The death of Iranian general, Soleimani, which was orchestrated by Donald Trump caused the price of oil to shoot up, with conflict in Iran (5th largest oil producer) and US (1st largest oil producer) leading to a mass brief bull run due to supply and demand.
Here's a graph with spikes and dips in oil prices labelled in order to better understand the effect global...
Created a Inverse Head n Shoulder
Upward RSI divergence
Crossed 100 MA
Target 10-11% of breakout
Please let me know if any corrections or recommendations
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...
Crude oil is holding a higher level at 52.60 but buyers still have some work to do if price is to head higher through 55.00. Price pushed up out of its recent range between 52.60 and 53.60, only to find sellers step in below 54.90. We are now watching to see if the bulls can build a bid around the current levels that may take price up and through 54.90. Price is...
The price bounces from the support zone, which is formed by SMA200 and the uptrend line. RSI confirms the price reversal. MACD lines and histogram support an upward movement. DMI is bearish, but ADX line falls. It tells us that sellers are not so strong now. Another signal which confirms the upward movement is the breakout of the local downtrend line.
All these...
The oil market gives us a good example of how events can change the price of any financial asset. Here we have Crude Oil (Brent) which moved in the borders of a triangle chart pattern from the weekly timeframe. The news pushed the market upward. The price broke the downtrend line. If the close price of the daily candle stays at the current level, the breakout will...
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
Crude OIL is right now in a really important area. Fundamentally, Opec is currently made a statement of cutting the supply side, but the world economic slowdown is suspected by some. Due to that oil price is not really spiking up in price.
Technically, OIl is right now really important and interesting price area. $57.60 per barrel was previously strong support...
Oil settled at the resistance zone by testing the institutional level of @60.000. The EIA inventory report showed a massive cut of 12M barrels last week while Russia and China agreed to extend their cuts on a 9-months span. The strong pullback from Friday June 28th had a follow-through on July 2th costing the commodity a 4.89% loss of its value. Afterwards oil...
Pattern: Resistance/ Support trading based on Fibonacci levels.
Signal: Bullish as the price is near the 0.618 Fibonacci retracement level and the 50.40 - 51.25 1W Support Zone.
Target: 57.45 (the 0.382 Fibonacci level which may act as a Resistance).
Following the late April sharp decline, the price has found support at 60.00 and has since been rising on a 4H Channel Up (RSI = 53.331, MACD = 0.320, Highs/Lows = 0.0000). 1D is on bullish MA periods aiming for a test of the 66.65 Resistance. We are expecting a bullish break out soon and remain long on WTI with TP = 66.00.
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1H CHART EXPLANATION:
Main Items we Observe on the Chart:
- Price broke the Ascending Trendline and is currently on a Bearish Corrective Structure, under a Resistance Zone.
- Bearish Divergence on MACD.
- Full ABC Pattern.
So, we expect a down move and, if price breaks the Bearish Corrective Structure at 61,12, price has potential to move down towards the...
hey traders,
wti is still in a clear uptrend.
and now the market is approaching multiple structure resistance levels looking left.
Take a look at volumes,
though on 11th of April we had a very calm trading day,
we see a selling volume spike.
Smart money started to sell and assets are changing hands.
Despite the fact that the market has made a new higher...
Oil and gas stocks are enjoying stronger price action as the commodity crude oil rises in price. VLO has a first attempt to breakout to the upside. Volume is strong and indicators are positive.
Today, I would like to share my ideas about Crude Oil (WTI) market. It looks interesting in long run and now it can provide interesting buy opportunities.
The daily chart gives us trend reversal signals which are based on:
- bullish divergence
- a breakout above the downtrend line
- iH&S chart pattern which is not perfect but still it can be used (why it's not...
