We are currently trading the 4th leg of the Gartley pattern that is forming on the 1 hr chart. We are predicting the Harmonic pattern will be completed and our take profit set at the green zone (63.15). TVC:USOIL
Good morning traders.
This is my price action analysis on Usoil 4 hr chart for a possible long trend continuation entry. Currently price is consolidating around August 2018 low swing point. I had expected some overhead resistance at this level so i will be watching and waiting for price to reach my structure circle and provide me with an entry candlestick...
After hitting the lows yesterday, my opinion is that crude oil will once again hit 64 at point B before going down to C before a last leg up into 64 at point D and then back down again. You may take C and D trades, which is an opportunity for buy & short if B plays out. Please not that targets aren't always going to be on point, it may go slight higher or slightly...
We see the completion of a bearish bat pattern on the 1 hr chart for Crude oil. The completion of the pattern is giving our strategy confirmation and price action has already started moving towards our targets. TVC:USOIL
Oil has hit a resistance at 63.77 but there's no certainity that we have a trend reversal just yet but i do believe we have very good shorting opportunities as i am short biased hence i won't be recommending any buy for now. You can short and TP at any point identified on the chart.
My labelled zones are only a rough idea of where i think the market may touch....
We are targeting the green trend line and looking for price action to break below the yellow support zone for confirmation. The condition to this strategy is that price action does not break above the red resistance zone. TVC:USOIL
We are currently trading the 4th leg of the Gartley pattern that is forming on the 1 hr chart. We are predicting the Harmonic pattern will be completed on the condition that the yellow resistance zone is not broken. TVC:USOIL
Crude Oil is at a crucial point with price action reaching the 61.8 Fib level and the yellow zone which is a major weekly resistance. We also have a major trend line being touched as well. We are predicting a reaction and will give an update next week. TVC:USOIL
We see the completion of an ab=cd pattern on the 1 hr chart for Crude oil. The completion of the ab=cd pattern signaled us to sell the pair and price action has already started moving towards our target.
Looks like we are having a possible bearish three drive.
First bullish wave from 50.38 to 55.75
First bearish Pullback 55.75 to 51.23 ( less than 0.9 retrace of first bullish wave)
Second bullish wave from 51.23 to 57.88 ( 1.47 extension of First bearish pullback )
Second bearish pullback from 57.88 to 54. 52 ( less than 0.9 retrace of first bullish wave)
Oil made a nice breakout of the 58 area, apparently it is setting up for a run into probably 60 and higher technically. However, this the 59.1 to 59. 9 zone has some historical resistant. It doesn't mean this up swing from 42 maybe ending, however A break of 54 zone will definitely put it on a reality check. I would suggest the long position to be as close to 55....
Good morning all. I'm currently looking at U-soil for a nice swing trade to the down side. Currently we have broken our daily trend line from December swing low and failed to find buying support around my marked zones. I will be looking to enter a short on the retest of 55.50 - 55.75 area covering short back at January lows.
Any ideas or concerns?
USOIL is unable to push higher up. It has a weak foundation as support and we can expect it to drop further down below to find a good support before continuing its long term bullish trend, if still strong.
Leave your SL above the last high for enough space to move before the breakdown below.
Morning everyone! I hope you all are doing well. Following oil this week, we should continue to stay rangebound with the 50-EMA and the 200-EMA offering support/resistance. No news yet has triggered a push in either direction. Alarms have to been set to trigger at 55.20 and 57.10 to signal upward or downward momentum. If the market continues to stay range bound,...
So it looks like oil is still in the chute for a price movement. Typically after an Inverse Head and Shoulders pattern, we see the price go up the same distance that can be measured between the head and the right shoulder. There is room for a follow through, but we are finding resistance in the $58.00/bbl area. As I've stated before, oil does...