FX:USOIL   Crude Oil (WTI)
2268 36 44
7 months ago
Next week Sunday we have the Oil             Producer Meeting in DOHA.
Most probably price will be trending in the channel .
The move will depend on how nervous will be
the market... (Green and purple trendlines inside the channel)
Next week price will attack again the daily 200 EMA but I think we won't break it next week.
We can have a pullback to 38$ early next week.
7 months ago
Comment: If price is coming back to 38$ it can be a good entry point for the test of 200 EMA or for the break above it.
In the next 1 month I think we will reach 50$ at least.
7 months ago
Comment: Oil is really going crazy in the opening.
Shorts are in panic. I hope you are all long or at the sidelines...
I'm quit sure we come back to the 20 EMA at the 4hrs chart.
If you are not in wait patiently.
7 months ago
Comment: I have a feeling that the pullback is done.
WE came back to the 10 EMA on the 4hrs chart.
THey are pricing the DOHA agreement.
7 months ago
Comment: We are crawling on the upper trendline.
Heading to the daily 200 EMA. ( 200 SMA is already broken it was at 40,5- I prefer the 200 EMA)
They are pricing the DOHA agreement.
7 months ago
Comment: 4 hrs support is at 10 EMA ( red )
7 months ago
Comment: Arrived to the 200 EMA.
Wow. That was fast.
TamerFawzy
7 months ago
Do you think it will reach 40.5 on Monday?
Reply
chartwatchers PRO TamerFawzy
7 months ago
I think first we will come back to 38 early next week. But don't try to short it.
We might go in the channel at sideways at 39.60-40$ and when we tag the lower trendline of the channel we pop up to 42$.
But the chanel can change and we can go up steeper.
The uptrend is what I'm sure in now. And that we will attack the daily 200EMA at 42$ soon.

+1 Reply
adelb chartwatchers
7 months ago
Agree with you. shortin now is very dangerous. there 's a swallen river long riding. If you wanna short you need a good signal. as I said a candle over 40.15 bring us to 40.70, than around 42. and yeahh.... the problem for the short is if it braeks 42 , goodbye the "thirty" era :) we will never see 31-35-38 for a long time .
Reply
chartwatchers PRO adelb
7 months ago
Agreed. Why still so many shorts here in tradingview?!
Reply
adelb chartwatchers
7 months ago
MAybe they don't watch the graph in a long period. only 4h. and they miss the point. this kid is long, only a break under 35 can change my mind, with the next week down under 35.mission impossible for the moment. my only problem is doha , it could be a mess after that if they don't give a confirmition to this signal , freezing production .
Reply
nexuz chartwatchers
7 months ago
Well i think its more like the echo of the last weeks/months. Short for so long and now a lot is kinda programmed to do so.
Reply
Rayge
7 months ago
if 39.8 is wave b?
Reply
chartwatchers PRO Rayge
7 months ago
I'm not good in Elliot Waves.
Reply
Rayge chartwatchers
7 months ago
usoil  short


by contrast, i prefer to this idea, because wave 2 normally should retrace at least 61.8%...
Reply
Sideways is also. a possibility. Thats why it's dangerous to short now.

snapshot
Reply
If price is coming back to 38$ it can be a good entry point for the test of 200 EMA or for the break above it.
In the next 1 month I think we will reach 50$ at least.
Reply
nexuz
7 months ago
Comeback to 38.20 would be just perfect. When u use the fibo retracement on the last leg up the .50 fibo level is @ 38.23 / the last leg up from 35.25 to 38.26 also stopped at the .50 retracement level (36.74) and bounced back. Of course last time there was also more resistance (200 EMA H4 / resistance level and so on). Will place my order at about 38.30 with a stop below the uptrend line.

