Estimated Entry:$44.5-$45.3
Tp1:$47.5
Tp2:$51-52
Tp3: to be advised after breaking out $52
1H chart: wait for a retracement to buy
Tp1:$47.5
Tp2:$51-52
Tp3: to be advised after breaking out $52
1H chart: wait for a retracement to buy
Trade active:
Entry1: $46.3
Comment:
1H chart update:
Comment:
Tp1 $47.5 is approaching, 100pips already
4H chart: some resistance here, move the sl to $45.3
4H chart: some resistance here, move the sl to $45.3
Comment:
EIA crude oil inventories has the largest decline since 2016.
Comment:
tp1reached, it touched 48today, more bullish than i expected. nearly200pips for today!
Comment:
1H chart update:support zone:$46.8-47.2
Comment:
A joint statement between Saudi Arabia and Russia will extend the agreement on production cuts, oil flied above $49, now already $300pips.
just move sl to BE.
4H chart update: moving towards $49.9-51 today
just move sl to BE.
4H chart update: moving towards $49.9-51 today
Comment:
4H chart update: $48 holds well, now start with wave v, tg: $51
Comment:
1H chart update: crucial support at$48, add long from$48.05-47.85, for tg:$51
Comment:
weekly chart: broke $51 will see $53,$55 again
Comment:
sorry wrong chart above, subject to this one
weekly chart:
weekly chart:
Comment:
it touched $50 today, so far we already have 400pips, plus the position added yesterday, ttl 500pips. waiting for the breaking out.
Comment:
it finally closed $50.86, very bullish, next week WTI will star use new contract, hopfully price will break $51 in asian opening.
Comment:
Tp2 reached. Ttl 800pips for the trades already. Going to test $52.2 next.
Comment:
4H chart update: retrace $49.7-49.5 go long for tg:$52.2-52.5
Comment:
It's already hit our tg, the ceiling of channel. Now likely going to retrace $49.6ish, we're now still holding longs from $46.3 and $48.2, can either take some profits for longs from$48.2,then wait for retracement to add longs, or, move sl to BE and holding.
Comment:
4H chart update: Wave 5 tg:$52.2-52.5,in short term there could be some retracement, no ready to add more longs today, but only holding longs with sl being moved to BE.
Comment:
Daily chart update:
From $43.79 to $51.9 oil price has bounced $8, likely it is time to retrace. So far my strategy still buy the dips, in these two days, i will watch $50-$52 range, and support level $49.2. Curcial level at$48, once broke $48, will return to bearish trending.
4H chart update:
Possibly will consol in range for 2days,if $50 got support, will add a little more positions.
From $43.79 to $51.9 oil price has bounced $8, likely it is time to retrace. So far my strategy still buy the dips, in these two days, i will watch $50-$52 range, and support level $49.2. Curcial level at$48, once broke $48, will return to bearish trending.
Possibly will consol in range for 2days,if $50 got support, will add a little more positions.
Comment:
Fundamentals:OPEC ministers did not say they would extend the agreement on production cuts for 12 months or increase reduction.
Comment:
4H chart update: it's now testing the crucial support at $48. Likely wave ii could be done here. It is the entry i would consider to add more. just watch for the signals.
Back to the Fundamentals: If you scroll back to my previous updates, you'll find that above $48 are the short term buyer for the OPEC who expected will extend the agreement to 12months. So i think they almost quit the market, and, imo, longer term player would focus on the demands. Jun. always the peak season for oil. Above all, i think $48 hopefully will hold the trend.
Trade active:
$48.3
