US CRUDE Oil discussion
WTI WTI on the Hourly remains in Bullish Market Bias. The rally has risen above the broad S&R Zone and is tethered to the Inside Day's High at 69.226, so no breakaway yet from the pattern. If this is really the top of the rally, then the Hanging Man signals a reversal to the downside, but needs confirmation with the next candle closing lower than its low to assure the reversal.
Another confirmation of bullish momentum that has slowed down for a coming reversal is from the distance between the last three wick highs have narrowed in distance.
A reversal to the down can go towards the S&R Zone, then rise back up because it's still in Bullish Market Bias and head for the Take Profit Level of 69.956 (based on a measured move from a previous bull run).
*Side Note: Just in case the Hanging Man leads to a much greater reversal to the downside, breakout from the Inside Day can be back down towards the pattern's low of 67.726.
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WTICOUSD Last thoughts on oil as I have another set of busy weeks on home life before I focus elsewhere. Oil is a commodity, it has value and it's price keeps companies afloat. Cash reserves were hit hard by Covid globally for all. Hence we have had to endure high prices for the past few years. In my view price has not traded below $65 on Futures since the market recovery after Covid. I cannot see that any of the oil companies will let price slip below that. Monday will be the end of month and end of quarter so that should give a clear signal after that. There are already articles and posts here saying the same. Along with companies raising prices for household energy over winter. Companies cannot afford to run on lower valued oil unlike the bear run of 2014 where profits were excessively high. I am not going to predict where price will go, so please don't ask for the ones that have kept sending messages. All I know is.. why would the US need to top up their SPR if there is a surplus of oil? Other than to do so when the price is as cheap as it is going to be. I believe we will have a bull run but happy to reverse that thought if the signals I am seeing prove wrong. Have a good weekend one and all and happy trading.
USOIL Normally oil rig count doesn't have an immediate effect, but we have a drop from 488 -> 484. Could signal a change in production longer term. At this price, many small producers will be losing money.WTI On the Hourly for WTI, if this current Shooting Star rejects the high of the Inside Day pattern (at 69.226 with its wick), it can lead to a reversal and keep ranging downwards to do a breakout towards the pattern's low at 67.726.Also, watch out if a candle forms in the new hour to fill the tall wick of the Shooting Star before it goes down.
WTI Israel destroyed Hezbollah HQ in Beirut...this is causing the spike....Nasrallaha (Hezbolla's big boss terrorist) not confirmed as target.
USOUSD if all of you pay me i will trade for you.. i will update my trade here.. and i am damn sure the trade go against me... you all guys can take opposite direction 😂😂😂
USOIL will cross 68.50 or sell again ?USOIL The problem with technical analysis is that you can be a complete ignoramus and still wing it by spitting out analysis after analysis. Try looking at geopolitical factors and economic numbers and seasonality instead. I know, all that reading hurts your hyper brain, and you didn't get into this to do actual work. But long-term success will come with WORK.WTI On the Hourly for WTI, a new S&R Zone formed from the many hours of consolidation. It is in Bullish Market Bias, so price action can rise above the Zone (at 69.076) and towards the high of the Inside Day pattern at 69.226 for a breakout from ranging within it to go higher. A Giant W-Shaped pattern is forming.
