Attention is needed now for WTI Crude Oil traders as the asset has made contact with the 1M MA50. That is the first touch on that trend-line since February 2020, right before the massive March COVID melt-down. Last time this level was tested as a Resistance, recovering from a similar melt-down, was in December 2017. The price easily broke above it on the next...
Pattern: Channel Up on 4H. Signal: Buy as the price is near the Higher Low trend-line of the pattern, the RSI near the Lower Low of its Channel Down and the MACD made the Bearish Cross Target: 50.50 (the -0.236 Fibonacci extension). Recent WTI signal: ** Please support this idea with your likes and comments, it is the best way to keep it relevant and...
Oil is under pressure since Friday as it got rejected just short of the 41.70 Resistance. However as you see on the right chart (1D time-frame), that formed a Golden Cross, which is typically a bullish formation. Interestingly enough, the price action since the August high resemble that of early March - late May (when Oil formed a Bottom). On the 4H chart,...
Pattern: Channel Up on 4H. Signal: (A) Buy as the price rebounded near the Higher Low trend-line of the Channel Up, (B) Sell if the 4H MA200 breaks. Target: (A) 42.30 (Resistance) and 43.30 (Higher High of the pattern) in extension, (B) 38.00 (the Higher Low of the wider Channel Up). Most recent signal: ** Please support this idea with your likes and...
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). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
Pattern: Triangle on 4H. Signal: (A) Bullish if the Lower Highs trend-line breaks, (B) Bearish if it gets rejected. Target: (A) 40.00 (just below the Resistance), (B) 36.00 (the first inner Higher Lows trend-line). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** Most recent Oil signal:
Pattern: Triangle within a Channel Up. Signal: (A) Bullish as long as the inner Higher Low trend-line holds, (B) Bearish if the Channel Up breaks downwards (RSI on a bearish divergence). Target: (A) 37.00 (just below the March 10 High), (B) 26.00 (just above the Symmetrical Support). ** Please support this idea with your likes and comments, it is the best way...
Pattern: Fibonacci retracement Signal: Bullish as the price made a bullish cross on the MACD and the whole pattern is similar to the previous sequence that topped on the 0.618 Fibonacci. Target: 22.80 (just below the 0.618 Fibonacci retracement).
The pattern is a Channel Down since the April 2019 66.60 top. However with the price rejected on the 54.60 Resistance and pulling back to the 49 region the very bearish fractal of 21 Nov - 14 Dec 2018 comes to my mind. See how both then and now the price traded within the 54.60 Resistance and 49.30 Support. As a result buyers must defend the Lower Low zone of the...
Pattern: Channel Up on 4H. Signal: Bullish as the pattern made a Higher Low and the price was supported on the 4H MA50. Target: 54.35 (Symmetrical Resistance). Recent long term outlook:
Crude OIl - Daily - After recent distribution I can see price coming near a daily demand zone around 54.50.. I was long oil this week and got stopped out but mid term bias remains the same.. Oil is trading in a bullish structure so im anticipating a dip into the demand zone around 54.50 with stops below 53.70 and target 60-61...
Pattern: Ascending Triangle on 4H. Signal: Bullish as it approaches both the Support and the MA200. Target: 61.90 (symmetry of Higher Highs).