Oil is trading within a Channel Up on the 4H chart (RSI = 47.620, MACD = 0.080, ADX = 19.348) with the price currently testing the Inner Higher Lows trend-line (dashed). This is technically a buy signal based on the candle action since July 10th. If that breaks we will buy on the Channel Up bottom (Higher Low trend-line) aiming at a price near the 42.50...
WTI OIL is in a wedge which should normally break from the bottom.
I'm long on oil until it'll reach 44$ level which is also the top of the wedge. Watch out for possible fake breakout from the top.
If resistance is validated short at 44$ wit targets :
- 41.6 which will be the green support line
- 40$ which is the 4H MA 200
- 34.4$ which is the next big support.
OIL had the craziest shakeout with coronavirus leading it to go under 0$ and suppliers paying people to take oil off their hands.
So far we have reversed and looking quite positive, the main price action i will be looking for is a reclaim of the previous support outlined in the white lines/blue zones as the Risk:Reward is good from that area for a trade.
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Prices have remained range bound around $40.00/bbl and with global economic activity struggling to pick the pace, oil is likely to remain
range in the short-term.
Bad Consumer confidence numbers today.
I shorted at 40.8 and took day trade profits here with the break of the neckline at 40.2. It looks very toppy here though (as do stock indexes) and things may sell of a lot to the lower line of the wedge at least. Stop at high of cup and handle.
Pattern: Channel Up.
Signal: Bearish as the price failed to break the Resistance and th 4H RSI is at the top of its Channel and a similar bearish formation has been seen 4 times previously.
Target: 37.50 (just above the Support Zone).
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Welcome Hyperspace Agent.
This is an analysis of WTI OIL.
In order to understand where we are now, you must see the entire time-series of Part One.
Press Play first.. Then View Snapshots In Order
Then scroll to see Time-Series Snapshots In order. This idea is from Sept 2019....
Hello traders, on Friday we've seen strong buy pressure dove the price up after Thursday prices decrease (could be related to the IEA report release where they expected an increase in demand), however, we can see clearly that the price is ranging in a bullish triangle, any break above the resistance line could take the price higher, the current resistance price...
WTI Crude Oil is trading within a Channel Up on the 4H chart (RSI = 36.632, MACD = 0.170, ADX = 31.347). The MACD turned flat and as you see on the chart that has been a signal of a top formation on three previous occasions. In two of them the price dropped a little more than -11% and on the other around -15.50%. The Symmetrical Support zone that held on three...
WTI is trading within a Channel Up on the 4H chart (RSI = 56.026, MACD = 0.100, ADX = 22.319) having successfully crossed the 4H MA50. This has been typically a bullish extension sign since May 28th. We are bullish aiming at 41.50 - 42.00.
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Looking at the USOIL Chart, the indicators show overbought conditions of WTI CRUDE OIL on the daily and 1h chart, with a sell recommendation.
40 usd is also a philological resistance where WTI CRUDE OIL seems to have a hard deal going higher.
If you are interested to test some amazing buy and sell indicators, which give the signal at the beginning of the...