Hi Traders, Price found resistance around the $50 mark which can be considered a psychological level too. The rejection was large as the price of oil has been in a bullish trend ever since the hoped of a vaccine came out. The velocity of the rejection can also be thought to be in combination with the way economies are dealing with the distribution of the vaccine...
Hi Traders, We have here an update on crude oil. Oil is still extremely bullish, the red candle on the 14th Nov, (circled on the chart) clearly shows a test of support as well as testing the ascending triangle. However, we must be careful as there are fundamentals to watch out for. The biggest one being the vaccine. As the vaccine continues with distribution as...
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
Hi Traders, Update to the last oil trade. We will be looking for a retrace down to anywhere inside the grey rectangle (short term). We have also seen some nice volume and confirmation that buyers may want more. Thanks The Market Sniper Team
We have vaccine! YES, but we also have a pandemic (still)
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
As I said last week, I'm bearish WTI and, as expected, Oild dropped under the trend line support. Now the price came and test the last support and confirmed it like new resistance and I expect a drop in the near future. My target for short is 37 with 39 as interim support. A daily close above 43 would negate this scenario
We have reached our target price. Based on the previous analysis, I expect a north turn from this level. The target price is 60usd.
Hi Traders buy \ sell on Green line Take profit on Gray line 2 atr stop loss drive safe
Monday Open 23/03/2020 World getting worse by the sound of this mornings News 2000 dead in Italy over the weekend, businesses shutting down especially shops on the street some big names and many many Airlines Emirates included more businesses will follow for sure. Cash flow chain broken = Recession. If this isn't the ultimate recipe for a recession i don't know...
Hi Traders buy \ sell on Green line Take profit on Gray line 2 atr stop loss drive safe
At present, I don't think the situation is simple. Either the low in the market was at minus 40 USD/barrel and currently wave 1 of the next upward impulse is already running. Alternatively, oil is still in the correction wave 4 and then the oil price is going down again. Still on side line Greetings from HANNOVER Stefan Bode
Note the high pressure from sellers! If it is useful for you, support that with your likes/comments and if you have your market view, please share it in comments also, you can ask me questions... Have a great day everyone!