majorlee

Crude Oil Chart for week starting 20th August 2018 [BTFD]

TVC:USOIL   CFDs on WTI Crude Oil
As we inspect oil prices after last weeks strong USD forcing Oil to come down in price as well as some news effecting this too.

gotta few key levels after using a fresh Fibonacci retracement on the previously formed lows from last week

for the bulls we really want to see Oil come up and close above $68.6 with support from the 0.386fib level, this could push up if the DXY/USD starts showing weakness after its recent rise and targeting $73+ as an exit price, we see a trendline possibly stopping any further increases

on the bears side, i feel the price needs to fake out on going above the fib levels and showing clear resistance on price, if it falls under $67 and cannot get up over these levels then its possible especially with a strong US dollar forcing oils price downwards breaking the trend lines to possible bottoms of $58-$56 to eye up targets on a short position....

any Q's please contact BTFD group in Telegram below
Aug 21
Trade active: closer look


waiting for a close above or below
Aug 22
Comment: crude oil inventories today at 3:30pm GMT +1 (40 minutes from this post)

few things playing with price

IRAN deal

US/China trade war

potential drop in US crude oil
Aug 24
Trade active:
broke up resistance and looking for it to close above, pullback to the fib level 0.382 for best entry around $66/67

TP $73 & $76

if price breaks lower than that fib 0.382 level, watch for a close below and acting as support for a push higher
Oct 02
Trade closed: target reached: totally smashed it with this trade

congratz guys, welcome to solid profits

if still in trade raise up stops, im not sure how much it will go past 76
Oct 02
Comment:
Oct 12
Comment:

Comments

I agree.
+1 Reply
@investa, smack on the money :) gratz
Reply
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