Hey traders,
Important update for WTI Oil.
The price managed to violate a major rising wedge pattern to the downside.
Its support was broken and a daily candle closed below that.
Now the broken support serves as the point for sellers to sell from.
I expect a bearish move from that.
Goal - 77.00
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... for a 22.00 credit.
Comments: Took heat on this spread from the start, so taking advantage of this little sell-off to get out for a small profit. In for 21.00, out for 22.00 here; 1.00 ($100) profit.
Price action analysis on WTI.
Potential scenarios & key levels.
Trading recommendations & thoughts.
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NYMEX:CL1!
Oil Markets Are Looking to keep moving to the upside. Doesn't look like the OPEC and other Oil Wranglers are interested in increasing supply to cover their loses from the
COVID-19 lockdowns.
The force is strong with the market adage that strength begets strength. But this week, it will likely be all about the NQ earnings to see if it can catch up to the all-time high prints from the ES (S&P) & YM (Dow Jones). We get 'em all this week - FB, MSFT, GOOG, AMD, AMZN, AAPL.
In other markets, can CL get to the top of our channel around $86? Will Gold...
The rise in oil seems to never end, all estimates are up, the target is $ 100 a barrel for authoritative institutional sources.
I have "surfed" the trend from the terrible COVID collapse to today, where I believe it is appropriate to take profit, leaving as always a small part in the portfolio, considering the fantastic average purchase price.
Analyzing the...
So Russia said they would provide everyone with fuel, they said "no one in Europe will freeze". They also reminded us they are tired of sanctions, which weaken the US currency.
Recently, and this was ignored in US and international news, the US stabbed France in the back. France that still think they are a major power (they are still in the top 5 or at least 10...
Structure analysis on WTI Crude Oil.
Confluence zone & historical perspective discussed.
Trading recommendations are given.
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... for a 21.00 debit.
Comments: Taking a bearish assumption directional shot in oil here by buying the 82 and selling the 78 in the December expiry, risking $2100 to make $1900 with a 79.90 break even.
2 months ago i made a setup on video. 10 days later it was activated and now you're up 30% looking for 50%. wanna see how i predicted this insane move well watch and learn.
With the exception of energy (CL1!), most commodities and stock indices are stuck in ranges. We dig this price action, or lack thereof, since pong is our favorite game! 😁
Crude Oil at a long term major inflection point.
Classic TA says we will face some headwinds here, but strong weekly candles suggest we may look to head north before a pause.
watch out for these levels.
This level has been only tested on 3 occasions in last decade.
Hey traders,
WTI Oil is approaching a key weekly/daily structure resistance.
76.8 - 77.2 is our potential reversal zone.
Being heavily overbought, we may catch a pullback from that.
Our confirmation will be a bearish breakout of a rising channel on 4h.
In case of a 4H candle close below its support, a bearish continuation will be expected.
Goals will be:...
