Crude Oil has seen some crazy gains completely supporting the V shape recovery stated at during the first and second lockdown. price is currently reaching similar levels to pre covid which bring to light the idea that oil is now well over extended. $63.5 is the level we are looking at for a rejection and for price to move lower.
We have here one of my most favourite assets to trade. Oil brings great volatility and even greater potential for profits.
Oil could potentially hit $50 over the next few months. Global inventories have been in moderate decline that will accelerate by mid-2021, the chief executive of Vitol, Russell Hardy said as quoted by Reuters.
ANALYSIS ON West Texas Oil
Welcome to my analysis
Interesting Point of interest In the West Texas Oil pair.
- Price above 200 day EMA.
- look for buy signals.
- Expecting some minor downward movement.
- Watch 59.00 for take profit.
- MACD showing bullish divergence
We just made a strong impulse up exactly as predicted and now we are consolidating nicely without failure. Look for the next breakout and click BUY.
Refer to my forecast that I made earlier to see what the bigger picture looks like.
Check out some of my other ideas posted under 'related ideas' down below.
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The bigger 3 wave B structure in the middle is almost complete!!
Look for the bigger up move first to break the trend line and then if we don’t get a sharp rejection we will look for a consolidation and another up move to break the 60.2 / 61.0 range in order to complete the huge flat pattern before we eventually head back down for the monster...
WTICOUSD - Still in major downtrend for now.
Look for the completion of the small correction pattern and then the bigger one, at which point we will wait to see whether it will correct and give us an impulse that breaks the trend to start an up move or gets rejected and falls back down to break the end of 2018 low target.
If you would like me...