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Wtiusd

WTI $ could be in for more short-term suffering b4 NEW HIGHS!Large bearish Descending Triangle in WTI. This means we could easily test bottom again, which ultimately could mean another gut punch for Alberta. Corb Lund and the 'Hurtin Albertans' indeed! If you read up on the descending triangle formation, it tells us it is a bearish pattern and most often a continuation pattern, however, it also can represent a reversal pattern, which clearly it does in the case of WTI, since it began from the peak price point in 2008. I believe this descending triangle will eventually break to the upside once it resolves and will eventually lead to crude oil prices at new all time highs. The formation requires two tags of the base line and two on top which have completed this month. Essentially we are not required to move back to the mid 30's range again for this to resolve, but i'd be cautious going long crude in any big (long-term) way until either we break that upper line or see a pull back to the 50 month MA (or go really deep for one more tag of the base line). Remember this is a long-term analysis (month chart) and we may not see a break out until 2020 or later.
OANDA:WTICOUSD
by faronf
1
WTI Oil Hi I have become interesting with WTI Oil chart. Similar situation you can observe on Bitcoin chart but on the opposite site of the chart. According to GWT (shown analysis are based on it) price must make three swing: first primary swing, secondary swing and second primary swing. But what we see on the chart are formations of only two swing. They become smaller and smaller. Trough of each swing is higher from the previous one and peaks are lower from the previous. We should expect huge price explosion on the end of this strange cycle. The next SR level 69.32 is at 50% of the long candle. Momentum is sliding to the down side with reasonable strength. Momentum Support line (on RSI) should give hard time to changing direction momentum. Price remains inside brown channel. last peak almost reaches upper line of rising brown channel. Let’s monitor this market, it will be interesting to see what this unique swing configuration will bring at the end. please write any comments if you have one. cheers, Jim
TVC:USOIL
by jimmycdn
5
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OANDA:WTICOUSDShort
by jeanneymar011001
Oil 4H Chart: Passes short term supportThe price for crude oil has passed the previously described support line, which kept the commodity up during the most part of July. Due to the event a couple of updates can be mentioned. First is the fact that the rate is heading to the lower trend line of the most dominant ascending channel pattern, which represents the surge of the oil price that was caused by the OPEC production cuts. Secondly, a medium term, about to be broken channel down pattern has been charted. This pattern is set to be broken in the future. However, it might provide notable resistance until the middle of August.
FX_IDC:USDWTI
by UnknownUnicorn890690
Crude Oil Chart for week starting 20th August 2018 [BTFD]As we inspect oil prices after last weeks strong USD forcing Oil to come down in price as well as some news effecting this too. gotta few key levels after using a fresh Fibonacci retracement on the previously formed lows from last week for the bulls we really want to see Oil come up and close above $68.6 with support from the 0.386fib level, this could push up if the DXY/USD starts showing weakness after its recent rise and targeting $73+ as an exit price, we see a trendline possibly stopping any further increases on the bears side, i feel the price needs to fake out on going above the fib levels and showing clear resistance on price, if it falls under $67 and cannot get up over these levels then its possible especially with a strong US dollar forcing oils price downwards breaking the trend lines to possible bottoms of $58-$56 to eye up targets on a short position.... any Q's please contact BTFD group in Telegram below
TVC:USOIL
by majorlee
2