Crude oil started dropping since Feb 4th, and now I believe it is great price for trend reversal. Supporting zone of 52$ is holding oil price really well. Trend line is holding the price really well too. Elliot ABCDE correction is now over, so big movement can be started by now.
The month-long Channel Up is approaching a Higher Low and based on the complete neutrality on 1D (RSI = 54.206, Williams = -51.131, Highs/Lows = 0.0000), we are on the most optimal levels for a short term buy. 52.500 is acting as a Support. We are long again with TP = 55.500. ** If you like our free content follow our profile (www.tradingview.com) to get more...
Again, just trying to get enough reputation points to use the group chat lol. Continuing from yesterday's post, I think the price is still very likely to rise, but not as soon as I expected. There is an added indicator to suggest so (descending wedge). If however, the price does continue to fall/does not continue in the white channel I have drawn, the pitchfork...
Pattern: Channel Up on 1D. Signal: Short since the price hit a 55.75 Higher High. Long after it completes a Higher Low. Target: Short TP 52.75. Long TP 56.50.
West Oil Price has just broke and hold above another important level (54.20). Currently, price is trying to break the consolidation zone (Green) as we are waiting for a Higher Close candle stick to confirm the BO. Next Target Level would be at previous structure High near 57.90.
Might be completing the last wave and then it'll be going down
Oil has respected a very clear 4H trend-line of Higher Lows, giving rise to the development of a Channel Up (RSI = 57.601, MACD = 0.260, Highs/Lows = 0.3029, BBP = 0.4580). As long as the supporting Higher Low trend-line holds, the price will be aiming for a new +7.80% Higher High at 55.750, which is the TP in this case. Attention is required, as based on the...
I think that OIL can move up because: 1. Every low is higher (good techical signal) 2. Price broke up a key level $53.30 and closed above 3. Middle - term trend is up. 4. Head and Shoulders pattern
We can open buy on OIl near $53.19 - Daily trend bullish - Price broke up key level $53.19 - Daily candle close above Oil price is moving to key sell zone $57-$58 After 100 like I will do all updates and will write S/L and T/P points it there will be an entry.
Following the previous analysis which suggested that the upside move that started after the 42.156 bottom, would evolve into an Inverse Head and Shoulders on 1D, was eventually materialized as the price virtually hit the 54.485 1D Resistance and expected target. This pattern (Inverse Head and Shoulders) will be completed once its neckline following the right...
Long now or buy commodity sensitive currencies. stop 45 long signal = break of wolve ~ $60
WTI Oil is currently on a major supported and the price has been respecting the uptrend line. It is forecasted to breakout to the downside according to the technical analysis as the bulls are running out of steam in addition to the major resistance handle. However, if the price breaks through the 52.50 handle, another setup will be posted. Trade Levels: -...
Hello folks, Here is my review on WTI OIL, expecting this in 2-3 month to reach target at least 66.2 1) Many Traders are in surplus ( MM gonna come for them) - in another word open liquidity left above 2) Financial Crisis already showing up =p (2019 gonna be fun year) 3) New year, new deals , new investments => leads => DEMAND
The price broke the November low (49.35) and has entered into medium term bullish territory looking for an extension on the current 4H Channel Up (RSI = 71.469, MACD = 1.090, Highs/Lows = 1.1843, BBP = 2.7960). However the overbought levels (STOCHRSI, ADX, Williams, Ultimate Oscillator) can pull the price lower for a Higher Low, currently supported at 49.35. This...
Spot Crude Oil Price: West Texas Intermediate (WTI) Long-term trend Retest of channel bottom before mid-2020s
Using an irregular converging triangle. There are a number of bearish scenarios where it results in oil breaking below the triangle. This is different in how the triangle is drawn. Case: - E slightly penetrated the A-C trend line - The triangle is complete in this scenario - Wave 1 of C is complete and Wave 2 is underway at the time of publish.
Oil is currently consolidating following last week's low on a similar candle sequence after November's 49.35 low. So far the price action has strong similarities, indicating that this sideways movement is just a consolidation within the long term downtrend on 1W (RSI = 25.808, MACD = -5.730, Highs/Lows = -10.4250). The price needs to break the November low (49.35)...