WTI crude posted a strong rally from the $67 support level thanks to another strong drawdown of crude inventories. The fact it rallied over 3% despite the stronger US dollar and hawkish comments from Powell makes us wonder if it could have broken above $70 were the dollar not to dominate FX majors on Wednesday. Still, prices are trading within a range between $67...
Hello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
#USOIL... Market is in 5 points range from last 3 months ... If it is still in range then 69.95 is our resistence area .. Keep close it , if market hold it than drop expected from here .. Otherwise upside areas are mentioned on chart .. Trade wisely Good luck
Crude oil is cheap again. It bounced from this support previously, looking at the daily chart. Traders await the FED policy meeting and new interest rate announcement. They should pause the hikes for the foreseeable future. Targeting $71+ and $74+.
Today's focus: Oil Pattern – Descending Triangle Possible targets – 64.06 73.22 Support – 67.05 Resistance – 72.22 74.15 Hi, and thanks for looking at today’s update. Our attention is on oil after yesterday’s sharp selling took price back to key support. This level has held firm for buyers, but could this be the fourth time lucky for sellers? So far, production...
Look for BREAK OUT either side. Right now its on support level and possible REBOUND .
WTI OIL Is there an opportunity? looking at the market structure in the last few weeks there has been a sideways with a fairly high distance.
Yesterday, crude oil indicated a sell above 72.9, but ultimately did not trade, then crude oil fell to 70.15 gave us a great opportunity to buy, and this is also our sell order target position, and then I directly publicly advised everyone to buy crude oil near 70.2, giving a target of 72.5-73. Crude reached a high of 72.3 in US trading and I also indicated that...
Oil prices are trading quite erratically on the daily chart, making it a much less appealing market to trade on that timeframe. But that doesn't mean we cannot find potential inflection points at the intraday level. Monday's opening gap has been filled, and earlier losses on Tuesday were fully recouped to print a bullish pinbar on the daily chart which found...
On the weekly chart, the trend started on March 13, 2022 (linear regression channel). There is a high probability of profit, since the channel is not yet closed. A possible take profit level is 42.67 ( this is the minimum take profit value, but it has a high percentage of payoff ). But don't forget about SL = 98 . Using a trailing stop is also a good...
After the double top from last year, Wti entered a downtrend and, considering the top and bottom, lost half of its value. However, we can see from the chart that prices under 65 are bought and Oil looks like it has a flood in this zone. More, from the chart we could also see the importance of this zone, acting as resistance back in 2021 and support in 2022. More,...
Okay, the Saudis did cut. I must confess that I underestimated His Royal Highness's ability to surprise. That leaves us with a possible gap on Monday. Given the market pressures and the fact that the previous cut was ineffective in sustaining the price, the gap is unlikely to be as large as in April. The gap is, most likely, wave 3 of (c) of the first wave up in...
see picture for analysis -Higher Timeframe Trend = downtrend -Price broke upward trend line -Price removed opposing pivot demand -RBD 4hr supply created -Price below 200MA -Some traders will look to short pullback into 4hr supply while other traders will use the 4hr as the HTF and wait for price to return into the 4hr supply and use the 5 or 15min for...
Crude oil futures (CL) is exhibiting head and shoulders bottom formation on the 4h chart. The price has broken out of the neckline. It is best to wait for a retracement followed by continuation before initiating long positions. Measured move target: $78.20.
View On WTI (31 May 2023) WTI is in * Downtrend in short term (Intraweek) * Neutral in Mid term (Intramonth) * Neutral in Long term (Last 3 months) WTI is going now where and I guess it is likley to retest the swing low of $66 We are not in the hurry to go long at all. Let's see. DYODD, all the best and read the disclaimer too. Feel Free to "Follow", press...
WTI net buys has been steadily increasing this past few days -- conveying accumulation at the current discounted price range. WTI just touched 1.0 FIB LEVEL -- the most discounted price range you can get. Expect some notable bounce from the present levels. The 70.0 level is a strong solid support which has been tested many times in the last 6 months -- and price...
Structure: Solid power move to the support zone aligned with the 200 MA Strateg Trade: Short - A bounce back expected from this level Risk/Reward: 1:2 Disclaimer: DYOR!
OANDA:USDCAD TVC:USOIL Side by side Took 10 pips UC short with USOIL heading higher