just now USOIL is approaching our first support at 54.96 (horizontal overlap support, 61.8% Fibonacci extension , 61.8% Fibonacci retracement ) where a strong bounce might occur above this level pushing price up to our major resistance at 56.71 (61.8% Fibonacci retracement , horizontal overlap resistance). Stochastic (89,5,3) is approaching support and we might...
This is a 10H chart of CLJ2019, which will be trading until it expires the 20th of March. The Gann Box tool is squared to the high & low range of this contract; from the 7601 peak to the 4300 bottom. There are also the 45º and 15º angle lines coming from various highs and/or lows. As shown in the chart, the oil price is currently approaching the 150 day EMA, it...
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...
WTI Oil has staged an impressive rebound in recent weeks with prices currently trading near a three-month high above $56.50 as of writing. The inverse head and shoulders pattern on the daily charts signal further upside with the first key point of interest at $57.50. A solid breakout above this level is likely to open a path towards $60.00 in the medium term....
Brent crude oil futures are holding slightly below the three-month high of 64.80 after the aggressive bullish run above the ascending sloping channel. Crude Oil has hit its full support, with a successful up trend broken, we can now expect OIL to go down back to the 53.00 region which will lead and break to the 52.00 region.
just based on technical analysis. no one knows the future! be careful! trade on your own risk and responsibility! targets are illustrated on the chart.
Just my opinion on the situation. I would like to trade short (scalp) trades in this direction for now.
POSSIBLE CORRECTION OF OIL UP TO 51.0 HANDLE
the price is approaching an important resistance at around $55 level and the indicators are showing reversal signs. Stoch rsi double top, RSI bearish divergence and Macd histogram bearish divergence as well. entries and targets at the chart.
Apparently another fading short opportunity here. Pending price action confirmation and invalidated if price proves itself bullish beyond the angle line . Level of interest ≈ 5265, a 70 tick stop and 1R-3R targets.
Seemingly there is another fading short setup coming up. The chart is self-explanatory, the levels are given and for now the only thing left to do is wait until the major bear angle is reached and look for an entry with a price action confirmation.
A potential fading short setup coming up it seems. There is a $850 risk per contract and a 3:1 reward for risk. The levels are given on the chart.
2019 the oil market meets in a kind of depressive state. Over the past two to three months oil prices declined more than 30%, so investors’ sentiment consequently is rather gloomy. A rather symptomatic phenomenon was the massive decrease in forecasts by analysts at the very beginning of 2019. For example, Societe Generale Bank lowered the price forecast for WTI...
Formation of Head and shoulder is about to happen Potential 1st Take profit at 48.100 Potential 2nd Take profit at 47.000
as we recomended to oil going down and have more to go as seen on the chart. next target is 37. its will be agreat long to take him when the oil will reach the area of 30.
This is a wild guess, and I cannot be sure the same pattern will follow. It is for educational only and please feel free to share your opinion and thoughts, whether you agree or disagree with this observation. In 2008, oil fell from its all-time high from @ $144 to $36 (~75%), and then oil dropped again in 2014 from $107 to $29 (~73%). If the previous two drops...
Perfect regular flat. 1 month divergent shows there will be a turn, but not until usoil crashes one more time. to enter shorts wait for a larger correction on a lower time frame.
USOIL is being well supplied after pulling back to the grand 45 degree line coming down from the top. If 5000-5050 area fails, the bear case becomes more relevant. Assuming pre mortem conditions, the inventory report turning this around and supply being dried up by incoming new demand, it is reasonable to look for entry opportunities on the lower timeframes. It's...