It's one of the most popular commodities to trade nowadays due to the crazy volatility
Right now the OIL is having a big sell off
Probably will continue dumping until the 20s level which is an important demand zone
After an extremely volatile week, WTI found support in 22 zone and the price is consolidating now.
I believe this support will hold and a new wave of gains are coming for WTI oil.
A clear confirmation comes in with a break of 23 confluence resistance and the price could rise to at least 25 zone
Pattern: Ascending Triangle on 4H.
Signal: Bullish as the price has entered the Buy Zone and the RSI has been ascending since March 9.
Target: 28.00 (contact with the Lower High trend-line since February 20.
Update on the short entry I took last week and posted on the channel. Currently floating +353 pips and I've closed 50% of my original position and am floating in profit with stoploss above breakeven for a risk-free trade. The geopolitics between SA, US, and Russia will be a dynamic that will move the price quickly this week so staying protected at all times...
WTI price exploded yesterday, again...
Price has risen almost 10% in a matter of minutes and close NY session both above the trend line and horizontal resistance.
Now the price is in a small correction and may continue to rise towards at least 27
Looking to buy around 25.40-25.50 zone
In the morning I wrote that OIL could reach 30 this week...
As we can see from the chart, the correction seems to be over and the price is consolidating in a very narrow range.
A break of 27.20 would accelerate gains and we can see it reach 30 sooner rather than later.
This scenario is valid as long as the price stays above 26
Yesterday Oil corrected the previous leg up move and found support just under 26 zone.
The price is bullish for now and the correction could continue and price can challenge 30 zone this week
Oil appears to be trading within a Channel Up formation on the 4H chart (RSI = 62.702, MACD = 1.460, ADX = 28.496, CCI = 59.3622) having so far made two Higher Highs and one Higher Low.
Since the MACD is about to make a Bear Cross, we are expecting the price to pull back now for its 2nd Higher Low and make contact with the 4H MA50 (blue trend line). Our Target...
WTI had a very good run last week, with the price gaining around 40%. Now Oil is facing strong resistance in the 30's area and I believe the price will drop in the next few days.
Looking to sell for a drop to 25 zone.
USO
USOIL
I expect great recovery as OPEC have to agree on terms of flow and price of oil.
It's great investment now with minimum leverage (max 1:5)
Invest/Trade with proper risk management.
Yesterday, the price of WTI skyrocket more than 20% at some point. As normal, the price corrected and settled.
I anticipate a next leg up for OIL that can drive the price to 27 zone and even close to 30.
As long as the price stays above 23 zone the structure is bullish
Oil is trading within a Channel Up on the 1H chart (RSI = 66.305, MACD = 0.410, ADX = 40.465) and has just priced the Higher High on the 1H MA200 (orange line). Roughly a -9.00% pull back is expected for the next Higher Low (20.50) and then the bullish leg for the next Higher High at 22.90 (0.618 Fibonacci).
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