Oil posted its biggest percentage decline in nearly 2 months after reports indicated Russia is unlikely to lower production at the upcoming OPEC meeting. WTI dropped towards its 7-week support trend line, but after that rebounded from $ 55.00 and 200-day SMA on H4 chart. Earlier on Wednesday, the EIA reported that overall Crude stocks rose 1.4 Mb, about in line...
The crude oil market was kind to us on the downside after we broke through support level time and time again. We were originally looking for shorts to continue however the upside opened up on Wednesday and didn't stop. The fact that we broke above a key resistance structure at $58.10 suggests the longs are out to play and there could be move upside if they hold...
Oil on long... And it's likely for it to break the horizontal ray.... Just for educational purpose... +2348133242508
WTI has a habit of spiking down (or up) shaking traders out of the market. Im looking for an opportunity to go long if smart money makes another move down into my sweet spot. If price doesn't hit my entry criteria there's no trade. As always, the market can go in any direction at any time and there's no guarantee of success, risk management is key.
Head and shoulder pattern Formed
Happy Hump Day oil traders! Maybe today could be a turning point for a while. Last 6 days have been sell days and push oil prices down to the bottom of my original channel in red. Stoch RSI and Money Flow have change directions indicating this could be the day for a change in directions. I am expecting upward movement to at least the top of my original...
Got the breakout. Go long. Target of $61.
USOIL POSSIBLE SHORTS - WAIT FOR CANDLESTICK FORMATION
To find reversal points of a market is not easy but still possible, as we have found out using the example of WTI oil. Analysis "WTI ÖL - Again 61,8% - Only short-term long entry?" from the 07th of June 2019 or Analysis "WTI oil - Is the trend change for halving?" from April 12, 2019 or Analysis "WTI - till$ 45, no major trend reversal." from 13th Nov....
The exchange rate can now build the structure of the second fractal wave. In this fractal structure I look forward to building a wave structure. Later, I expect an upward outbreak. The target of the current motion is 69 usd.