According to the International Energy Agency (IEA), OPEC+ may push up oil prices, but China remains the most essential factor in the market.
As we all know, China is the world's largest oil importer, and any changes in their demand can significantly impact global prices. With their economy recovering and demand increasing, now is the perfect time to invest in...
OIL just retested the bullish order block after breaking structure last week and should be ready to test the bearish weekly order block before more downside.
good rr here its hard not to take this trade.
The above charts shows an optimal limit buy area for a swing trade. Looking for a weakness to trigger a long entry while limiting the risk as much as possible is the aim. The 128.70% extension is a good area for setting a safe sell stop; the closer it is to that area, the better the reward for risk taken.
The fear is out and folks are running for an exit; the reduction of short risk exposure in progress. Best time to look for long entries. However, watch for the transitioning of lower timeframes into bullish or sideways formations for potential long-term buy entries with reduced risk. A 1R return of $2K per contract is the minimum expected return here with a...
Feb 21
USOIL is approaching our first resistance at 59.85(horizontal pullback resistance, 61.8% Fibonacci extension , 50%Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 55.81(23.6% Fibonacci retracement , Horizontal pullback support)
Stochastic (89,5,3) is also approaching resistance where we...
Oil Trading around 51.65 and also its change its weekly Trend and OPEC news also in Favor of oil
Oil if hold above 49 level we can see soon 56-60
Ideal buying level 51.7-50 Sl below 48.5 TP1 55.5 TP2 59
