Crude oil reaching the top of the trend channel with overbought readings on the RSI momentum indicator. RSI reading overbought at 72. Look for support at the mid channel support line (80-82 levels) and the lower level channel support line (72-74 levels).
WTI oil rose to as high as 129.98 USD on 7th March 2022. However, today USOIL fell to as low as 115.51 USD. Currently, the price of USOIL trades around 170 USD price tag. We remain bullish on oil as we expect bullish factors to persist for a while longer. However, we also remain very cautious as we think any progress in peace talks between Russia and Ukraine could...
USOIL was down 17.40% yesterday in a sell-off caused by the news that OPEC is considering higher production levels. The United Arab Emirates said it would support boosting oil supply because of the disruptions caused by sanctions imposed on Russia after Ukraine`s invasion. President Biden imposed an immediate ban on Russian energy imports. UK would phase out...
Oil presenting High R/R Opportunities, still think we will dance around up to the first Bullseye, would love to see it wick the all time high then start the multi month/yearly shift down to targets below, this is a monthly chart, will be here for years to come. Good Luck!~
USOIL Expected Monthly Move WTIOIL CRUDE OIL - must follow Monthly channel
Yesterday I posted my Buy Order at 123 and price action just hit my Take Profit at 128 as Biden just announced he will probably sanction Russian oil later today. This of course spiked prices up huge in less than 10 minutes. How high will Oil go? Not sure. But I'm out of this market for now. I will keep you updated if there looks like another trade...
Previously, in what was hoped to be a blow off top, there was a need for crude oil prices to close the gap soonest. Well, it did... thing is, it closed the gap, only to reopen with gusto. In a Gap and Close, we know it is a reversal. In a Gap and Run, we also know that the gap may or, more likely, not to be tested, and prices continue the trend strongly. In...
Oil exploding higher again making a 7 day run of 38% and XLE running up 14%. Long-term XLE is my play, raking in the dividends but taking profits relatively soon might be wise. We are right at the resistance level for XLE that looks to be pretty heavy but that resistance isn't like the Ukrainian military so I think it's more likely we blow through that level if...
Delicate situation with Crude Oil. Levels are almost to similar seen back on 2008. The price will definitely continue to rise if EU countries and other NATO countries don't find a new partner for Crude Oil. Venezuela and Iran are amongst the preferred choices to solve this crisis, but this could take a couple of months to see action from talks. Meanwhile the price...
Nice gap fill on oil this morning creating a good long opportunity here on hourly chart.
Since the early 2000s commodities have had a major boom, a major bust and another boom which began in April 2020. The current boom isn't caused by the world going into the right direction and economies are booming, but rather we have major issues in the production of commodities. Globalization led to a massive economic boom post WW2, a trend that slowly started...
CRUDE oil has potential creating new high but it could be retest for a momment at $103 first.
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Crude oil futures spiked way out in parabola in the morning hours of Asian trading. I hope that this week is the blow off top... else, the next few years would be very painful, and very slow recovery as we all get mowed down by hyperinflation. That gap (rectangle box) needs to be closed as soon as possible!
As war drums are beating and WW3 may be on the verge of becoming a new reality, oil is ripping the faces off of people shorting it. It's also ripping your wallet apart. I expect a sell-off at some point if it continues at this rate but probably not before making new all-time highs above $150/ barrel. I expected XLE to get to $135 over the next 4-5 years but now it...
Crude OIL - /CL - has been showing strength since the beginning of the year. Price will have to go over 100% to hit the all-time high. So far the price has accelerated as world conflicts have increased.
First of all we see that the uptrend is not broken so far. They washed the longs out (red box), made a new high and then dropped with a "Scary Drop" to flush the new longs out again. Nice how they came down to the center line. Now, back above the CL, it seems that the Battery is loading again. However, the could make a new low of course. But in this current...