This is our “Every-Monday” report on USOIL with a full vision over 3 timeframes.
4H CHART EXPLANATION:
- Price is on a confluence level (Pullback to TL + Resistance Zone).
- Bearish Divergence on MACD.
- if price breaks the ascending channel (63.60), it has potential to move down towards the support zone (62.2)
- We will be looking for sell setups on...
With broad USD strength evident as the US-SINO Trade deal nears, we might see OIL prices gain strength as well as global slowdown fears slowly subside. Moreover, OPEC and The US controlling the production of OIL by imposing sanctions and other measures we could see the demand for OIL increase soon.
Here in the main chart, we could see the price on the weekly...
Bull run continues, as price broke to the upside of the consolidation range after bullish oil news yesterday. Will watch for a slight pullback to retest broken resistance as new support for price to make its way higher.
Crude Oil break out support line of the uptrend channel. We touch support zone.
After oil drop price start to recover.
I see 3 resistance level for oil.
1. 55.8$ - 38.2% level fibonacci
2. 59.94$ - 50% level fibonacci
3 64 - 61.8$ level fibonacci also resistance line
But global It look like impulse-correction-impulse
The widely anticipated pullback may not occur. The next day after my last short call, I noted that the price action and chart character have changed. Exited my short with a small profit and advised to stay out until we get a clearer picture. Possible long term V reversal!
Oil prices have risen sharply recently,
There is likely to be a pullback in the short term.
Current prices are in the vicinity of strong resistance,
Investors can consider short now.
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wti is testing a significant level of resistance,
on 4H chart we see a clear rejection of this level and formation of a double top pattern.
market is now breaking a local support level.
I will be waiting for a candle close below this support to open short.
targets will be based on structure.
Updated View On WTI Oil (18 Apr 2019)
Back Ground: Oil is in a strong trend and it is very likely to go UP higher. The medium-term tgt is $68.8 region.
If you want good entries, 62 and 58.4 will be nice.
Target(s): UP 64.4 (TP1), 68(TP2)
SHTF: It will use 56 as strong support region.
DYODD, all the best and read the disclaimer too.
Feel Free to "Follow",...
SHORT levels are 64.00 - 63.75
TP1 : 62.00
TP2 : 60.75
This is not an investment recommendation or any call to buy or sell
It is just an analysis based on a study of the history of price action
Behavior , that may not be a necessarily reason for the success of
the structure or repetition. So please make your decision based on your vision .
While the price is below the resistance 66.50, beginning of downtrend is expected.
We make sure when the support at 55.20 breaks.
If the resistance at 66.50 is broken, the short-term forecast -beginning of downtrend- will be invalid.
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is...