The graphs of CRUDE OIL (WTI) and BRENT OIL are very similar. However, I want to show a separate scenario for CRUDE OIL (WTI
Scenario for BRENT is BELOW
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Oil price is now at important resistant level that we can see price bounce and come back down or break and go up after testing it. All key levels are drown in this chart. Please don't forget to follow this channel for more update. Like, Comment. Thank you :)
Oil posted its biggest percentage decline in nearly 2 months after reports indicated Russia is unlikely to lower production at the upcoming OPEC meeting. WTI dropped towards its 7-week support trend line, but after that rebounded from $ 55.00 and 200-day SMA on H4 chart.
Earlier on Wednesday, the EIA reported that overall Crude stocks rose 1.4 Mb, about in line...
Hello oil traders! Finally seeing oil creeping back into the lower channel wedge to hopefully stay in consolidation for a little while longer. Will it stay? Only time will tell. I am expecting oil to return to $56 range before going any lower. I am also only expecting dramatic world news to affect any major movement before the end of the year. At this point I...
Happy Friday oil traders! Looking at a potential quick money grab for the weekend, (my anniversary is tomorrow.) :o) Stochs and Moneyflow are maxed out at the top. Price should come back down to red line which represents the high daily volume. Trade carefully and always use stop loss. Have a great weekend!
Entered Short at $56.16
SL @ $56.36
Happy Friday oil traders! Here is my take on USOIL today. Today appears to have an upward moving channel. The S&P500 supports this as it is currently up 9.5 points in pre-market. USOIL has been following the S&P this week so I would expect to see another jump back up to $57 range. I don't think we will see any major movement today. Everyone wants to have a happy...
58.05 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
We will close our open trades, if the Midterm level 58.05 is broken.
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A trough is formed in daily chart at 50.70 on 06/05/2019, so more gains to...