USOIL is most likely on its way to close the gap from the beginning of the week.
The fresh supply above seems like a great continuation level to sell USOIL.
If the price will break out the supply above it indicates the price on its way to
Reach the supply at the top.
Oil has had a good sized moves off the big spike up and is now right on top of the upper side of the prior distribution, a drop into this lower distribution should see oil back trading in the same range it was for the last couple weeks. A bounce off this range could see us form a new larger distribution 58 to 63 range.
Today will be watching close for impulsive...
WTI (1H) - intraday bearish bias
The oil price is likely to stay in retreat as it is filling the gap left by the Sunday gap. Buyers are likely to be lurking around the psychological level of 58, which coincides with the 61.8% Fibonacci retracement level. Though the 20-hour moving average has proved to be a solid resistance level and we can expect the price to...
Expecting a hold of the 58.7-58.50 areas. for a test back to the target areas marked in dashed lines as a primary scenario.
secondary scenario - Break below that expect to test the downside target areas.
blue dashed lines- ( Long term references)
Red Dashed lines ( Short term references)
Oil in Saudi Arabia took a hit earlier this week. Let's swim against the current?
Taking 50% of profits by 100 pips and letting the trade run.
Trade at your own risk under your own terms. I'm not responsible for anyone's decision to follow MY idea.
-Over the Weekend we got fundamental news that skyrocketed the Oil to the Highs of $63
-Couple of hours ago, news came out that Saudi oil output will return sooner than normal
What does that mean for us?
-if we didn't get that recent news there was a good chance oil would have continued to rally without any major retraces due to oil shortages
-with the news...
Technical Analysis and Outlook
For crude oil, it remains to be seen if it is this pullback will be enough to draw in some buyers to retest major Key Res $62.0. With its completed Inner Oil Rally $63.38 the down move might take the crude oil to long-time standing Mean Sup $53.85. To continue the rest story, see 'Market Trend Commentary & Analysis September 18, 2019...
The oil move is very balanced and range bound and could have a directional trade if the red zone is broken. Without this red zone break will look to trade the inside of this zone.
After a big move oil will put in some conjestion time before the next move.
Looking at oil again today and we are still chilling at just above 61$ a barrel. I was expecting to see this rise effect the gas pumps this a.m. but gas is still the same as it was before the attack on the Saudi oil facility (2.11 USD in Houston Tx). Im assuming the price of gas will rise in the next 24-48 hours. The uncertainty of the situation in the middle east...