West Texas Intermediate crude oil has increased nearly 20% since the start of 2024 and is currently trading near $86.50 per barrel. The precarious situation in the Red Sea, production cuts by OPEC (and its allies), and the inability of the United States to bring more production online fast enough have greatly contributed to the rising oil prices in the past four...
West Texas Intermediate crude oil continues to trade within the upward-sloping channel. However, its bullish trend remains weak, as reflected in the relatively low (but growing) value of ADX (on the daily time frame). In the past two trading sessions, the daily RSI continued to flatten, Stochastic turned lower, and MACD performed a bearish crossover while staying...
Hello friends
In the 3H chart we can see a main Order Block at 71.35, couple Free Value Gaps, a Triple Top and an Ascending Triangle Pattern.
This is the best place to SELL Oil (unless something major in The News happens).
TARGET = 72.00
Hi
Price broke through a bottom line of the pattern on 1H chart. Be careful as this could be a false breakout. Price target = 70.70.
Good luck to everyone.
Hello Traders
There is a Descending Broadening Wedge on 3H time frame which indicates a bullish trend. The odds of a breakout to the upside are at 80%, leaving only 20% odds of a break to the downside. Also we have a green CHange of CHaracter on 15min and 4H and green Break of Structure on 1H. 1D is still red CHoCH.
Despite continuation or reversal, descending...
OK so,
USA is not OPEC :) NOR the war.
WTI is transported via the land and is THE MOST EASY/CHEAP OIL on The Planet to TRANSFORM into petrol in The Refinery. Also IT IS very light and it doesn't sink on the Water Ocean.
SO,,,not only you can easily/cheaply transport it via The Sea (because it weights nothing) but also in case of CATASTROPHY and LEAKAGE to the...
Hi,,,
Today I would like to talk about LONG TERM TRADE and GAPS on 1D chart for WTI (West Texas Intermediate):
1) 1D CHART is NOT for everyday trader (it's NOT for everyone - it's pretty much for MILIONAIRES) and on LuxAlgo the candles are all PURPLE ---> so nothing IMPORTANT is happening.
2) EVERY GAP MUST BE CLOSED SOONER OR LATER ---> THIS IS HOW THE MARKET...
Oil has reached the Monday Low now and hit the reversal zone we might expect SOME BUY opportunities.
RED CHOCH (change of character) on 1D chart has stayed for months.
But,,, I am surprised of other people analysis hoping to get 90.00 USD from Crude Oil by the end of January 2023 .
This thesis of 90.00 USD produces allot of confusion and LOSS for...
Oil has reached the Monday Low now and hit the reversal zone we might expect SOME BUY opportunities.
RED CHOCH (change of character) on 1D chart has stayed for months.
But,,, I am surprised of other people analysis hoping to get 90.00 USD from Crude Oil by the end of January 2023 .
This thesis of 90.00 USD produces allot of confusion and LOSS for...
In the past few days, USOIL constituted a new low below 73$, marking a 43% decline from its peak a few months earlier. This move came amid our bearish expectations for oil and forecast for lower prices. We continue to stick to this call altogether with our price target at 70$, which was updated recently to a short-term price target (from medium-term). Our views...
