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I'd reccomend to stand aside, or, look to trade the extremes of the range if you are adept at chop trading. In my case, I'm more of a trend trader, but could look to trade $PBR on dips to support and exit when valuation is stretched again, after an overbought rally...Or stocks like $OXY, or refineries, like $MPC, $PBF, etc.
If you expect oil to make a big move, ...
WTI Holding previous structure highs. Trend line hold bounce. Looking for longs up to 80.
This is by no means a trade signal. even if the pattern completes you can enter at your own risk. i will not simply enter the trade even if the pattern completes. there are some other technical analysis needs to be done before simply just entering the trade. But hey anyways if there are any updates i will be updating here accordingly.
At One time OIL was crashing and burning like a Meteoroid and This past number of months it has been recovering quite well it would suggest. However in the path of OIL recovery there lies a strong resistance of 74, which not only happens to be a crucial support but also a 61.8 golden ratio retracement of the pervious Monthly swing high. Refer to the image below ...
Expecting a double top on double divergence leading to an "M" pattern taking oil back to missed monthly pivot.
Saudis have indicated that their crude production will increase substantially come August, and it will be not by the "hundreds of thousands, not tens of thousands, of barrels.(1)"
1.) Reed, Stanley, "Saudis, Saying They Heard Price Complaints, Are ...
Crude oil continues to fall after we saw a squeeze over $70, the question is how low will it go? Today we look at the technicals and so far, still more downside to go. Combine with a monthly candle, the break of the downtrend line may be a false break, or it may not. Only time will tell...
Happy Trading, folks!
I'm speculating that the inventory draw by 2.1 million is already priced in. Therefore, the oil prices may drop on the release of EIA report. That being said, I will be looking to stay bullish above $65.02 to target $66 before the release of news today. All the best and stay tuned for updates. Keep following!
"At the meeting Vienna, Opec members will debate whether to lift the 18-month-old production cap to stabilize prices"
All information on chart.
Comment your questions.
The growth of oil from $ 30 to $ 70 is the merit of OPEC+ (an agreement between a few key oil producers on the cumulative reduction in oil production by 1.8 million barrels per day). The main role in this agreement was played by Saudi Arabia and Russia. The result of OPEC + was the elimination of surpluses from the oil market (world inventories were reduced to the ...
I’m planning to stay bearish below $65.75 to target $65 and $64, whereas my buying limit is set at $63.85. Good luck!
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Good day Traders. As of today, USOil rallied after reports citing that Saudi Arabia, Other OPEC and non-OPEC allies would extend on cutting oil supplies until the end of 2018 however were ready to make gradual adjustments in the event of any supply shortage. From my recent post, USOil is still in a clear uptrend and price was sitting off to key support with ...
Looking at it from a technical analysis, if the price of Oil makes that "double dip" (W) with the RSI or MACD having a higher low on the second dip, we may be looking at the price of oil potentially breaking out of this uptrend channel and creating higher highs. Ofcourse, the fundementals of an increase in US production and from OPEC may drive prices below the ...
In relation to my previous post, the market did correct and slide towards near term support $69.55 following OPEC and Russia's statement to meet shortfall in Supply from Venezuela and Iran.
Long term view. The chart patterns in the ellipses are occurring twice in the last 9 years, first in 2009, and now again from end of December 2017 to present day, and as we see that cycles repeat, expectations are the price of Crude Oil to go even higher against $80 - $100 per bbl. And it is not the technical analysis that appoints to this scenario happening, but ...
Everyone is very bearish on natural gas because of the rising production coming out of Canada, and the United States. Although natural gas is bearish to moderate in price action, I believe that over time it will play a more pivotal role in the energy system than crude will. Natural Gas is holding up fine, and the price action in 2012 may prove to have been a ...
FOREXCOM:WTIUSD COT Reports Show Bearish Price Forcasting in the Near Future. Will Crude Break Below the $60 handle shortly? Techincals Suggest yes as well
Found a Fib Cluster and am long here. Target is 8.50 from the cluster.
With OPEC looking likely to raise the official oil price as oil fracking in the U.S starts to slow & the Saudis cutting oil prices, a surge in the price of most oil & petroleum companies is almost guaranteed. But the question is "how soon?". Looking at the current price of WPL and past chart patterns show that the price surge could be very, very soon.