Hey traders,
Oil is unstoppable.
From the beginning of December, the market gained more than 35%.
Ahead is a strong supply cluster.
It is based on a major rising trend line that the price respected 3 times in a row in the past.
Let the price test that structure and then look for a confirmation to short catching a pullback from there.
❤️Please, support this...
Buyers are very likely to complete their hike to the level of 1809.985, from where a rollback should already be expected. The target of the rollback is the level of 1788.960.
SELL scenario: One can open shorts at the level of 1809.985. In this case, of course, it is better to wait for the entry point at which the price will not close above this level.
...
The price of oil is strengthening its bullish potential more and more. As before, the price approach to 94 is expected.
BUY scenario: Mainly growth is expected from the same level of 88.65. Longs are relevant from the current ones. But it must be remembered that closing the price under 88.65 cancels all purchases.
...
The oil situation most likely continues to develop in a positive way. Presumably, the support level at 88.65 will be the starting point for the continuation of the upward momentum.
BUY scenario: The 88.65 level would be a good place to place a buy order. Growth target level 94. This idea is medium-term.
...
In the market we see patterns and price action repeat itself over and over again. This is the very framework of technical analysis - where we forecast future price action based on historical price patterns.
In one of our previous posts, we looked at a very similar price behaviour from EURUSD where we had the same sequence of price action play out almost...
USDCAD and USOIL are inversely correlated - meaning when USDCAD goes up, OIL goes down (and vice versa).
In the chart we have USOIL at the top and USDCAD inverted at the bottom. It appears that USDCAD is ahead of Oil by around a month or so. When USDCAD started it bearish wave, USOIL was starting its bullish wave (after a month).
We recently saw a third touch of...
Demark analysis for Crude. April 9th it broke down the demand trendline.
Crude is likely to drop to 17 per barrel. 17 is production cost for for the Saudis but of course it is a disaster for the US, Russia or Norway...Shell will go bankrupt!
This is no financial advise.
Today, I will explain my perspective on one of the most relevant commodities in the world.
After the price broke the current support/resistance level, we observed a 26% correction, and currently, the price has broken the structure.
We can observe the same behavior in the previous bull runs from 2007 to 2009 and 2010 to 2011. The sequence is a Big structure...
good time to enter in wti-usd for short position after a clear confirmation,
you can enter after breakout
enter after pull back in 5 min time frame
so many confirmation for the down rally so a steep drop wont be a surprise in this time
WTI Crude Oil looks quite overbought at the moment.
The price may retrace before it goes to the next highs.
Here are key zones to watch for potential buying:
Support 1:
77.1 - 79.2 zone
Support 2:
72.9 - 74.8 zone
Let the price reach one of these zones first,
then look for a confirmation on lower time frames to buy.
In case of a bullish...
TVC:UKOIL
in weekly , price of UKOIL has reached to a important zone which can act a resistance and push price toward down ...
this is only technical analysis and we also need to be aware of OPEC meetings results and also fundamental news around oil .
what is your opinion ? mention it in comments .
False Breakout of Major Resistance Level. A Bearish Harmonic Pattern has been formed. Selling opportunity!
UKOIL - SHORT
ENTRY PRICE - 88.77
SL - 91.50
TP - 79.20
Please leave your comment and support me with like if you agree with my idea. If you have a different view, please also share with me your idea in the comments.
Have a nice day!
At the beginning of next week, a slight downward movement is expected immediately to support 85.15, from where the price is likely to continue its upward movement to new highs.
SELL scenario: Due to a small rollback to support 85.15, one can open a short position with a small stop loss at the level of 88.65. The target, respectively, of the fall lies at the...
