USOIL This just in: Trump requests parcel driver who delivered his bathroom scale to be fired. When asked for an explanation, he says, "300 pounds, come on? The driver obviously hacked the reading to embarrass me."🦧WTI LIGHT SWEET CRUDE OIL CFD forum
USOIL This just in: Trump requests parcel driver who delivered his bathroom scale to be fired. When asked for an explanation, he says, "300 pounds, come on? The driver obviously hacked the reading to embarrass me."🦧
WTICOUSD The Hourly is in Bearish (directional) Market Bias. A Falling Window (Gap Down) formed at the start of Sunday's opening session. As the bulls rally towards the Gap, a candle needs to do a close at 67.831 in order to fill it properly. If that doesn't happen, then price action will stay below it. A wick crossing 67.831 does not count to fill the Gap.If the bulls manage to close the Gap Down properly, they can reach the S&R Zone (that starts at 67.963) to either rise above it for the bullish retrace towards 68.690 (through mean reversion), then back down again OR the bulls can hit up against the S&R Zone to be blocked by it and drop down from there.
*Side Note: A Popgun pattern showed up on Friday, so we'll see complex consolidation with 3 swings that move like a See-Saw. Here is the sequence of swings: Down-Up-Down. The down move already happened and pivoted for the bulls to go up. After the bull run is over, it will drop down again.
USOIL to 60?…………WTICOUSD Looking at the 4-Hour, it is still in Bullish (directional) Market Bias.An Inside Day pattern formed, which means a market pause for the candles to consolidate within it until a breakout from either the candle's low of 67.767 or high of 70.308 (shown as orange lines). The only problem for the bulls is if they attempt a breakout at the Inside Day's high, there's a S&R Zone in the way, so back down again.
If the bears do a breakout at the Inside Day's low, the can head for the Bullish Trendline (in green dotted line) to cross, flipping the market bias from bullish to bearish and drop some more towards the Swing Low of 65.929.
WTICOUSD Switching to a Lower Timeframe:I rarely look on the lower timeframes for Crude Oil. Today, I'd like to show what the 15-minute looks like:
- It's in Bearish Market Bias from when the market made a BIG drop on Friday from a Resistance Area with multiple confirmations that it's going down: a Triple Top; Bearish Pressure Zone; Double Inside Day; and Popgun that kicked off the three See-Saw swings, starting with a down move.
- At the bottom of the descent, the market went into long consolidation for 6 hours within Friday's New York session to consolidate, forming a new S&R Zone from mostly non-trending candles (that have a real body that creates the open and close prices that is half the length of the whole candle) - signaling a coming shift in trajectory to the upside.
- The candles are also moving within an Inside Day pattern that suggests a market pause with no true direction.
- Four candles rejected a breakout at the Inside Day's low of 67.767 and a Micro-Double Bottom showed up. A retracement to the upside can be towards 68.460 (through mean reversion) and potential breakout at the pattern's high of 68.664. Keep in mind that the 15-minute is still in Bearish (directional) Market Bias, so it can drop again.
*Side Note:
Look at how flat the Bearish Trendline (in red dotted line) looks. That tells me that momentum will start to build.
USOIL US/OIL BUY 67.25 Target Point 70.10
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USOIL Us/Oil Buy Now vote for buy
USOILSPOT This is based on the daily timeframe. Thought it was worth sharing with you all. While I'm not certain how it will play out—considering how highly manipulated and news-sensitive OIL tends to be—the current trend suggests a potential upside movement through the end of this year.
What are your thoughts? Feel free to share in the comments.
USOIL tradingview.com/x/sxYlwCqo/new update of oil
USOILSPOT OPEC+ agrees to 548,000 bpd oil output hike for Sept. So ready for more downtrend for at least 2-3 sessions. I guess so.
HTF indicating the same on the chart.
What does your analysis say?