Pair : Crude Oil
Description :
Bearish Channel as an Corrective Pattern in Short Time Frame. It has Completed " 1234 " Impulsive Waves and Rejection from Upper Trend Line. We have Retracement for Break of Structure.
Entry Precaution :
Wait for the " 5 " Impulsive Wave
WTI crude oil showed a roller coaster trend. It fell to an intraday low of $74.03 during the European trading session, then recovered all losses, and rose to an intraday high of $76.18 in the US market. It finally closed down 0.19% at $74.99 per barrel. ; Brent crude oil once fell below the $80 mark during the session, and then fluctuated around this mark,...
Brent Crude Oil Forecast 🛢️ TVC:UKOIL
Just like we called it earlier, the price dropped from 82.00 to 79, hitting our Take Profit sweet spot.
Now, even though the price popped above 81, it couldn't make higher high, and it's chilling below the 100-day moving average on the 4-hour chart.
Looks like we might see it slide back from 81.50 - 82.00 to 80. If 80...
The U.S. Consumer Price Index (CPI) fell in all areas, and the dollar plummeted amid expectations that the Fed's interest rate hike cycle would stop. Crude oil prices rose on the back of that reversal and a weaker U.S. dollar that triggered a rise in black fuel prices.
Looking at the daily chart of crude oil, oil prices have continued to fall since the second...
The crude oil market experienced a volatile last week, rising first and then showing signs of weakness. This market volatility has investors wondering whether prices are being overextended. This has been happening repeatedly in this market for months. However, in the current environment, it's not hard to believe that this could happen.
If the market is able to...
Pair : Crude Oil
Description :
Completed " 123 " Impulsive Wave. Bullish Channel as an Correction after Impulse , It has completed " abc " and Rejection from the Upper Trend Line with Strong Bearish Price Action if it Breaks the Lower Trend Line then Sell
Entry Precaution :
Wait until it Breaks or Rejects Trend Lines
This is my preferred count for OIL as the most recent downmove was so violent that it seems to be the beginning of a new trend.
Looking for continuation lower into a three wave move to compose higher degree wave Y.
As always questions and comments are more than welcome,
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Trade Safe!
Pair : US Oil - Crude Oil
Description :
Completed the Breakout of the Corrective Pattern " Exp FIAT " and Daily Ascending Trendline in Short Time Frame if it Retest then it will Reject from the Trend Line and if it Breaks then it can Reject from Previous Support Zone
This looks like it is poised to head back into a well established $70-$80 range (and then some!). Anticipated long-term USD strength, as well as extended Global economic weakness bodes well for an enduring price weakness outlook.
Technically, Crude is at a major pivot, both, at the top of a rising daily channel, as well as at the top of a descending weekly channel...
1 Technical analysis of crude oil:
Crude oil consolidated and closed higher at a high last Friday. The daily line further closed with a small positive line. It consolidated horizontally at a high level and gathered momentum. A strong consolidation replaced the retracement. It stepped back to the 86.0 line and started to steadily close at a high level again. The...
Crude Oil Analysis⛽
Crude Oil Analysis⛽
Yesterday, as Saudi Arabia announced plans to further cut production, oil prices rose by more than 20 points in a straight line from around 85, and the intraday peak rebounded to around 87.9
The 87.6-7 short order we gave at the end of yesterday did not fall to 86.2-4 until today, giving a profit margin of more than 10...
The continuity of the rebound is not strong, which belongs to the rhythm of shocks and upwards. It bottomed out twice at 77.5 to form a double-bottom probe structure. In the early morning, it bottomed out and rebounded to a depth of 78.0, closing at the 80.0 line. Crude oil is around 79.3 on Monday, the stop loss is 78.5, and the target is 80.4-81.0!
Crude oil has also previosly reversed from 200-day moving averages on the daily graph, making a reversal. This moving average has acted as a strong resistance. I expect it to do the same now, at least until $74. Then we can target $72 with more risk.
Perfect entry point from technical point of view, I suggested this trade before too.
You should target $71 and $74 as TPS.
The market will tighten in the second half of 2023 partly due to ongoing OPEC+ supply cuts and Saudi Arabia's voluntary reduction for July. The combination of robust demand reduced exports, and a larger-than-expected drawdown in inventories...
In crude oil trading today, we made good profits in the trading strategy of shorting crude oil in the 70.6-70.8 area twice.
Judging from the current structural trend, crude oil will maintain range shocks in the short term, and fundamentally still maintain a short position. Although the inventory data has declined for two consecutive weeks, the pressure on the...
A two-sided framework continues through summer between 62.14 long-term support, and 82.33 long-term resistance, both regions able to contain seasonal activity.
Downside, a weekly settlement below 62.14 indicates 53.87 within several months, longer term Fibonacci support able to contain selling into later year.
Upside, a weekly settlement above 82.33...
