On 16th June 2021 we said that we might see small and shortlived correction towards 68 USD per barrel. However, USOIL stopped its decline at 69.80 USD on 17th June 2021. Then it reversed back up and made a new peak. Our medium term price target remains at 75 USD per barrel. MACD, Stochastics and DMI are all bullish. Although, RSI remains in overbought zone. In...
Idea for USO (S3):
- Wyckoff Distribution mapped.
- Wave frequencies synced.
- EURUSD drops... USO will follow.
- Cause and Effect Objective met.
- Law of Effort: Exhaustion gaps being formed, clear distribution pattern, negative divergences and losing the momentum.
- Speculate that the Cause and Accumulation was relatively short in this case, as Oil went...
Technicals such as RSI, MACD and Stochastics are all bullish. In addition to that ADX shows signs of awakening. Price continues to rise and on 3rd June USOIL’s price reached 69.37 USD. We think there is high probabillity that USOIL will reach our short term price target of 70 USD within next week. Because of that we would like to update our medium term price...
Our updated Crude Oil chart shows price on top of ascending channel and about to get a reality check.
Inflation, yes. Lockdowns finito, yes. Still, a correction now is needed, especially if you haven't filled your cars this week.
Looking for this move here guys.
But also this price ABCE is currently at could be a good entry with downside risk to .034c I doubt that level doesn't hold up.
Crude oil will stay above $60 for this year IMO and all OTC oil stock should do well IMO.
Using an irregular converging triangle.
There are a number of bearish scenarios where it results in oil breaking below the triangle.
This is different in how the triangle is drawn.
- E slightly penetrated the A-C trend line
- The triangle is complete in this scenario
- Wave 1 of C is complete and Wave 2 is underway at the time of publish.
Currently oil is trading @ 73.00 dollars and we've been looking for a 50% pullback since the beginning of the uptrend after the devastating downtrend which was caused by the COVID19, we believe we are about to get our 50% pullback once price reaches 86.00 dollars. Once we reach 86.00 dollars we expect price to reach for the 50% around 52.00 dollars or 43.00...
Hello everyone , as we all know the market action discounts everything :) notice how the market is moving in an upper channel with no strong bearish signs and all the indicators (MA,MACD,RSI) telling us that the market is still going through an uptrend , with no breakouts for the trendline we can conclude the movement of the WIT is still going up trading between...
On 4th June 2021 we correctly predicted USOIL would reach 70 USD per barrel this week. Stochastics, RSI and MACD remain bullish. ADX shows signs of revival and DMI is also bullish. However, daily timeframe for USOIL nears overbought level. Though we think there is some upside left before correction. Because of that we would like to upgrade our short term price...
Idea for Light Crude Oil:
- Oil making a distribution and a high % topping pattern.
- The Reflation Overshoot Trade is over. Stagflation and Deflation trades should be considered.
- Oil is in a 13 year downtrend:
- Uptrend broken and confirmed to be a UTAD, then short the re-test (SOW)
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
We dont really post trade ideas as we are day traders and most of our trades are pretty quick, but since we have a little extra time right now we are sharing this WTI short.
We believe there are good to great indications that WTI could achieve a small reversal in its up trend and move closer to the 10 day EMA (purple)
We are in a strong uptrend, but we have...
USOIL is in the bullish area on the daily chart on the left. The bullish crosses of EMAs and stochastic potentially align short-term traders with the daily. We are looking to see if the EMAs develop angle and separation. If so, a movement of stochastic to 80 level and maintenance of that level increase chance of a successful trade. Trend following indicators may...
USOIL has been going ballistic since 40s USD. I suggested that it could rise to USD 50 and then to USD 72 level or so. It is about to reach USD 70 which can create massive volatility and trading opportunities. However it does feel like that this market is extremely over extended so my bias is shifting towards bear gradually. USD 70 may or may not be a...