Oil has finally entered a consistent uptrend on the 4H chart, practically being within a Channel Up since the Feb 04 bottom (RSI = 59.395, MACD = 0.500, ADX = 23.410, Highs/Lows = 0.0000). The MACD shows that it can be sustainable in the near future as the buy/ sell points seem quite obvious.
It is also positive that the 4H MA50 (which was formerly a strong...
I like Chesapeake energy for the longer term investment. Energy has been lagging compared to other sectors over the last few years and there is tremendous potential in good energy companies. CHK is historically cheap and could do very well if energy takes off. However, I suspect more pain ahead for oil with the potential for an enormous flush.. perhaps below...
2 days ago we spoke about a double bottom that is forming on Oil price, with the necklike coming into place just above 52.00.
Yesterday sellers failed to regain control and the price formed a nice Pin Bar.
We favour long positions as long as the price is above 50.50, with a medium-term target of 57.50
Beginning of 2019 we saw a change in character with a sharp bull move to 66.20 level end in May 2019.
Oil as been in a accumulation until February 2020 where we saw a run on equal lows. Sweeping out stops positioned below the 50.20 level then trading higher.
This area dips down into the buy zone of the 61.8 fib retracement level. Institutions are defending the...
Crude Oil fell quite sharply past month due to US-Iran conflict and recent Corona Virus news, there is plenty of support around $50 mark on this market, this is a counter trend trade as I am seeing momentum weakness and convergence around this area so expecting the market to revisit $54 mark.
Trade Safe!
Oil appears to have found Support following the very aggressive sell-off that started on January 7th after the Iran tensions began to ease. It has so far successfully tested the 49.30 level as a Support twice and is trading sideways within that level and the 52.20 Resistance on the 4H chart (RSI = 57.881, MACD = 0.140, ADX = 33.370, Highs/Lows = 0.4321).
Despite...
United States Oil ( USO ) falls on spread of Wuhan virus, U.S. oil-stocks build.
Currently $10.50 per stock or $50/bbl seems like local support while bearish downtrend still is in action.
Looking forward for major bearish continuation, until nearest (Mar '20) Triple Witch.
WTI Crude Oil touched the bottom support area of 51.70 - 52.40. Started the correction, now we expect one more retest of the strong support creating a lower low and making a double bottom formation.
From a technical perspective, the USOIL has to start the up-move towards the 61.8 fib level. Potential of climbing up to the 63$ per barrel price.
The technical...
WTI is hovering above linear support on $48.92 (approx), and in this case, the trending support line (the green dotted line) traverses linear support indicating that we should prepare to go long.
Stochastic shows an indication for a preparation of strength in price rise.
Look for an entry reason around linear support of $48.92 approx to buy WTI long term on the...
Oil has been consolidating this week on the 4H chart (RSI = 41.638, MACD = -0.340, ADX = 27.678, Highs/Lows = -0.0086) following the massive drop since the "Iran tension" High.
We are seeing the RSI on a bullish divergence at the moment but the uptrend has so far stopped on the MA50 (blue trend line). Since the price is trading around the 1W Support levels, we...
Oil has been on a strong sell sequence since the January 8th Top (tensions with Iran) and has now broken into the 51.40 - 50.55 1W Support Zone. This level has been holding and accumulating buyers since June 5th, 2019.
At the moment 1D may be on an oversold condition (RSI = 27.481, MACD = -2.120, ADX = 46.874) but the RSI is also on the 20.50 June 5th low....
The future USOIL, symbol CL, is in a Bear Market with price trading below the 50 ema, which is below the 200 ema, which is below the 800 week ema. The long term emas are mostly flat, indicative of an accumulation / distribution zone. Price has closed below the 13 ema at 54.24 on the weekly, with Last week a long red bodied candle confirming the sell-off. Price...
ANALYSIS ON WTICOUSD
Welcome to my analysis
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1HR CHart
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Interesting Point of interest In the West Texas Oil.
- Price below 200 day EMA.
- look for sell signals.
- Watch top for sell.
- Watch line for break out to the downside.
- MACD showing bearish divergence
Stay Tuned
WTICOUSD is still looking forward to the long. Due to a new fractal rule in the exchange rate, we have not entered a long position yet. Namely, the structure of the falling wave of the exchange rate decreases with a "halved ATR". Therefore, the resulting fractal may also have half the amplitude of the previous fractal. Therefore, we are looking forward to...
Oil has completed three red weeks, making a strong correction since the Iranian crisis. In doing so, the price has just made contact with the 1W MA200 (orange trend line) and since the 1W chart turned neutral (RSI = 45.808, STOCH = 47.665, CCI = -38.1509, MACD = 0.520, ADX = 23.460) we may have a Support and a valid long term buy level.
Notice how the 1W MA200...
The future USOIL, symbol CL, is in a Bear Market with price trading above the 50 ema, which is below the 200 ema, which is below the 800 week ema. The long term emas are mostly flat, indicative of an accumulation / distribution zone. Price has closed below the 13 ema at 58.85 on the weekly, so therefore, the Bear Market Rally can be considered over. Last week...
