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...
A technical outlook for the week ahead! -------------------------------------------------------------------- Please, support my work with a like, thank you!
MCX:CRUDEOILM1! trading near resistance and 50% fibonacci retracement level. may come downwards if made a reversal successfully between 59010-5880. Disclaimer - This chart analysis is only for educational purpose. Do proper research before trade/investment or consult with your financial advisor. This expressed opinion/view/analysis isn't a trade/investment...
Crudeoil intraday trading alert 3 simple steps to find a quality setup ! Risk Reward Ratio 1: 2 Anyone same idea with me? BUY Crudeoil Good luck traders..
Pair : Crude Oil Description : Impulse Correction RSI - Divergence Completed " 12345 " Impulsive and " AB " Corrective Wave Break of Structure Flag Pattern Bearish Channel as an Correction in Short Time Frame with the Breakout of the Upper Trend Line and Retracement
A technical outlook for the week ahead! -------------------------------------------------------------------- Please, support my work with a like, thank you!
In terms of crude oil, the daily line rebounded on Friday, and the previous low of 64.1 had strong first-line support, forming a double-bottom pattern. Crude oil on Monday focuses on the position above 70.0, with a stop loss of 69.2, and the target is above 72.6-73.0; sell backhand empty orders near the pressure line of 73.8 above!
Combined with the trend of the hourly chart, U.S. oil continued to stay high and fluctuate within a narrow range after pulling up yesterday. This state indicates that the market may rebound again, but whether the top can break through 74, and whether it can press 75.5-7 is irrelevant. It's too easy to judge, after all, this wave of recovery still seems very...
At present, oil continues to fluctuate in the 70-83 region. Last month, OPEC suddenly announced a production cut and opened higher. After a month of fluctuation, the gap was finally filled last week. Then the top-bottom conversion to the 75.7-75 region has become an important support in the short term. As for crude oil short orders, there is no rush to participate...
Because of market concerns about the recession, the demand for crude oil has been hit to a large extent. Then the acceptable price of crude oil in the cycle of slow economic development is in the 70-65 area. People familiar with the crude oil market must know that crude oil basically fluctuated in the 70-82 area in the early stage. Judging from this, crude oil...
Technical Analysis: - Crude Oil(CL) is still doing a ((W)) ((X)) ((Y)) correction structure in Daily Chart - We present two possible Paths - For Path 1 in Black with 65% probability. We expect that the correction will be completed at around HKEX:53 -56 where the smart buyers can appear - For Path 2 in Blue with 35% probability, We expect that the correction...
Because of the impact of the banking crisis and the U.S. debt ceiling issue, the risk that the economy may fall into recession has been exacerbated, and U.S. data show that consumer confidence is insufficient, which is a very big blow to the demand for crude oil, causing crude oil to plummet in the short term and completely make up for the technical gap. Can crude...
Technical Analysis: - Crude Oil(CL) is doing a ((W)) ((X)) ((Y)) correction structure in Daily Chart - We expect that the correction will be completed at around HKEX:50 -55 where the smart buyers will appear - In short term, It's doing wave ((X)) in black once it's done we can forecast the entry area more precisely - H1 & H4 right side are turning up ...
On the news side, the IEA monthly report on Friday was released. The International Energy Agency said in its monthly report on Friday that world oil demand will grow to 2 million barrels per day in 2023; on the supply side, OPEC+ production cuts may lead to supply shortages in the second half of the year, which also restricts the decline in oil prices to a certain...
Technical Analysis: - As you can see in the chart, the medium term correction is finished in the wave II in red. Now we expect that CL(Crude Oil) goes up at least in 3 waves to around $105 - H1 & H4 Right Side are Up - CL seems strong in short term Technical Information: - We like to buy CL in wave (2) in blue around $77 as hedging