1st - Wait at top TL to sell
Decending triangle.. Wait untill break below triangle..
The short-term downward trend, since the movement high of 8 March, continues to hold the black gold of the global economy in check. As can be seen impressively, US WTI oil has already been clearly rejected from this trend line several times and especially just yesterday at the start of the week. Monday's setback almost took it back to support at USD 57.40....
On Thursday, the OPEC+ alliance decided to gradually increase the production starting from May in order to keep crude oil prices in check. Last week, WTI corrected and almost reached the resistance target that we forecasted in our previous analysis. Next week, we expect the price to reach the resistance area highlighted on the chart, before falling towards to...
Thankyou for reading this :) 1° Operation: Long Idea Entry Level: 59.66$ TP: 63.30$ SL: 59.03$ 2° Operation: Short Idea EntryLevel: 63.30$ TP: 60.16$ SL: 64.87$
OIL on an uptrend Good luck for your trades. This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for...
The rally of black gold in the form of the oil price, especially the WTI grade, peaked at the beginning of the month in the direction of the USD 70.00 mark. The appreciation, which became increasingly pronounced with the breakout at the end of 2020, ended just before this. The support level around USD 59.00 per barrel was fiercely contested these days. However,...
WTI dropped nearly 10% as short-term demand concerns and a rising dollar clashed to cause the biggest intraday plunge since October. For this week we expect a corrective move towards the resistance area highlighted on our chart, before resuming the downtrend and breaking the trendline. The bigger degree correction that we were expecting for a few weeks has...
Nothing much has changed in regards to our previous analysis for Oil. The price dropped at the start of last week, before gaining some bullish strength. For this week we expect the price to test the support zone highlighted on our chart, before gaining more bullish momentum. Medium-term, due to the fact that we are in a very bullish trend that started in April...
WTI is nearing a swing high resistance, anticipating last kick then sell off
OPEC-JMMC meeting expected to conclude with oil production hike. Oil prices in February celebrated Saudi Arabia’s voluntary cut of oil production in February and March by 1 million barrels-per-day (bpd), climbing to a 13-month high. However, oil prices started this month with a retracement just days before the OPEC-JMMC meeting. With oil prices rising back to the...
Last week, Oil fell the most in nearly a month, suffering from a deep market selloff in sync with the current energy crisis in the U.S. that will likely keep refineries shut for another week, lowering the demand. In the past few weeks, our technical perspective inclined towards a bearish move and it looks like it has been finally triggered. At the moment we are...
WTIUSD correction takes longer. Continuing the previous analysis, the correction movement forecast needs to be modified. The long-term uptrend has not changed, but the decline on Friday last week predicts a further fall. My assumption is that the correction persists up to the lower ATR axis (white dotted line). You can turn north again by touching this axis. This...
WTI gained $1.23 to settle at $59.60 a barrel, rising the most from the beginning of the year. The sign of inventories declining in the U.S. and around the world point to the success that the OPEC+ has had in draining an oversupply left in the wake of a historic demand drop due to the COVID-19 pandemic. We will cautiously monitor this pair as we still expect a...
Hello everyone, if you like the idea, do not forget to support with a like and follow. Here is the top-down analysis for CRUDE OIL, feel free to request any pair/instrument or ask any questions in the comment section below. Best of luck!
Crude oil has traded into major resistance, it's fairly overextended and we could be looking at a possible trend reversal or at least more consolidation and a decent retrace in my opinion. I'm looking at building shorts around 57-58 with the aim of taking 2/3 of my position off the table fairly early and leaving a third of my position to run to see if we gain some...
WTIUSD minor correction expected. My analysis assumes that the correction that has just begun will continue. The correction may decrease to the D1ATR50% level. Then I expect another rise. Target price: 66.35 usd
WTI Confined to descending wedge.