Crude Oil is coiling on a key horizontal resistance. The price formed a double top pattern, testing that and broke its neckline then.
We may see a retracement !
Goals: 76.9 / 76.36
WTI Crude Oil has been trading in the past two months on the Rising Support that emerged on the March 2021 Low. The longer it holds, the more likely a medium term (2 month) rebound is, back to the Resistance Zone and $110.
The reversal on the 1week MACD also supports that.
If the Rising Support breaks, the 1week MA200 will be the last level of Support before the...
Crude Oil crossed under Support A on Friday but today is rising and hit the 1day MA50 again. We followed a very successful model last time as indicated below for selling high and buying low:
Based on this, today's rise is the countertrend rebound that both of the previous short constructs followed. We believe it will be short lived and serves as a new sell...
Hello,Traders!
USOIL keeps growing
From the recent lows
But a strong resistance
Level is ahead so after the
Retest we will most likely
See a bearish pullback
Sell!
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In this update we review the recent price action in the Crude Oil futures contract and identify the next high probability trading opportunities and price objectives to target
The price of WTI Crude Oil is at a resistance Zone and top of the rising channel.
Above 81.50 = long (TP 82.70). Below = short (TP 1hour MA50).
Below 1hour MA100 = short (TP 77.15).
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Oil broke on Friday above the 1D MA50 but sees heavey selling pressure today retracing back below, after the 4H RSI double topped on the 70.000 overbought level. In fact technically the 4H chart is about to turn neutral (RSI = 56.810, MACD = 0.880, ADX = 49.898) and will search for the 4H MA200 - 4H MA50 Zone for the first batch of buyers.
The RSI rejection is...
I was overweight energy for most of 2022 selling my exposure around the summer and the remaining in the fall.
It was not and easy decision but the trend in WTI and Brent prices was too bearish to ignore.
Seems to me now It's only a matter of time we take out the 2022 low of 12.66, the more intriguing question is where we go once we get there ?
On the weekly...
Hello,Traders!
CRUDE OIL was trading in
A falling narrowing wedge
But then a bullish breakout
And a pullback happned.
Now, we are seeing
A rebound which reinforces
Our local bullish biased
And makes us expect
A move up towards the target
Buy!
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Looks like OIL could be setting up for a nice long
Falling wedge on the weekly
Bullish divergence on the 3Day and down
Bullish Bat on the 4 H
Any pull back on WTI ill be looking to buy
I'll also be looking for a possible swing failure pattern of the last low
If we can reclaim the Value area then more upside is probable
USDWTI D1 - Finally starting to see a bit of support here on crude oil… 76.50 is still out preferable sell zone, healthy correction from latest swing high to swing low, which ties is nicely with out preciously broken support zone.
Simply looking for the retest of that broken zone to position ourselves short, in aim of fresh lows.
Hello,Traders!
USOIL has retested the horizontal resistance
After is made a rebound from the lows
So a correction is needed
Therefore, a move down
Is to be awaited
Sell!
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