WTI Oil (USOIL) formed yesterday a Death Cross on the 4H time-frame, the first such (bearish) formation in almost 2 months (since November 17 2022). The price got rejected exactly on both the 4H MA50 (blue trend-line) and 4H MA200 (orange trend-line) following last week's rejection (January 03) on the 1D MA50 (yellow trend-line). We covered this on our last week...
It is time to update our WTI Oil (USOIL) thesis, which was bullish last week as the Resistance within the Channel Up broke:
This time we see one last rise as a possibility since the price is rebounding on the 4H MA50 (blue trend-line) but limited to the 83.40 Resistance. An exception can be made to an overextension to the 85.00 - 86.00 range on the red zone,...
Oil WTI failed to break over the 50-day moving average during the session on January 3, and sellers returned after the price topped $80 per barrel.
This resulted in a rapid drop to $73/bbl, making it an interesting area to assess the strength of buyers on dips once again. Remember that the US is actively purchasing crude oil at 67-72 dollars per barrel range in...
The WTI Oil (USOIL) is having so far a full-action day as it hit the 1D MA50 (yellow trend-line) for the first time since November 16 and got rejected and tested once again the 4H MA50 (blue trend-line) which has been holding as a Support since December 14.
This is basically the same time when the short-term Channel Up emerged and as you see so far has two clear...
Crude oil💥1D -TIMEFRAME ANALYSIS
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If we see the entry signal in this zone with the set loss limit, we will enter the matter of the degree of ascent, but keep in mind that this signal is used in the upper periods, so you must be patient enough, but if the goals are achieved, there will be a good profit.
Our priority view in CL remains the same. A downward move could take Oil prices to the first target of $62.92. If the CL price rises above $81.72 our scenario will change.
It has been almost 20 days since our buy signal on WTI Oil (USOIL) after it hit the bottom of the (diverging) Channel Down (dashed lines):
As you see, the price hit our target on the top (Lower Highs trend-line) of the previous Channel Down, but yesterday failed to break the 1D MA50 (blue trend-line) and gor rejected downwards. If it breaks and closes above...
WTI Oil (USOIL) has been closely following our recent projections, both the perfect buy entry caught 12 days ago after spotting the Lower Lows bottom fractal similar to September 26, as well as the most recent buy 6 days ago after the 4H MA50 (blue trend-line) held as Support:
We are again on the 4H time-frame, with the price continuing to replicate the...
I'm still short on MCL but it looks like an ending diagonal is taking place for wave 5, IF this is the case i will expect an explosive bullish move to $97 once the pattern has unfolded. I will be patiently waiting, for now i will continue taking short trades
USOIL is at the verge of making a "terrific" decision.
I am selling and looking for a breach.
My Elliott Wave Analysis points me towards a Intermediate (C) wave.
Comment or DM on this.
P.S. It's that "sinking Titanic".
WTI Crude Oil is at a key support level now and i don`t think we have seen the last of it.
OPEC+ unexpectedly decided to cut output in October by 100,000 barrels a day.
It`s not much for now, but they will continue cutting the supply until they will get the oil to $90.
I`m looking for a bounce to the $85 - $92 area before heading to $62 by the end of next year,...
On our last WTI Oil (USOIL) analysis 6 days ago we caught the perfect buy entry after spotting the Lower Lows bottom fractal similar to September 26:
That chart was on the 1D time-frame and as you see, we got a perfect rebound that, moving into today's analysis on the 4H time-frame, broke above the 4H MA50 (blue trend-line). We now have a similar pull-back to...
If we see the entry signal in this zone with the set loss limit, we will enter the matter of the degree of ascent, but keep in mind that this signal is used in the upper periods, so you must be patient enough, but if the goals are achieved, there will be a good profit.
Crude oil (WTI) created strong downtrend and continues. If we see weekly and monthly charts then we can see this candles as downside direction.
But I don't think that it will go more down without any corrective waves. Firsly, we have to wait for 78.15 max then price will continue own movement again.
My targets for longterm are 71.91, 69.28 and 65.80.
Note:...
WTI Oil (USOIL) failed emphatically last week to break the 1D MA50 (blue trend-line) as it was rejected just below it and made yesterday and today a new market Low. Based on the RSI sequence as well, the rejection seems similar to September 14 that ended up making a new Low on the Lower Lows Zone (since July 14) on the -0.3 Fibonacci extension.
This extension is...
Oil finished the down correction wave
Oil now preparing to go up harder than you think
Best buying area to me was in 75
So many people was thinking its going to 63 !!!!! No way
Now next monthly target to me is 110 $ then 150
Good luck
