WTI rose in value in response of potential OPEC+ cuts and conflict in Libya. This possibility of supply cuts was enough to offset the effect of the strong US dollar. WTI broke the resistance line of the ascending triangle pattern, a bullish outlook, supported as well by the RSI and MACD indicators. The instrument might test its previous support level at 99.70,...
The WTI Crude Oil (USOIL) has been trading within a structured Channel Down pattern since the March 08 market High, following the immense growth after the COVID 2020 demand crisis. We have covered the Higher Lows zones since the November 02 2020 Low (green circle) and the March 23 2021 Low (blue circle) extensively over the past months on the higher time-frames,...
Oil prices briefly surged in mid-trade due to a push to raise the Fed's benchmark interest rate. However, prices eased back after investors believed that the US central bank's policy this month was to maintain interest rates. Another factor, the US dollar strengthened again to its highest level in five weeks, which limited the increase in crude oil prices. This...
The WTI Crude Oil (USOIL) opened the week yesterday on the 3rd straight 1W candle below the 1W MA50 (blue trend-line). Last time that such streak took place was in early November 2020! It is therefore easy to understand that if this level is not recovered, Oil may enter a new Bear Cycle. On the short-term we ideally want to see a candle closing above the 1D MA200...
USOIL still holding from the resistance zone. dxy dropping to hard but oil is not bull. Maybe the price continue to drop lower low
The WTI CRUDE OIL (USOIL) is trading within a Channel Down since June 29, following quite closely the outlook we presented 1 month ago, as it hit the 1D MA300 (red trend-line) target: As you see, it has been below the 1D MA50 (blue trend-line) all this time and the longer it does, the more likely it is to print a Lower Low within the Channel Down on the...
“Crude” Oil. The “mother/father” of “all” inflations probably on its last “leg up” soon @ around 87.98 toward around 118..So..So..All stocks/equities market will probably “end” its crashes ONLY around last quarter of 2022. P/S Crude Oil movement is “governed” by planet Saturn and Neptune. The Purple 7, 8 ( dynamic cycle ) are based on “cycle” counts with “statistics “...
Can see a buying range from here to get 92-95 level. Risk Management is suggested before making any position.
Expecting a support to be respected around the low 80$ region before proceeding for next leg upwards, biased towards inflation & supply to demand constraints.
For some time now, we have been providing relatively accurate price targets for the WTI crude oil. Last year, we navigated the oil bull market from 60 USD per barrel up to 100 USD a year later. Then, in April 2022, we called the peak in the oil market and laid out a few reasons why the oil market could temporarily bounce, but it would continue lower despite that....
After one last surge, WTI has jumped below the support line at $92.93, its shout echoing through the chart. Now that it has begun the descent, it should continue it into the blue zone between $81.16 and $77.55, where it should finish wave 3 in blue. Alternatively, there is a 35% chance that WTI could gain upwards momentum again and could make it not only back...
WTI CRUDE OIL (USOIL) eventually followed the rough projection we made three weeks ago and made a Lower Low as it failed to break above the 1D MA50 (blue trend-line) again: This has created a new Channel Down on the medium-term, which after closing below the 1D MA200 (orange trend-line), it is now eyeing the 1D MA300 (red trend-line) for the first time since...
Lets ride this fall to 70$ www.bloomberg.com
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WTI oil is following its upward trend from past weekend. Now looking in a Buy mode from here.
Another inflation (red trend-line) cross study, this time against the WTI Oil (USOIL). It is evident that the correlation between the two is very tight and every time the Oil market started forming a top pattern (circles), the Inflation Rate followed it lower shortly. I will not get into much detail as the chart is pretty self-explanatory. Oil has been on Lower...
WTI Oil (USOIL) broke today above the 4H MA50 (blue trend-line) again after a three day stay below it and is approaching the Lower Highs (top) trend-line of the Channel Down it started after the June 14 High. On 4H RSI terms as well, it looks like the V-shaped Lower Highs test of June 29 - July 05 that ultimately led to a sharp sell-off towards the bottom of the...
Over the past four months, we repeated that oil prices were peaking and the downside was looming over the oil market. Despite the excess of bullish calls forecasting new ATH for oil prices, we stuck to our bearish bias. Indeed, a few months ago, we set price targets of 100 USD, 95 USD, and 90 USD for USOIL. After hitting the first two price targets, we still...