Oil has slid from the 80's, dipping all the way to our level at 77.56, before recovering. We have made a run for $80 again, falling just short of this level confirmed by a red triangle on the KRI. We have felt out lows, at 77.56, and this might be the bottom of a new value area forming between 77.56 and 80.00. If so, expect oil to remain range-bound here. The...
I already wrote my explanation on my chart but, all of my indicators are pointing Crude oil will drop their price sooner or later. It could go up to $70 as the resistance needs to be touched. Bubble will burst. Check out my previous analysis that I was right below. :) Enjoy trading traders !
Oil has hit $80 again recently, but a red triangle on the KRI suggests that we have topped out at 80.70 for now. Since then, we have retraced to find support at 78.90. There is a vacuum zone after this level to the upper bound of the range we once held at 77.56. However, if 78.90 holds, then we could easily see highs again. It appears that oil may feel out its...
Oil has blasted back to the 80's, one of the only asset classes in our reports that is showing some strong bull conviction. We rejected 78.90 and returned to the range that we were holding in the 77's briefly, before getting a boost back through 78.90, to claim the 80 handle once more. Currently, we are seeing the price potentially top out for now, with two red...
Hey traders, WTI Oil keeps trading in a global bullish trend. On a weekly time frame, the price formed an expanding bullish triangle setting the equal lows around 62.0 level and setting the higher highs respecting a major rising trend line. I will expect a bullish continuation within the boundaries of the triangle. I believe that quite soon the price will...
if you look at the gp on a log chart the price is sitting right inside GP. I relocated the fib to lower high to putting .38 at the higher low which is consistent with many support and resistance zones ... I will leave it there. Omicron Imo is signaling the end to the pandemic, we have a boatload of tankers sitting offshore still just waiting. either the economy...
There are 4 signals that make you buy the oil for trading in short term: 1- Price near to MA 50 which acts as support. 2- The uptrend line shows considerable support for the price. 3- The decline lookalike a correction pattern based on Elliott wave theory making the opportunity to buy for another a rising leg. 4- The price is close to 38% fibo retracements....
right to 73 looking for a bounce off .618 I think we got some chop ahead but a short term trade would ne nice here.
In my honest opinion I think Oil should be priced much higher but politicians are not helping. 1) looking at a short into this former resistance zone watching for reaction off gp a break above would take us to 0.7071 2) would be looking for support off of any former resistance. 3) rsi has room to move up still. 4) watching macd Oil should be trending much...
We see that CL came down to the grey centerline. From there it zoomed through, pulled back (pin bar) and then missed the lower line (L-MLH). That meant "Hagopian" = price pushes back farther than from where it came. And it did. Now price is "pumping" in 0-5 formation, a nice flag. If you zoom in to the 240min. TF you see how it unfolds. My personal preference is,...
Oil has trekked downward from its rally yesterday. The rally was paltry with respect to what oil has been able to muster with proper buying momentum. We are still largely in a broad sideways corrective phase. The level 72.99 appeared to be a top for oil, as we identified yesterday. Currently, we are stabilizing around support in roughly the middle of the...
Hey traders, A lot of questions about WTI Oil. The market still looks very bullish to me. Here are the key levels for you to look for trend-following / counter-trend trades. For trend following opportunities watch: Support 1: 61.2 - 62.6 Support 2: 57.0 - 58.3 For counter-trend opportunities watch: Resistance 1: 74.6 - 76.0 Resistance 2: 78.0 -...
Entering into a tactical short position on USDCAD. This is a pure position play, medium to long term I am bullish the USD, however I believe CAD is in oversold territory. USD is on a rip right now due to Powell pivot which the USD should be supported by US yield vs bond differentials. CAD positioning is in oversold territory ever since the last Bank of Canada rate...
In this update we review the price action in Crude Oil and identify the next high probability trading opportunity
Oil has drifted further down, but has found support at 70.00, a psychological and technical level. We are finding some meager support here, and have started to drift back upwards. Oil is in a broad corrective phase from the rally we saw after the inverse head and shoulders breakout. The technicals are looking pretty stagnant for oil at the moment, with the...
Hello Traders! Today crude oil is trading at the consolidation range to gain upward momentum. price at 62$ offers weekly support. once it breaks the trendline resistance more possibilities to go higher in a bullish bias. first target will be 77$. On failure to break the trendline resistance, then possible downward pressure in action to retest the support areas at...
Oil is still feeling global demand woes and remains in the high 60 handle. We are seeing an inverse head and shoulders pattern with a neckline at 68.96. The second shoulder has yet to fully form so avoid trading this preemptively. If we break out, we could easily hit 72.99, a relative high. If we reject it, then this would be a bearish sign, and we could...
See channel for specifics on this short, or the detailed analysis provided for you all in absolute straight forward wins.