US oil pops in the overnight session, supply considerations keep prices elevated.
Libya's National Oil Corporation declared 'force majeure', on key oil supplies.
Saudi Arabia doesn't seem to be too inclined to fulfill Trump's request to raise production (an extra 2 million barrels per day).
President Trump's demand that Iran be locked out of oil markets is still...
WTI Oil
We are in a VERY STRONG BULL TREND.
There will be minor pullbacks along the way for sure.
Do not get carried over a small opportunity. If you are not being careful, you can get rolled over.
For me, at this moment, every pullback is a good chance to load up and LONG.
Press "like" and Follow for accurate and free trade signals.
s0nic
Disclaimer:...
Since the last report, the price pulled back after the 1D Rising Wedge exhausted. Technically the correction on the 1W Channel Up is completed (at 63.50) and already the price has crossed (marginally) the 0.618 Fibonacci retracement level (69.23). 4H has developed a Channel Up (RSI = 61.796, Highs/Lows = 0.6614, B/BP = 1.300, MACD = 0.770) which will serve as the...
Crude Oil looking for the trend line and go thru $80 a barrel, a good way to drill the US economy.
It would nice to see the oil WTI coming to our trend line around $62-$61 per barrel, the opportunity to buy and hold would be massive expecting $80 the next year but hang on a minute... another risk factor to add in the basket, so a very good way to drill the...
The 4H Rising Wedge is near hitting the 72.60 target on balanced RSI, Highs/Lows and B/BP numbers (63.436, 0.5650 and 1.1720 respectively). Although STOCHRSI, Williams and CCI are overbought, the uptrend Channel can extend even higher as the supporting line on the Rising Wedge provides support above 70.90. If broken then the 1D Channel Up will make a pull back to...
Good evening traders,
After we had so much of fundamental outcome for oil, I thought of making a short analysis on it.
Now, you can see that oil is in an intact uptrend. An easy definition of an uptrend is when the market makes higher highs and higher lows like oil is doing. I marked the higher highs and highs lows with green boxes.
After oil breaking its...
Oil - H1 chart - I see a good sell setup on crude oil with a decent risk to reward. Pending sell limit order at 65.30 with stops above 66.50 (120 pips) and take profit at 60 (530 pips)
I think that two-year uptrend (2016-2018) is over and now the market is crafting initial waves of a downtrend.
P.S.
Please do not be confused. This is not pure Elliott Wave Analysis. This analysis is based on my fork of Elliot theory. The simplified concept of this fork is published here: plus.google.com
WTI Crude Oil is in a downward trend. You can see the sideways movement on the 50-day EMA line and not make new highs that higher than 64.0 and 66.72. Which it is the confirmeation that the trend is down.
From the support level, it is expected that the price will go down to 58.98 and 56.76. If you want to short, we recommend trading at 63.18 or 64.0 and placing...
My bias is long on usoil. The 4H chart shows my idea on getting into the trade. My view on the trend is bullish based on the daily and weekly charts. Other important infos that I looked on are the 2 hammers with long tails indicating buying pressure laying on the previous resistance level way back in 2015. My opinion is that the resistance level has been broken...
