WTI Crude Oil is on the MA50 (4h) again after a week. The Falling Resistance since the June 4th High is the critical level that will determine our trading plan. Trading Plan: 1. Buy if the price crosses and closes a candle over the Falling Resistance. 2. Sell for as long as it remains under it. Targets: 1. 74.00 (expected contact with the MA100 1d). 2. 67.00...
USOUSD is rising into a key resistance level and potentially reverse from here. We could see price move down to our take profit target. Entry: 70.638 Why we like it: There is an overlap resistance that aligns with the 50.0% Fibonacci retracement level Stop Loss: 72.806 Why we like it: There is an overlap resistance that sits under the 50.0% Fibonacci retracement...
I think I just decoded the oil chart. I have been contemplating a rise to $90+ because I expected ABC flat where I now see WXY combination of zigzag, zigzag and triangle. The chart now perfectly aligns with Brent where wave [ B] did make lowest low presumably shaping a symmetrical triangle whereas WTI is working on a running triangle. That means that we have...
Hi Traders! PLEASE SEE LINK TO ORIGINAL IDEA BELOW. Our USOIL range zone from last week worked to perfection and fulfilled our range idea. The range zone support level of 66.88 was hit, and the market has bounced off the level exactly. We now need to wait and see if the range zone will continue. That being said, we strongly recommend traders to take caution...
Today's focus: Oil Pattern – Descending Triangle Possible targets – 64.06 73.22 Support – 67.05 Resistance – 72.22 74.15 Hi, and thanks for looking at today’s update. Our attention is on oil after yesterday’s sharp selling took price back to key support. This level has held firm for buyers, but could this be the fourth time lucky for sellers? So far, production...
This trading setup provides 1 of the Best Profit Factor. But because of how the candlesticks interact on the PRZ(rectangle box) it is also the most dangerous trading setup. On the 8-range bar chart, there's a Deep Gartley Pattern setup, and on the 4-hourly chart, a Bat Pattern setup. Both setups is now resting at X. If you are new to trading, avoid this trade....
I probably sound desperate as I keep drawing lines into the sky. However, I am still convinced that we are in a first correction of a bull move that will run until the end of summer or something. The count has got simple and more aggressive now without stops until 80+. Ok, now you can call me a dreamer.
Similar to WTI, I expect gasoil prices to take off almost immediately and through the roof.
Hello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
Gasoil Elliott Wave story is less controversial than Crude Oil story . The price rests on Moving Averages support and Gasoil crack appears to be on an upward trend too. This suggests that refinery margins are likely to improve. In practice, this means that Gasoil prices are likely to grow faster than Oil prices, perhaps due to unsatisfied demand for diesel...
Wow oil has been very tough lately. Many times I jumped the gun with long calls. I am actually bearish into the end of 2023. The reason I am so stubborn to pick the local bottom is that my charts just do not make sense without this last big jump to 90-100 range that I expect any time soon. The chart is a complete meat grinder. The price is actually trading under...
I had to delete the previous chart as the price quickly knocked out my previous idea )). Nevertherless, I think wave [ x] just finished (A)(B)(C) flat and the price is ready for rallying again.
All right, seems like the oil is tightly following the scenario with a leading diagonal. So far, I see no alternative options at this moment other than wave can complicated further and make another dip. Once low is in the trendline 0- shall not be violated by (B) low in the next (A)(B)(C) zigzag.
Join me as we delve into the fundamental factors surrounding the upcoming OPEC+ meeting, taking place over the weekend. During this crucial gathering, OPEC+ members are expected to make important decisions regarding new production cut levels. These measures aim to regain control of oil prices by counteracting the influence of short-sellers and maintaining a target...
With today's vicious dip, Gasoil invalidated many alternative scenarios, and I am inclined to see a bullish trend accelerating.
WTI Crude Oil was rejected last time on the 1day MA50. The current rise is aiming at the 1day MA100. Be ready to open a sell there. Target the Rising Support at 67.50. The 1day RSI Sell Cross/ Buy Cross alternation draws similarities with January where a 1day MA100 rejection also took place after. Previous chart: Follow us, like the idea and leave a...
WTI Crude Oil has a sudden sell-of on the current 4H candle that touched the 69.00 price level and was quickly bought back. The 4H timeframe remained neutral despite this (RSI = 48.787, MACD = 0.110, ADX = 18.840), providing the ideal buy opportunity for the final leg upwards and test of the 1D MA100. As you can see, the 4H RSI is fairly similar to the the first...
With this flash crash, presumably caused by US-Iran news about a possible swap of nuclear program for oil sanctions , we're back to the scenario where wave [ 2] is already complete and we're in a leading diagonal formation. The nefarious option of an expanding diagonal remains, but it is less likely.