This graph is a representation of my point of you of the futures market (USD).
What appeared to be an action to trigger the rise of crude price by OPEC seems not to work as any further bearish candle below my counter trend will see the oil price fall up to $70 per crude as against $110 earlier anticipated because of the bullish momentum of last week. As a smart money trader, i will be monitoring this till later part of Monday trading day.
Price of WTI OIL broke from falling wedge pattern and retested it. So possible further move up towards two Fibo clusters: - 50%+61.8% - at ca. 98.7 - 61.8+78.6 - at ca. 105. There might be short-term corrective move. Trade carefully!
After a long bull run, finally it has showed some retracement and it has enter a new created support zone. It looks promising and I am taking a long trade ! BUY!
This is the seconded biggest update for oil this month ! You need a big pocket to go with the flow on this one, money management will be your biggest enemy and greed your second. We have 85$ is the mid road for oil and 120$ the highest it can get ! Target Is 68$ for our next idea and politics is our enemy ! i recommend to open a position after an update or...
oil has been on a tear despite dollar strength right now theres some things going on with opec and siding with russia that may be pushing it up since they rasied the prices on usa either way this bad boy not stopping if we get a close above this level we pushing towards that 96$ handle soon
We keep making lower highs and lower lows so I'd rather going with trend than fomo in. We might see reversal if that area is broken
Macroeconomic trends with a rough heating season for Europe, the continued war in Ukraine, the internal troubles in Iran, and the most recent OPEC+ meeting makes the macro position for Oil look bullish. Looking at the charts it looks likely that oil will challenge the downward trend that has persisted recent months and coming two days let us know if it'll begin a...
OPEC+ has taken a tough stance, slashing output by 2 million barrels per day (bpd) beginning in November 2022, the largest reduction in crude oil production since March 2020. In addition to production extending the agreement through 2023, oil producers have agreed to hold semiannual rather than monthly meetings. WTI oil briefly spiked to $87/bbl following the...
OPEC wants to support the oil price by reducing production. At the same time, we hear from Iran that the nuclear agreement talks are progressing, if the talks are a success, in the near future Iran could again export oil to the wider world. Last week we heard from the U.S. side that an agreement with Iran could not be reached. Today Iran has released a U.S....
since market opened oil gapped up into a bearish order block on the 1hr, 4hr, and also daily. The trendline also still holding under the last lower high so even more confluence im looking for a nice move down it could retrace after filling that low or just keep pushing down since bias is still overall bearish
Oil has been consistently declining since its last top, trading in a descending channel with lower highs and lower lows. I've highlighted the key areas of support and resistance for oil to help you see the broader picture. You may take advantage of this if you want to swing trade in the channel.
Although oil price rebounded yesterday, there is not enough momentum for keeping the uptrend. The overall trend is still downward. From the H4 chart, the lower high after it breaks the 82 level also shows that oil prices as a whole continue to remain bearish. I think it would be better to stay patient and wait for a pullback to enter the market. for short...
Just a commentary about President Biden's Press Secretary saying that the Ukraine situation has caused oil prices to be elevated. The advance from the lockdown/reopening may have been a much more important factor in the current market price. The fear that investments in new oil refining wouldn't generate a return with an administration vehemently against oil...
Recession is coming? can we expect another horrible fall? or a temporary situation would be passing?! ✔
Important Fibonacci Levels: -64 -78 -90 -97 -105 -115 -130
As any true trader knows, the inflation rate DID NOT GO UP 8.3%. That is what some retail news outlets claimed "year-over-year," which is plain misinformation. The retail news was designed to trigger a panic dump among the less informed last week. FACT: The rise in inflation started in late 2020, not this year. FACT: The rise in 2021 went to 7%. But the news...