Yesterday, after a short-lived spike above 76, WTI reversed strongly confirming this zone as strong resistance
A deeper correction can follow from this point and we can look to sell rallies under 76
A daily close above resistance would negate this scenario
As you can see from my daily chart, after reaching a high in early July, this pair is forming a sequence of lower highs/lower lows. The recent high of 76.53 is actually a double top (scroll back to 30 Sep 2018). After bouncing off the support at 61.700, we had a pullback to 70.500. This level (area) acted as minor support/resistance during the past few months....
With Oil and Gas stocks continue to rally up form their 2020 lows, and SPDR S&P Oil & Gas Exploration & Production ETF ($XOP) already above its Pre-Covid levels, $WTI rally of +24.06% over the past weeks of trading upon the high volume break of a two weeks consolidated pattern, continue to suggest it is playing catch up relative to the broader sector.
Seems like a clear upside break out with a short term support near 67 handle ( previous resistance) + SSI is around 30% on an average
Trend : Bullish
Signal : Buy @ 68.50 (weekly pivot) , Buy limits above 64.25 - 66.00 (Supports)
Strategy : Split positions
Target : 73.75 - 76 Handle
Stop Loss : Manual close / Parallel position below 64
As of now trading around 67 area with speculative sentiment index around 20% hence an upside break out is highly possible targeting the 72+ levels coming weeks . However, considering the trade on the last day of month + price around the range top , You can try putting sell limit orders 100-150 pips above the 67 top although success rate will probably very low as...
Crude oil is one of the most in-demand commodities, with the two most popularly traded grades of oil being Brent Crude and West Texas Intermediate (WTI). Crude oil prices reflect the market’s volatile and liquid nature, as well as oil being a benchmark for global economic activity. The oil price charts offer live data and comprehensive price action on WTI Crude...
The most significant levels are marked on my weekly chart above. The high of 74.50 was achieved late in 2019 but I don't think we are going to get there this time. The area around 63.50 was reached 2 times in the recent past but it held firm each time. Now we have been there again, the bulls did break above but were quickly defeated creating what we traders call a...
Oil made a new high post negative territory above 45usd/barrel and for 2 weeks now is staling in this zone.
I think at least a correction is just around the corner and WTI could fall to 43, to say the least.
A confirmation for sellers comes with a break under 45.
I'm looking to sell it
After a few days of consolidation between 39 and 42, Oil broke above resistance and also above the recent 43 high and looks determined to continue higher.
The chart looks very constructive and with this new "vaccine" and wave of optimism crude oil could find strong bids that can drive the price to 50 old support now resistance.
As long as the price is above 43 on...
Although the price of Oil remains elevated, it doesn't convince me...
Rises are very well capped around 42.50-43 zone and I expect the price to tumble sooner or later.
A daily close under 41 would be the signal for bears and, considering the economic outlook, 35usd/Baril would not surprise me at all
WTI had a short-lived spike above resistance and this rise proved to be a false break.
Now Oil is trading just in rising trendline support and a break here should accelerate losses towards at least 37.
From 34 recent low Oil has risen 20% to 41 resistance zone.
Now the price is just under this important resistance and I expect Oil to remain in this 35-41 range in the medium term
That being said I will look to sell rallies above 41 with a target on the lower part of the range
The oil price is directly related to the Canadian dollar level, let's discuss oil in light of the Canadian dollar, which is likely enters to a corrective uptrend.
The uptrend has ended in the range of USD 43.15, and the price has entered to the corrective phase (the downtrend), the first wave of which ended the range of 36.01.
Currently, we are in the C wave from...