction. Fundamentally, the Federal Reserve will be in the spotlight today and if policymakers sound positive about economic conditions, crude prices could respond with gains. The key resistance level to watch on WTI now is $60. However, with OPEC cutting production by another 500,000 barrels and beyond that the extension of the 1.2 million barrels cut, one would think that there is the possibility of a breakout. This will be further exacerbated if the US and China come together with any type of “phase 1 deal.” In this event we could see further upside pressure towards $61, followed by 62.55 - 63 resistance. Otherwise, we expect a lot of sideways action over the next several days. On the downside, the energy benchmark is expected to find support at $58.50, and a fall through could take it to the next support area of 58.00 - 57.50. There are located 200- day SMA and the middle lice of Bollinger Bands. We're expect the uptrend line bellow to provide a support.
TVC:USOIL
by ForexTrendline
Crude Oil Markets Seems Try to Recover After Initially FallingRecently, the oil market follow the general run of risk sentiment. However, oil markets are still weaker this morning despite the rebound in risk sentiment. The last main story in oil markets was the news over the weekend of the discovery of new oil reserves by Iran. They were reported to have discovered an oil field containing the equivalent of 53bn barrels of oil. However, it is not clear how much of that is new or commercially viable. The last thing OPEC needs is more oil discoveries given oil’s current level of abundance... In spite of a large inventory build the net long oil positions on US crude increased last week for the third consecutive week mainly due to the tariff rollback headlines. So without a reaffirmation of progress between the US and China, these new contracts remain susceptible to headline risk and even a long position squeeze. Technically, on the daily chart the West Texas Intermediate Crude Oil market initially fell towards the $56 level underneath before turning around and showing signs of strength. At this point, the market looks very likely to turn around and try to reach towards the $58 level. Breaking through that level of course would be very bullish but will run into a significant amount of trouble near the $60 level. In that area is located 78.6% Fibo retracement level (of the fall from the Sept. high 63.68 to the October low $51.06) at $60.77. To the downside, there is a significant amount of support near the 200-day EMA which is closer to the $55.40 level. Underneath there, the $54 - 53.70 area be targeted for support as well. Looking at the overall market though, we are essentially in a massive consolidation area.
OANDA:WTICOUSD
by ForexTrendline