H2 time frame. HIgher time frame downtrend structure, price tends to rise to Key level 70.00 then price breaks the trendline. Price formed a double top reversal pattern with a divergence signal. However, the bullish structure remains and there is no bearish confirmation yet. Wait for the price to drop below the price of 67.00 and have a bearish confirmation to...
Last week, we correctly forecasted the price to continue the bullish move towards the trendline. For next week, we will have to monitor the price action to see if we will break the trendline and head towards the $70 level, or if we will get a rejection and start a reversal. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis...
As for what I see, provided the 68.32 support stll hold, bullish momentum is still valid for WTI. My buy limit will be at 68.59 - 68.72 area with target 69.62 & 70.49 in extension. TAYOR
he West Texas Intermediate Crude Oil market has broken higher during the course of the trading session on Thursday as we broke above the $70 level. That is an area that I have been talking about for a while, and the fact that we broke above there is a very good sign and it is likely that we could go looking towards the $74 level. The $74 level is an area where we...
Coming drop as shown in the drawing Reflective candle on a daily frame near a downtrend And a retest of the previous uptrend Down time also If the uptrends break out, the scenario fails, but now good selling areas
As you can see from my daily chart, after reaching a high in early July, this pair is forming a sequence of lower highs/lower lows. The recent high of 76.53 is actually a double top (scroll back to 30 Sep 2018). After bouncing off the support at 61.700, we had a pullback to 70.500. This level (area) acted as minor support/resistance during the past few months....
USOIL rebounded from its recent low 2 days ago to over 67 USD today. This retracement from 61.76 USD is pretty significant as price soared above 65 USD price level which acted as siginificant support before the selloff. We mentioned in our previous post that if WTI oil manages to hold above 65 USD this would be particularly bullish developement for it. In recent...
During the night USOIL peaked exactly at short-term resistance sitting at 69.60 USD. We will closely observe this short-term resistance in the following days. We will look for strength in the oil price and we will observe whether USOIL has an abillity to surpass this price level. In terms of technicals, stochastic is bullish. RSI is bullish but shows signs of...
Oil quotes are correcting downward. Despite the severe Hurricane Ida , prices are declining, which forced mining companies to cut oil production in the Gulf of Mexico by 91% (about 1.65 million barrels). However, after reaching the coast of Louisiana, the hurricane began to subside, which convinces investors of the short duration of its consequences for the oil...
As we enter the 4th quarter of 2021 we see that some countries are imposing strict measures to curb Covid-19. At the same time, restrictions are loosening. thus, allowing economies to demand more oil to fill the need for increased economic activity. We can see that oil has remained in a steady climb with price making small fluctuations. But the trend is bullish as...
West Texas Intermediate oil continues to march higher. Yesterday it traded as high as 68.51 USD. RSI continues to rise since 20th August 2021. Although, yesterday it started to flatten little bit. MACD's averages crossed and point to the bullish direction now. However, we need to note that MACD is still in the bearish zone. Stochastic is bullish. We will observe...
i trade 1 min charts but i see this setup on daily Everything is planned
Hello everyone, as we all know the market action discounts everything :) _________________________________Make sure to Like and Follow if you like the idea_________________________________ On August 5th I posted about a reversal in the USOIL market, and I've set different Scenarios on how the market is most likely to move. Today we see the result of that...
USOIL continues its struggle to move up. Current important level to watch is 65 USD. If this level fails to hold then more downside is probable. RSI is flattening out. MACD and Stochastic remain bearish. Despite that we still remain optimistic on higher price of WTI oil in the future. Our short term price target remains 70 USD, medium price target 77.50 USD and...
Last week, we correctly forecasted the price to make a new low inside the correction. For next week, we expect the price to consolidate and slowly break the resistance area and continue towards to orange trendline. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis provided is purely informative and it should not be used as...
Most prominent areas to enter the oil long by performing an algorithmic sequence in the event that the last buying area breaks, the long entries will be lost. It is still too early for this statement but we must see how the price is drawn.
WTI crude oil prices have been consolidating with a slight downward bias within a Descending Triangle chart pattern. A breakout above the pattern could be a signal that the prior uptrend may resume towards the 78.6% Fibonacci extension at 80.57 . Still, a bearish ' Death Cross ' between the 20- and 50-day SMAs offers a near-term downward bias. The floor of...
USOIL struggles to move up since announcement of supply boost by OPEC. On 20th July 2021 price found its support at 65.11 USD. On 9th August 2021 price again dropped and halted its decline at 65.17 USD (6 cents above support). After that 2 trading sessions with higher low and higher high followed. RSI seems to develop similar pattern as price itself. It did not...