The oil market has seen a lot of activity, with recent developments mostly easing worries about market tightness.
In China, Covid-related restrictions have been reinstalled in major cities, triggering rare protests and consequently reducing outlook for oil consumption, in striking contrast to perceived moves to reopen the economy at the beginning of November.
We're back with breaking news
Expecting oil retracement to the 85$ zone before a "ready to launch phase"
Big pockets on the edge and i might sound crazy but we can touch the +100$ zone in a very short time of a period.
Risk of your own and i wont recommend any TP or SL in this one
If you lose don't blame me
if you win don't thank me
As always lose to win...
Xom is at 52W high, while oil is 30% lower, for me it's weird how the main reason for the acceleration of the XLE made the correction but XLE didn't.
Waiting for XLE to go down with XOM
Look at the tunnel and the Candles that cannot break, Volume decrease. I'm in
TP1: Fib level 1 - 107
TP2: Fib Level 2 - 103
Congratulation for how bought and trust my TA , and strategy .
Oil have been wild this days we need , what we need now is more confirmation.
We have to back test 78-77 area , where we deform the bullish pattern to continue up .
Target putted in red .
Accumelation 78,79 ,77
Selling is risky , you can start buying from here .
Today my target is 81.5 if...
Oil have to scenarios on is going up to 106 $ where it will form double bottom pattern . At 75 $ which is forming now .
How it fail ? Close 2 days below 75 $
Second scenario , going down as we have double top at 92 $ . Where it can reach 70 $
I believe upside worth more risk . Because it more logical and reflect the indicators as we are in over sold monthly...
Brent Oil is in a Macro Selling Phase until it reaches mid - low 40's before we began a major Oil and Commodities Bullish Super Cycle which will see Brent hit at least 150$, maybe even up to 200$, depending on how intense the 'Trend ending price spike' will be.
as you can see oil has a really strong support in this pion and I am really bullish for oil I think for long term it can reach 88 and maybe above because of the news and the analyses so it's kinda a comfort zone here even in you open a long or buy make sure to put( stoploss in75/74.8) i know it's a lot but if u do a risk management for ur trade u can make some...
oil will follow dxy's choice. i expect a pullback on dxy and oil. with this pullback we will hopefully make a nice retest so we can get some nice shorts
this i expect from zone 1, 2 or 3. set alarms and watch oil move and dxy move
As you can the price is currently bearish running in the head and shoulders level 2, and below the 50 and bearish crossed short-term MAs. It is preparing to drop for the patterns L3 together for the 200 MA (that's visible on the MT4 chart). But that bias will be fully confirmed once the price has bearish closed and retested below the Daily Neckline...
We got it wrong which is normal all about timing .
What I will do now ?
I will but more at this level , iam seeing 88 as easy target .
Some times the market make you feel that your target , direction , is not true …… then run to target in one day
OIL Weekly Forecast 14-18 November 2022
Currently the implied volatility for this asset is around 6.59%, up from 6.36% of last week.
From volatility percentile, point of view, we are currently on 66th from ATR and 66th from OVX index.
With this volatility percentile values into account we can expected on average that the weekly candle is going to be: