WTI Crude Oil broke yesterday over the two month Channel Down but the 1D candle closed back inside it and today is turning into a red session so far. The 1D technical outlook is barely neutral (RSI = 50.474, MACD = -0.620, ADX = 28.954), indicating no clear direction. We shouldn't technically see a sustainable bullish extension before the market closes a 1D candle...
Hello,Traders!
CRUDE OIL broke the falling
Resistance line and the
Breakout is confirmed
So I am now bullish biased
And I think that we will
See a further move up
Buy!
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WTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 72.504 which is a pullback support that aligns with the 38.2% Fibonacci retracement level.
Stop loss is at 70.130 which is a level that sits under a pullback support and the 61.8% Fibonacci retracement level.
Take profit is at...
✅CRUDE OIL was trading in a
Rising wedge pattern but then
We saw a breakout and a retest
Of the wedge so now I am
Locally bearish biased and
I think that a move
Down will follow
SHORT🔥
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Hello,Traders!
CRUDE OIL has retested the
Falling resistance line and
We are already seeing a
Bearish correction so
I think that the price
Will go further down
Sell!
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WTI will complete a Death Cross pattern on the 1d time frame. This will be its second since September 02 2022.
That pattern initiated a strong decline which was a bearish leg inside a Channel Down pattern.
Oil is again trading inside a Channel Down since Sep 28 2023 and the Death Cross can be the sell call for the final leg to the 63.70 Support.
We expect at...
Here is my latest structure analysis for WTI Crude Oil.
Resistance 1: 74.1 - 75.0 area
Resistance 2: 78.5 - 79.8 area
Support 1: 71.7 - 72.9 area
Support 2: 67.7 - 68.7 area
Consider these structures for pullback/breakout trading.
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Pair : Crude Oil
Description :
Completed " 12345 " Impulsive Waves and Making its " ABC " Corrective Waves. Bearish Channel as an Corrective Pattern in Long Time Frame and Its Currently Rejecting from the Upper Trend Line to Complete the Retracement for Break of Structure
Entry Precaution :
Wait for Breakout and Retracement
Since the breakout of the Israel-Hamas War on 7th October 2023, there has been an increasing number of attacks on military and transport ships sailing through the Red Sea, with Houthi rebels from Yemen standing behind many of these incidents. About a week ago, the group went as far as to announce the blockade on ships traveling to and from Israel through the Red...
Hello,Traders!
CRUDE OIL went up from
The horizontal support of 68.09$
But is now retesting the
Horizontal resistance of 72.70$
From where I think we will see
A local move down
Sell!
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✅CRUDE OIL went up recently
But the price will soon hit a
Falling resistance line from
Where a local move down
Is to be expected
SHORT🔥
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Crude Oil formed a double top pattern on a solid horizontal resistance.
Its neckline was violated with a strong bearish imbalance.
We can anticipate a bearish movement to 70.6
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WTI oil (USOUSD) is rising towards an overlap resistance and could potentially reverse off this level to drop lower towards our take profit target.
Entry: 72.687
Why we like it:
There is an overlap resistance level
Stop Loss: 74.111
Why we like it:
There is an overlap resistance that lies above the 50.0% Fibonacci retracement level
Take Profit: 67.958
Why we...
WTI oil (USOIL) is trading close to an overlap resistance and could potentially reverse off this level to drop lower.
Sell entry is at 72.264 which is an overlap resistance that aligns with the 38.2% Fibonacci retracement level.
Stop loss is at 75.089 which is a level that aligns with the 61.8% Fibonacci retracement level and sits above an overlap...
Crude Oil is currently testing a solid horizontal supply area on a daily.
Analyzing a 4H time frame, we can spot that the market is currently weak & consolidating.
I see an example of a classic inside bar formation.
71.4 is the lower boundary of the range of the mother bar.
Its breakout - a 4h candle close below will be a strong bearish confirmation.
A...
Hello,Traders!
CRUDE OIL keeps falling in a
Strong downtrend but it is
Oversold at this point so
After it retests the strong
Horizontal support below
At 66.96$ we are likely
To see a bullish correction
Buy!
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With recent market dynamics, the oil trading landscape has witnessed significant shifts, presenting traders with lucrative opportunities. Here are actionable strategies tailored to capitalize on these developments.
1. Fed's Dovish Stance and Demand Surge: The Federal Reserve's dovish outlook coupled with the International Energy Agency's upgraded oil demand...
WTI Crude Oil / USOIL is inside a Channel Down but the bearish strength is fading as a Falling Support has been formed while the 1day RSI Double Bottomed.
At the same time the 1day MACD is about to form the 2nd Bullish Cross in less than a month.
The very same (Channel Down) pattern was trading back in June - August 2022, with the same bullish divergence and...
