In our last idea we pointed out that RSI reached overbought condition and that such occurence is often followed by correction. We also noted that correction would drag price towards 75 USD per barrel. In addition to that we said that we would remain bullish even if correction took place. We continue to maintain that bullish stance. We actually think that current...
Potential double top pattern at resistance, wait until next week for rejection.
Hello,Traders! WTI OIL is trading in a strong uptrend And the price broke a strong key level recently Now, we are seeing a pullback and a retest Of the level, that became support This is a classic bullish setup And I think that there is a good chance To see oil moving higher Sell! Like, comment and subscribe to boost your trading! See other ideas below too!
Since WTI Oil broke the former two Resistance levels (74.15 and 77.00), the price turned parabolic outside the Channel Up that dominated most of the price action in September. There seems to be a Buy/ Support Zone consisting of the 4H MA50 (blue trend-line) and the 4H MA100 (green trend-line) and a Resistance Zone on the RSI Higher Highs trend-line. Technically...
It's looking for good short trade. Price near at strong resistance $76.XX. Goodluck
USOIl reached our short-term price target overnight. We continue to be bullish on WTI oil. Because of that we would like to change medium-term price target of 77.50 USD to short-term price target. Similarly, we would like to change long-term price target of 80 USD to medium-term price target. We would also like to set new long term price target to 90 USD per...
Short at 73.75 Stop goes above last cluster high (77.5) If it plays like H&S should play (IF!), I would take my profit at 43.75
On my most recent WTI Oil idea two weeks ago, I highlighted the importance of the Inverse Head and Shoulders (IH&S) pattern that emerged on the 1D time-frame and why the 1D MA50 (blue trend-line) was the 1st buy candidate of the current bullish leg: As you see the 1D MA50 worked perfectly as a buy entry and the upper Resistance targets have been hit. However...
Yesterday, after a short-lived spike above 76, WTI reversed strongly confirming this zone as strong resistance A deeper correction can follow from this point and we can look to sell rallies under 76 A daily close above resistance would negate this scenario
USOIL reached our short term price target of 72.50 USD today. We still remain bullish on USOIL. Because of that we would like to set new short term price target for USOIL to 75 USD per barrel. Our medium price target is 77.50 USD and long term price target is 80 USD. Technical analysis MACD is very bullish as it performed crossover above 0 points and entered a...
In recent days USOIL has been holding up relatively well in comparison to the general market. It currently trades around 71.30 USD. We forecast that positive developments in the airlines and the travel industry will drive demand higher over the next 6 months. Our short term price target remains 75 USD per barrel while our medium term price target is 77.50 USD. Our...
H1 time frame. Structure: Uptrend. The price rallied after breaking the double bottom reversal pattern on the 30 minute time frame and breaking the Key level of the correction at 71.50. Waiting for the price to return to this area with a retest signal confirming the uptrend is back, you can find buying opportunities. Profit target is zone...
It wants to break the uptrend but it hasn't happened yet. If it can go above the resistance zone, the buy position will continue.
H4 time frame. Structure: The bullish structure is confirmed. The price returned to the 70.00 support zone. Here, wait for bullish setups on the 1-hour timeframe to buy. The profit target is the 74.00 zone. ----------------------------------------------------------------------------------------------- Wish you all have a good trading day!
Last time I made a post on WTI Oil the price was still struggling to get past both a very strong Lower Highs trend-line and the 1D MA50 (blue trend-line on the left chart): Well the price managed to break and close above both and rallied. The rejection though near the 74.15 Resistance has formed an Inverse Head and Shoulders (IH&S). Look how the Pivot Zone...
Hello my beauties. It seems that the price of oil, while climbing, has created a bearish broadening wedge (or megaphone). The completion zone for this pattern is the green area. I'll wait for any wign of weakness and initiate a short position to the completion zone. If you find this idea to be helpful like, follow, and drop a comment below if you'd want me to...
USOIL continues to trade just slightly below its short term resistance at 69.60 USD per barrel. In terms of technicals RSI is flattening but still bullish. MACD and Stochastic are also bullish. However, ADX is low which suggests no trend or very weak trend. We remain bullish on WTI oil. We expect WTI oil to surpass its short term resistance and restart its...
Our short term price target of 70 USD was reached yesterday. USOIL currently trades around 70.30 USD. We remain bullish on WTI oil. Our medium term price target is 77.50 USD and our long term price target is 80 USD. We would like to set new short term price target for USOIL to 72.50 USD. Technical analysis RSI and Stochastic are bullish. MACD has bullish...