WTI has recently bounced long but in the previous sessions it is drifting without any strong directional confirmation. For the upside to continue I am expecting price to hold long above the 45.65-45.80 zone and also show increasing strength through 46.70-46.94 to confirm upward pressure. DISCLAIMER: This is where I practice ideas and work on my trading...
Daily and 4HR time frames are both off over sold on the RSI. I am expecting a retracement to 3.58 unless further signals to to sell off become evident. Price reaching a low of 1.80 would be ideal for the entry long, giving the trade a 25:1 theoretical risk reward. As price has already reached 1.92, we may not see more downward pressure to achieve the ideal...
As you can see oil has got out of sync with the trading range, as you can see it happened 2 times before in this range and both time it was a reversal signal. Now we have the same situation again and also the price is nearing a nice support. ADX red line slowly starts to fade with green going up slightly and Stoch is close to a bullish cross over. So indicators...
During the drop of the prices of oil after the OPEC meeting, several Oil ministers were not worried of the decline of oil prices as they say it is normal every after meeting and that it would recover. Is this is? Despite the formation of a fakey bar, the prices are still below the 8, 21 EMAs... not mentioning below the 200 SMA as well.
Oil to the end of the week running run around 53-55
Multiple technical indicators say buy oil here after OPEC reaffirm cuts. 4.4:1 trade shown.
TP minimun 51.00 on a daily chart After shor again THIS IS MY OPINION!
Excellent Long Opportunities in Oil Intrday
Market has not closed above a 17 month high. Seems a good time to go short. Good loss to win ratio Stop loss- 53.50 First target- 48.20 Second target- 44.06 Happy Trading :)
The big picture is still looking pretty bullish Based on daily charts , an outbreak above 54 is only a question of time - this month or even january`17 ... But the short term makes me afraid last 24 hours and even suggests me price pressure even unbtil 48 USD ?! How ever the short-tmer chart is pretty bearish even under 52.500 BCOUSD Why ??? Let me shortly...
I wait the price to fall down to 51,75 respectively even to 51,20. I assume gap close and testing of previous levels marked green. Buy at these levels with tight SL. Take profit next week at 56,90.
Don't use these often, but this is the price/action of oil on the way down, mirrored
LONG setup active on break of triangle, nice risk and reward ration if the trade plays out well. good luck
USOIL there is a little bit power to goes up, (TP:46.04) after down, then up again, this is my opinion!