Last week, the US Oil extended its gains into a fresh yearly high after a reduction in US Crude inventories combined with the approval of the larger US Fiscal Stimulus package.
We will cautiously monitor the price action as we still expect a deeper bearish consolidation to start anytime despite the fact that we witnessed a strong bullish move.
We kindly recommend...
just 12 hours until weekly candle closes.
it looks like the market will close above key weekly resistance (very strong bullish clue).
I am already bullish biased.
Here are the next key levels to pay attention to:
Resistance 1 - 50.5 - 55.0 area is based on price action from 2015'th
Resistance 2 - 63.0 -...
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Oil consolidates below $40.00/bbl, the bullish run was slowed by EIA data which indicated a built in oil stocks.
Currently todays market open has shown P action below the inner downward trend line and inner upward trend line. Currently watching P action to see if Bulls Vs Bears has the strength.
Published chart 4hour view above ^
Also see Gap for slight interest area if price is more bullish this week.
A very bearish pattern is emerging on Oil as if the 20.00 Support fails we may see another sharp fall as the one last week. In March 17th the price broke the Support and Oil collapsed to the 1.786 Fibonacci extension. If the 20.00 Support doesn't hold we may see sellers accumulating causing another flash crash to the 1.786 which in this case is at 13.50. The MACD...
Oil posted its biggest percentage decline in nearly 2 months after reports indicated Russia is unlikely to lower production at the upcoming OPEC meeting. WTI dropped towards its 7-week support trend line, but after that rebounded from $ 55.00 and 200-day SMA on H4 chart.
Earlier on Wednesday, the EIA reported that overall Crude stocks rose 1.4 Mb, about in line...
Crude Oil kicked off as expected through 54.90 and extended the leg up to 56.01 highs. We are now watching to see what happens on the pullback to see if buyers are going to show some interest around 55.00 and try for new highs. The current anchor to the move up is at 53.65 so there is a bit of room to contract lower before the buyers continue the move.
US OIL : STAYING ON SIDELINES FOR NOW
As we have tried on two occasions to short this asset and this time we have had an absolute stop placement, which means once our stop is taken , the whole idea of Selling has been nullified, at least for now.
Our next course of action will now be to trade this asset in-line with the daily chart dominant trend which is to...
Big movement is coming on Oil. This weekly triangle pattern explains big movement is coming.
I see this is a good time to open a long term buy position on OIL.
Long from 55
Stop-loss over 51
Take profit 71
During the Wednesday session, Crude Oil (NYMEX:CL) futures have been traded mostly bullish. Previous to the Energy Information Administration (EIA) Inventories release, the crude soared to $57.13 per barrel, the highest level of the week. The EIA reported a reduction on the inventories to -2.732 million barrels, more than the 1.89 million barrels forecasted by analysts.
4Hour Chart Explanation:
- Price broke the Descending Channel.
- It is currently on a minor Ascending Channel.
- It has potential to move up towards the Resistance Zone.
- After that, we think the down move may continue.
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