The consolidation period of close to 12 weeks is likely coming to an end with a breakout up!
A close above 102.90 (triangle consolidation resistance level) allowed the price action to proceed with up-trend targeting:
Width of triangle is usually the target of the breakout in terms of size of movement
This could make...
Yesterday, we showed a bearish breakout in the RSI of USOIL. Although, later, during the trading session, this breakout became invalidated, and RSI moved back above the horizontal support. Despite that, we remain bearish on the USOIL, and our price targets stay in place.
The idea above shows yesterday's intraday breakout below the support in...
Oil has respected the 92 support and looking at the current geopolitical situation, it seems bullish . Now for a good entry , the 98 level could be good for a long entry even for long term holding as it might go higher this time due to geopolitical situationss, Entry around the price of 100 dollars can also be a good entry with stop loss around 99
Recently, we stated that USOIL has bottomed out and is due to drift lower during the rest of the year. We continue to maintain this stance. However, over the past few days, there has been an increase in talks about the EU ban on Russian oil. Indeed, several media outlets reported that the EU is about to proceed with this step. Though, it is just a rumor at the...
1) The breakout above the down trend-line starting from the highest high , when the price went above 101, marked the beginning of the movement we've seen so far (+$8).
2) There's 2 technical scenario playouts:
*Break above 108.20 with a 4h/1d close - 113.40 to 114.64 may be reached in the very short-term
*Break below 104.50 with a 4h/1d close - 97.90 to 93.20...
H4 - Price is bouncing higher from a key support zone.
H1 - Bullish divergence.
If we get a valid breakout above the high at 98.80 we may then expect the price to move higher further in the short term.
CRUDE OIL FUTURES (MAY 2022)
WTI has stabilised in a thin $102-$106ish range and at current levels in the $103.00s trades broadly flat.
According to the International Energy Agency, oil markets could lose as much as 3M barrels per day in supply from Russia from April.
Daily Pivot Point S1 96.12
Daily Pivot Point S2 90.16
Daily Pivot Point S3 86.88
I was waiting for a quite long period of time to catch a bullish movement on oil after a pullback.
This week the price finally reached a strong zone of confluence.
From that, I was looking for a confirmation to buy.
My confirmation was a double bottom formation on 1H time frame.
I bought the retest of a neckline breakout.
Great winner and...