After a few days of consolidation between 39 and 42, Oil broke above resistance and also above the recent 43 high and looks determined to continue higher.
The chart looks very constructive and with this new "vaccine" and wave of optimism crude oil could find strong bids that can drive the price to 50 old support now resistance.
As long as the price is above 43 on...
Although the price of Oil remains elevated, it doesn't convince me...
Rises are very well capped around 42.50-43 zone and I expect the price to tumble sooner or later.
A daily close under 41 would be the signal for bears and, considering the economic outlook, 35usd/Baril would not surprise me at all
Further to yesterday's idea, price has dropped at resistance and dropping :
Already in profits and managing our positions accordingly. Closing our 3 Buy positions and also closing 3 of our sell positions.
4 sell positions in profits and remaining open. 1 is cashed out so profit guaranteed, 3 open with take profit levels at 36.60, 34,60 and 31,70.
Hi Assalam-o-Alaikum , Dear GooD Afternoon Hope you are well and enjoing your trading , i'm here with my new analysis of WTIUSD
US Crude Oil (WTIUSD ) Current price is 3921.7
Current Resistence level is 3927.4
Current Support level is 3843.3
If Market Breaksout the Resistence level and Close on above this level we can enter in Buy Trade as Case 1 in Chart ,...
From the beginning of September, WTI is trading in a range between 36 support and 41.50 resistance.
At this point, Oil is trading on the upper side of the range and we have a nice opportunity to enter short for a 400 pips profit target.
In my opinion prices above 40 should be sold and only a daily close above 42 would change my bearish opinion
After correcting to 37 zone, WTI has entered in a range with a top above 41.50 and a bottom at 37 zone.
Now oil is traded near the top of the range and we could have a nice selling opportunity with a R:R of more than 1:3
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Due to the weaker demand in the Global market Oil felled towards the 36.12 which is the September low and then its formed a triangle pattern and went bullish up to 41.43 and traded in a range from September 17 to October 01 and again...
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Hi Traders, here is the full UPDATED Analysis / Breakdown for WTI / USOIL.
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Crude oil prices continue to rise after reaching our target area (marked in yellow).
After the Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ met on Thursday, Saudi Arabia made a strong appeal to members of the OPEC+ oil consortium. Saudi Oil Minister Prince Abdulaziz bin Salman warned that "full compliance is not an act of charity" and noted that any...
Note the high pressure from sellers!
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