On the daily charts, there was a soft target of ~60.06 which was reached on 5/6 and the weekly target had a price target of ~60.18 also reached on 5/6. Now, with both fulfilled. The prices are returning bullish. The daily engulfing bar yesterday has generated a target of ~64.26
TVC:USOIL watch for trade news drama, otherwise all is set for long
let me know what you guys think. i will personally be watching oil close
Oil has been trading inside a stable 1W Channel Up (RSI = 58.083, MACD = 0.440, Highs/Lows = 2.4914) since its December bottom. This pattern has been delivering clear entry (Higher Lows) and exit (Higher Highs) points. It was sustained by the simple factor of never crossing its previous 1D Support. On three occasions it held successfully but last week it...
We are looking at price making a move into our resistance area ( green zone ) As you can see it has been used as strong resistance before and we have some high impact CAD and USD news due out this week which could push price into this zone sooner rather than later, because as you should know if you trade oil that oil has a negative correlation with USD CAD so When...
Midterm forecast: While the price is below the resistance 66.50, beginning of downtrend is expected. We make sure when the support at 55.20 breaks. If the resistance at 66.50 is broken, the short-term forecast -beginning of downtrend- will be invalid. Technical analysis: The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased. A...
Market is testing Trendline. Bearish pressure is strong and likely to breakout. Formation of bearish flag is in process of M15 and we will enter on break of the flag. Risk to reward is 1:2
I understand there is a lot of talk around getting into USOIL/WTI buys. However, looking at the bigger picture is important. As you can see on my below chart, the daily structure suggests taking a short on this commodity. I also like this current consolidation that is making higher highs on the 15 minute chart, as it tells me that my daily structure will be...
Oil has completed 7 straight bullish weeks, a feat that was last seen in March 2016. On the long term the probability of extending this bullish sequence is higher but not without a pull back. But until we get confirmation of such pull back it is best to focus on the short term and the clear 4H Channel Up (RSI = 74.660, MACD = 0.500, Highs/Lows = 1.2107). Since...
This is our “Every-Monday” report on USOIL with a full vision over 3 timeframes. 4H CHART EXPLANATION: - Price is on a confluence level (Pullback to TL + Resistance Zone). - Bearish Divergence on MACD. - if price breaks the ascending channel (63.60), it has potential to move down towards the support zone (62.2) - We will be looking for sell setups on...
Oil has PLENTY of room to move up. No one likes fundamentals, but they speak volumes on instruments like WTIOIL.
Short term downtrend has just started yesterday.. Double Top Flag Pattern Fib 61.8 Level Easy Money.
I am not going to over analyze this. Just a little possibility that the pitch fan indicates. As long as the median provides Support (which was converted from a Resistance on the previous bullish leg) the 70.00 medium term target is possible. These indicators show that under those circumstances another +11% bullish sequence is certainly possible. I know it may...
The congestion is clear in H1 chart, the price $64.64 is present Resistance (also, this level is the past Longterm-Support from June 2018 - October 2018, until it was be broken in early November). In my shortterm trading view, a breakout that above this Resistance will be a good signal for Buying. In this case, putting a stop-loss that below the Rectangular's...
"The Washington Post came out with a news report on early Monday saying that the US State Department is set to announce that all countries will have to completely end their imports of Iranian oil or be subject to U.S. sanctions. The report further states that the US action is an escalation of the Trump administration’s “maximum pressure” campaign, which seeks to...
Midterm forecast: While the price is below the resistance 66.50, beginning of downtrend is expected. We make sure when the support at 55.20 breaks. If the resistance at 66.50 is broken, the short-term forecast -beginning of downtrend- will be invalid. Technical analysis: While the RSI uptrend #1 is not broken, bullish wave in price would continue. A peak...
Midterm forecast: While the price is below the resistance 66.50, beginning of downtrend is expected. We make sure when the support at 55.20 breaks. If the resistance at 66.50 is broken, the short-term forecast -beginning of downtrend- will be invalid. Technical analysis: While the RSI uptrend #1 is not broken, bullish wave in price would continue. A peak...