Keep in mind most of my trades are made from a minimum TF of Daily. I'm expecting price to rise and cap out at around $53. If price continues any higher than that not only will I be surprised but I will look to hold until the 2016 highs of $52. If it breaks higher than that then you know the deal, ride the trend.
www.tradingview.com As chart shows. Targets in green lines and Fibonacci retracements.
Multiple technical indicators say buy oil here after OPEC reaffirm cuts. 4.4:1 trade shown.
It is risky but it is a very nice R:R. The target zone is a confluence of a bullish shark completion, an AB=CD pattern completion, the 50% retracement of the larger bullish move, as well as an area with some previous structure as a cherry on top. I will definitely be interested in longing from this area should the opportunity present itself. (Note: the shark...
Not a great risk:reward and current price action has been bullish but it seems price is facing selling pressure here. Good luck!
Upward wedge on WTI. Purchase till TL rejection of PRZ zone at 55.
Rejected from 50% Fibonacci and below Moving Averages Good luck
found these two patterns quite similar. Back in in 2014 before the sharp decline, there was oil overproduction reported. Recently, Energy Information Administration reported increased oil production in November 2016. Coupled with the prospect of rising interest rates in US and consequently stronger dollar, this might be a short opportunity, despite the fact that...
Triangle suggests one more pullback, and possibly even to range low of 42.80. But it looks like it will break 52 next year.
When I drew the tramlines and fib, they matched. I then noticed the gap between the 61.8% and 50% fibs. If you add in support and assume OPEC will agree cuts next week, then you have five pieces of evidence which point to the same thing.
OPEC proved it is not going to let oil prices plummet again, 618 retracement completed! RSI together with MACD and Structure analysis suggests a similar technical story. Fibonacci levels and Previous Strucutre will not let OIL go below 46. New highest for the year in December? Why not!?
Don't use these often, but this is the price/action of oil on the way down, mirrored
Creating Diamond pattern on 4hr TF Ideal Target price 44.50
Is current USOil price action forming an ascending triangle or a rectangle channel? I think that the price action over next several weeks will provide an answer. On the daily chart, price has moved back to a 50% retrace of a rectangle channel but it has also recently bounced off of a potential trend line forming the bottom of an ascending triangle. The one...
Using the weekly and daily chart for USOil, I think that price is setting a third base in an ascending triangle. There looks to be a good area of support at the 42.9x - 43.1x area and will watch to see if price moves up off this support. Watching the HA chart (top) for some type of pattern to signal trend change along with confirmation in indicators. If this...
4H chart watching two lines to see if they hold. Watching blue line formed by potential negative reversal in RSI and red support line. If resistance holds, then price should continue break of support. From the negative reversal, target would be 40.3x