The price of crude is pose to shock oil producing countries despite the recent supply cut to the global market,
PRICE is currently stalling at $84 per barrel (minor zone) ,a break of this zone which is eminent will see the drop in price to $70 per barrel of crude
Oil is still have to go up on daily
I mentioned in morning a selling trade just to be clear it can fail to success but indicators shows weakness and going down can be healthy
Bear on mind , it can go to 89 area , if its faild then down side will be massive
That why iam focusing in selling now .
HEAD AND SHOULDER PATTERN WILL PRINT SOON
GOOD LUCK
Now we sell this morning and close on black line
Again we will sell in red line and take profit first in black line again then on 83$
GOOD LUCK FRIENDS
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.
📉 Text marks:
🔹 IL = impulse leg. Inside of IL we can usually see inside structure, which is secondary in nature, like a market noise, unless you trade it on LTF, as it’s own IL.
🔹 ph, pl = protected high or low, which holds current structural impulse.
🔹 bos = break of structure . Based on candle body close below/above previous structural impulse.
🔹 rsz, rdz ...
WTI reached its 8 months low, after the spike in price from the invasion in Ukraine. Investors are afraid that combination of increasing interest rates and high inflation will slow down the economy, from there and the demand for crude oil. The economic slow down of China has also put a down pressure on the oil price.
Technical indicators are also placing WTI into...
Back in February, when Russia launched its invasion of Ukraine, a victory for Kyiv would have been almost impossible to imagine. It's the classic David and Goliath. Recent developments on the battlefront, however, are starting to paint a different picture, showing the possibility of Ukraine ending the conflict with a win.
On paper, the war is just between...
OIL showed one more bos, and now we have a new price expansion to the downside. Please check the linked ideas for better context.
📉 Text marks:
🔹 IL = impulse leg. Inside of IL we can usually see inside structure, which is secondary in nature, like a market noise, unless you trade it on LTF, as it’s own IL.
🔹 ph, pl = protected high or low, which holds current...
Prices of petroleum are declining due to increased output by OPEC and United States and weakening demand by the Chinese economy.
RSI index of the Daily graph of BRENT is below the neutral line of 50, and MACD histogram, although still above 0 line, is declining.
If the price keeps falling, it might test its previous support at 91.50 and if it breaks it, it might...
Oil has to fall if the global fight against inflation needs results.
Inflation Reduction Act of 2022 gives us fresh ammo to short the oil.
Watch for the downward supports:
Support 1 - 85.5
Support 2 - 77
if we look in thr chart we find oil in a downtrend
and there is a supply thats the price gonna make a pullback and hit the supply then continue down to the downside
OILSetup / Analysis
🕐 4hr's Chart
Key Technical / Reason's SHORT
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What is our confirmation?
- Breakout trendline and retest
- Resistance Support level
- Pressure zone
- Pivot and MA rejection confluence
- Ascending Pattern
- Descending Pattern
- The pivot zone
- Demand Supply
- Candlestick Patterns
Always do your own research before opening...
