The previous month witnessed a 4% drop in oil prices despite the OPEC+ member's decision to cut a further 1.7 million barrels from its daily output, adding to an earlier pledge from November to take off 2.0 million barrels per day. The implementation of this pledged cut is supposed to begin next month - May 2023 and this could result in some interesting market...
The much-expected bullish pressure following the OPEC+ decision to cut oil production appears to be losing steam as bears are defying OPEC+ again. The majority of market participants are of the opinion that the selling pressure witnessed in the previous week is a result of persistent US rate hikes and recession fears but if we take a look at this bearish move from...
USOILSPOT is falling towards a key support level. Price could hit our buy entry at 75.901 that aligns with the 38.2% Fibonacci retracement and bounce towards our take profit at 78.944 which is an overlap resistance. Stop loss is at 73.820 which is an overlap support level that aligns with the 50.0% Fibonacci retracement. Any opinions, news, research, analyses,...
USOILSPOT has hit our buy entry at 78.944 which is an overlap resistance that aligns close to the 38.2% Fibonacci retracement. Price is reversing towards our take profit at 76.931 which is an overlap support. Stop loss is at 81.268 which is an overlap resistance. Any opinions, news, research, analyses, prices, other information, or links to third-party sites...
USOILSPOT his heading into a key resistance. Price could reverse from 78.944 which is an overlap resistance and move down to our take profit at 75.995 that aligns with the 38.2% Fibonacci retracement. Stop loss is at 81.296 which is an overlap resistance. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on...
USOILSPOT is falling towards a key support that aligns with the 23.6% Fibonacci retracement. Price could hit our buy entry at 78.944 and bounce to the up side to hit our take profit at 81.557 which is an overlap resistance. Stop loss is at 77.134 which is an overlap support. Any opinions, news, research, analyses, prices, other information, or links to...
December 2022 Trend Line was broken in April 2023. Enter long positions for USOIL market.
TVC:USOIL broke down a major support zone and now that support zone acting as a major resistance zone. upcoming strong support zone 62.45-60-65. upcoming trend will be sideways to downtrend. Disclaimer - This chart analysis is only for educational purpose. Do proper research before trade/investment or consult with your financial advisor. This expressed...
Expect USOILSPOT to increase 7613 units after price closes above 93.322. If price closes below 93.322, then the trade idea is null.
USOIL is expected to decrease 6.29% : Enter a short position
Enter USOILSPOT with a market execution order. Price closed below two support levels. After the close, support became resistance level.
USOILSPOT. Symmetrical Triangle Chart Pattern. Exponential Moving Averages. EMA 10 is above EMA 20 on H1 Chart.
Prices are approaching our pivot area at 114.16 which is a graphical overlap and in line with 100% Fibonacci Projection and 61.8% Fibonacci retracement. We see the potential for a dip from our sell entry towards our Take profit at 109.15 in line with 23.6% Fibonacci retracement. RSI is at levels where short pullbacks previously occurred. Any opinions, news,...
test USOilSpot represents the current spot price of West Texas Intermediate (as opposed to the Futures price).
Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for bullish continuation from our 1st support at 93.45 in line with 161.8% Fibonacci Projection towards our 1st resistance at 99.1 in line with 100% Fibonacci extension. Our bullish bias is further supported by RSI being on bullish momentum and also prices trading...
USOIL Trend: Up Level: Horizontal Support Level, EMA 10 Support Level, EMA 20 Support Level, Fibonacci Retracement Support Level Signal: Rejection Candlestick