Guess there will be a lot of up pressure this week due to the Doha Meeting and the expectation that they will cut the production. Only question for me is you go flat before the weekend or keep the positions. Dangerous but if the meeting goes well the price will gap higher next monday i guess.
Reply
adelb nexuz
7 months ago
38.20/38.30 (I have 38.22 on my graph, if you like decimals) is a perfect point to enter long. 37.20 the last :)
Reply
watsonzou26 adelb
7 months ago
38.24 for me.LOL,
Reply
adelb
7 months ago
I prefor this kind of lines (purple ) but my analisys perfectly match with your. I think for the first part of the next week we are going short , than up again. just keep attention if it breaks down with a candle on tf 4 closed under 37.20 or a candle closed over 40.15 (just for monday or the next day).
snapshot
Reply
nexuz adelb
7 months ago
cheers mate for the exact data on your chart :) are those lines fibo channels or regression channels? saw that before but didnt use that setup till now :)
Reply
adelb nexuz
7 months ago
Lines are not "pips" perfect, keep attention , I have some problem to post my work graph. anyway... all lines are dynimic trend lines.I draw it manually. purple is a dynamic trend in short period. :)
Reply
TamerFawzy
7 months ago
I was long over the weekend. is it a good chance for scalping??
Reply
chartwatchers PRO TamerFawzy
7 months ago
ARe you in a long position now?
Reply
TamerFawzy chartwatchers
7 months ago
luckily I set TP on 40.26 :) . I don't have any open positions at the moment

Reply
chartwatchers PRO TamerFawzy
7 months ago
I would not short it. Try to wait for a good entry point lower for a long.
Maybe 38-38.5
Reply
TamerFawzy chartwatchers
7 months ago
Thanks
Reply
Royal_Marq
7 months ago
I was having a conversation with one of the Crude Oil trader of NYMEX. He said it will take time to hit $ 50 per barrel. He is still shorting May contract at $ 35.36 in lowest and High range is $40.25. He also mentioned to take cautious steps because anything could be happen on OPEC meeting. Make sure you are ready with your homework to take advantage of this volatile situation. Also look at Tuesday 4;30 PM crude inventory data American petroleum organization and Wednesday data from EIA data which will also be a major game changer for this week.
Reply
chartwatchers PRO Royal_Marq
7 months ago
Yes I know it's going to be a volatile period but I do think that now they have to agree at the OPEC meeting because if they miss this opportunity they might have to wait one more year for the price to stabilize above 40$.
I dont think they will miss the chance. All the powers want commodity inflation.
And NYMEX traders are programmed to the bear market still.
Reply
floorstore.tn
7 months ago
Thanks CW. your charts are really impressive
Reply
chartwatchers PRO floorstore.tn
7 months ago
Thanks floorstore. They are not carved in the stone , but all my bets are on this direction.
Reply
TamerFawzy
7 months ago
should we go long now?
Reply
chartwatchers PRO TamerFawzy
7 months ago
38-38.5 is still on the table.
We are still in the chanel
Reply
nexuz
7 months ago
Looking desperatly for an entry - hopefully the data tonight will be bad so that we get a small drop before hell is breaking loose again.
Reply
chartwatchers PRO nexuz
7 months ago
Do you see how strong it is?
That's why I told not to short it.
I hope at least who are reading me not shorting oil...
Reply
nexuz chartwatchers
7 months ago
I learned that lesson - only trade the trend :) and that is definatly bullish. Its unbelievable that a lot of guys still trying to short. Its just hard to sit at the sidelines atm
Reply
CyBriz
7 months ago
Hi, do you think profit taking is good at the moment? This coming Sunday the OPEC & non-OPEC meeting outcome is still unsure and now the speculators are jumping on the wagon with no valid reason.
Reply
chartwatchers PRO CyBriz
7 months ago
Dont touch it.
If you want I show you how many emails and personal messages I got like:
" I sold my oil at 38$ when do you think it's good to enter again...?"
Reply
CyBriz chartwatchers
7 months ago
roger that :)
Reply
chartwatchers PRO CyBriz
7 months ago
Or another idea. If you cannot sit on your hands - :) -
then try to invest into some oil shares or oil related vehicles like ERX oil GASL....
I posted a few shares ( LGCY, VALE, SXE etc...) they will run for 1-2 years. When oil will just be in a rage for months these shares will trend up for months...
+1 Reply
TamerFawzy chartwatchers
7 months ago
I don't think this is going back to 38!!
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out