Crude Oil Future CFD (USD) forum
WTI On the Hourly that is in Bullish Market Bias, a questionable-looking Double Inside Day formed. Because it looks imperfect, we'll see if an EXPLOSIVE move is really coming, either to the upside or downside.There's definitely a Triple Inside Day that formed on the 4-hour timeframe, so a very EXPLOSIVE move still expected.
USOIL The price bounced from the October support with a long legged doji on the daily. Also on the 4H an Elliott wave is to be completed from b to c and we got an HH and HL. If we don't test the support one more time we will see a leg to 73 at least. We then also complete an inverse head and shoulders pattern which will move the price a little higher. I think 75 is possible at the end of November and I expect a reversal around that price. I am more bullish for now but I'll stay at the sideline, at least till the end of next week because of the ca and jp inflation rates and new oil contracts. But if we break thru the support I expect a continuation till 61.67.WTI A trader sent me a comment letting me know that it's going to melt and "Have you heard of liqudity concept?" After a strong retrace to the downside, I still had my suspicion that it would go back up and not drop too far from the Bearish Trendline (in red dotted line). On the chart below, I considered four things:
1. Drew an Anxiety Zone to let me know if the bears will drop below the low of that Zone to not ever touch it, called "clearing". If it happens, then the market bias can flip from Bullish to Bearish. The bears dropped past the Anxiety Zone, so the strong intent was to go down, but has not flipped the market bias.
2. The Pivot Low of 68.525. If a bearish candle "clears" below that price level without ever touching it, then more moves to the downside for sure. The bears never "cleared" past it.
3. The Bearish Trendline (in red dotted line) that acts like a strong rope. On the retest of it, I check to see if the bears will get close to the trendline OR if a bearish candle tethers itself to it. The current candle candle forming is tethered to it. If ever a bearish candle goes below the Bearish Trendline to "clear" past it without touching, then the market bias officially flips from Bullish to Bearish. But if not, then back up it goes. A "Clearing" move is a great confirmation to watch for.
4. Also, a Spinning Top (marked in a yellow marker) with a tall upper and lower wick formed as part of the bear run earlier. Both wicks can get filled, which started with the lower one first, then the bulls can eventually attempt to fill the upper wick.
*Side Note: I don't follow ICT/Smart Money Concepts/Supply & Demand Trading/Elliott Wave Theory. I go by price action from different schools of thought and refined them.
USOIL Still looking bearish . Might go down till 67.50USOIL Book Full profit in crudeoil at 68.30 .Tgt achieved . Sell given at 68.90 👍
WTICOUSD this chart is up and down like a jockeys bollocks
USOIL tradingview.com/x/qiydWHtB/USOIL New Bullish Pattern Indicating increase Bullish Pattern if USOIL Bulls Then Resistance Zone 72.500 and Support 67500
OIL_CRUDE i think it will go back to 66!WTI Keep in mind that the Hourly is still in Bullish Market Bias, so the more profitable moves will be bullish ones, compared to countertrend trading.There was a retrace that headed for the Bearish Trendline (in red dotted line). We'll see if the bears want to drop down more and closer to the trendline.
A resumption of the bull run can head for a conservative take profit of 69.806, based on a measures move by a previous three-bar bullish thrust. Beyond that is another take profit within the lower end of the S&R Zone at 70.352.
USOIL I would say it's BULLISH looking forward. The gasoline draw is good.