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Crude Oil West Texas - Cash

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beyond50
USOIL For Swing Traders:
The Weekly shows a tall, bullish trending candle, which is a good indicator of a continuation of the rally, compared to a non-trending candle.

Look to the left of the Weekly chart at the giant bearish candle (from March 31st). The candle's midline to high is a strong Resistance Area. Notice how price action has been moving below the midline (at 65.91) of the giant bearish candle.

If the current bullish thrust can't do a candle close with a new Weekly candle past the Pivot High of 64.83 (circled in red), then back down it goes.

Potential Take Profit Projections to the Upside:
64.83 - Pivot High as Weak Resistance Area
65.91 - Midline of Giant Bearish Candle Serving as Strong Resistance Area
72.22 - High of Giant Bearish Candle Serving as Strong Resistance Area
Snapshot
OnlyWins99
USOIL Good evening, I had a thought and thought it is worth sharing:

For Monday, I am assuming that there may be a gap-up to 65.23 testing 100 ema on the daily timeframe before a possible sell-of to 63.84.

I am also assuming 63.84 will hold and will act as support before we start moving higher towards 66.04

The 90-day tariffs pause comes to an end in July 9th so expect bearish momentum intensifying near that time.

For now technical analysis favours bulls
USOIL Technical analysis of crude oil:
From the daily chart level, the medium-term moving average system suppresses the rebound of oil prices. The short-term (1H) trend of crude oil maintains an upward shock. After the oil price hit a new high, it was quickly recovered. This rhythm has been experienced for two trading days. From the K-line closing of large real negative lines, the downward force yesterday has obviously turned stronger. The overall objective trend direction is in an oscillating rhythm. It is recommended to mainly buy low and rebound high for crude oil next week. From the hourly chart of crude oil, the short-term support is in the 63.4-62.3 area; from the 4-hour chart of crude oil, the upper short-term resistance is in the 65.2-66.5 area;
If you don’t know when to buy Bitcoin, gold, or crude oil, you can follow Henry’s footsteps, continue to follow or leave a message, and view the latest real-time trading signals. USOIL USOIL USOIL USOIL
USOIL Analysis of crude oil market trends next week:
Boosted by a call between the leaders of the world's two largest economies, oil prices maintained their upward trend on Friday. Brent crude oil prices stabilized at around $65 per barrel, the first weekly rebound since mid-May; WTI crude oil also remained near $63. "Against the backdrop of gradually easing macro uncertainties, the risk of panic selling in the market has been significantly reduced. With the arrival of the summer peak demand season, coupled with geopolitical tensions between the Middle East and Russia, the downward space for oil prices has been significantly suppressed." The recent steady recovery in oil prices shows that the market has gradually digested macro uncertainties, but the supporting factors behind it are still relatively fragile. Although trade concerns have temporarily eased, whether OPEC+ continues to release production capacity as expected by the market will be the key to whether oil prices can continue to rebound in the future. At the same time, the options market reflects expectations of oversupply at the end of the year, which will test the coordination capabilities of oil-producing countries. USOIL USOIL USOIL USOIL USOIL