Prices at 61.8 Fibo on weekly, touching ancient support zones, now resistance.
Opec+ member Russia now admiting some production rise by June.
Price targeting previous consolidation zone, with an acceptable R/R = 2.
I think we head remarkably lower before we break out of this long-term downtrend. The triangle will be breached eventually, but I believe the $35 target level may be in order this year before moving higher again. What will they use as an excuse for such a scourge? "Saudi/OPEC turns on the taps to fight US Shale oil market share?"
Huge rising wedge. Double top for WTI where the previous resistance was during the previous downtrend. Should see a drop. Will short once we get a break and close below the support zone. First target will be the green box.
Crude Oil is reversing on strong support zone between 55.85 and 55.68. If oil price break that price strong downtrend can be expected. If it holds we can test the strong resistance zone between 57.45 and NOV16 resistance.
I'm not feeling that much confident with this trade that's why I'm planning to risk only 1% of my account. I'm going to trade WTI in CFD. I will then add more lots if i see price goes in my direction.
The problem is; USDWTI closed the final bar below my support
Disclaimer: Not a financial advice.
As you can see price is sitting at good support and has had its 3rd bounce off a well respected trend line... so we are going long.
Run out and fill your cars up now if you don't want to be ripped off ;p maybe take a few tankers and fill them up also so you can sell fuel at a premium price when prices do rocket ( don't do this as I'm sure there is laws against...
here looking at wtiusd daily chart we have a weak head and shoulders pattern forming with a support and resistance line at 54.6 but i also added a supply and demand levels to the mix of where price might turn at and where i will be looking for buys.
Crude oil started dropping since Feb 4th, and now I believe it is great price for trend reversal. Supporting zone of 52$ 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.
Disclaimer: If you are primarily interested in copying other people’s trades then this is not for you. However, if you are willing to put in the work that it takes to learn how to trade for yourself then you have found the right place! Nevertheless please be advised that you can give 10 people a profitable trading strategy and only 1-2 of them will be able to...
WTIUSD - Inverse head and shoulders? DXY and FOMC catalysts next week. Watch for break over $54.50 on WTI and target .618 Fib level. Depending on FOMC statements on rates, DXY could get saved here or go down more. EIA report Jan 23rd build of 7 Mboe vs 1MBoe expected build. Good luck!
Here is a trade on crude oil. Very simple, an inverted H&S pattern with a bullish divergence on the RSI and Stoch.
Will wait for the right shoulder to fully form.
Have a buy order set in at $50.4 with another buy order set in at $49.8. Once the neckline is broken (54.6) I will then buy even more.
1 - 58.10
2 - 63.8
3 - 65.7
Stop loss at: 49.5