Oil prices rise over 2% on Friday as the market reacted to falling U.S. inventories, and signs of strong Asian demand from both China and India added support. However, a possible pullback before upside continuation.
The discussions at the tables at the OPEC+ conference do not end, and it shows. We expect the course to drop for quite a bit now. In total, the correction should end somewhere between $41.29 and $39.27, before new bullish runs set in. Once that happens, prices above $59.35 will be targeted.
Let’s go Bears!
You can see from my previous idea "Do I Believe My Eyes?" on this same subject of oil that my trade set up is still valid (see link below). And my trigger happened and I am now in a sell position. Will it drop as big as I say so on this chart. I do not know the answer to this but it definetly could. I know I am not going to adjust my target goal yet, and I will...
Hello dear friends and companions, oil price movement continues within the technical channel, the news about the oil and OPEC decision to enter the correction wave 4 and the correction to the range of Rectangular Red and Green Line will continue
WTI has the biggest drop in 4 months as selloff persisted on a overheated oil prices.
However, the price managed to close right above the rising channel, as well as the demand zone at 70.
This week, we will attempt to long again at the current level.
Should the support fails, we expect the price to retest he previous high at 66.
- if you follow this setup, do not overleverage
- do not use more than 1% of your balance
simple and effective:
-short at point B between R1-M Pivot and 88.2 fibonacci
-target between S2-M Pivot, 1.809 and 2 trend based fib
-TP +15% gains
Oil has retraced a bit from highs but has found good support from $71.00, which was a level we have identified in the past. This retracement seems to have formed an inverse head and shoulders with a neckline at current levels suggesting that oil may be preparing for an imminent breakout. The Fibonacci extension levels suggest that the relative high at $76.93 is...
Oil has been in a very strong uptrend and recently hit all time high prices, since doing so the market has finally broke below the daily uptrend with a strong bearish impulse followed by a correction to form this new lower high lower low formation, also forming this big head and shoulders on the daily timeframe at a strong level of monthly suply. I am expecting...