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The BB upper band is nearby so USOIL is in the overbought territory. Thus, despite the uptrend on the 1W timeframe I think that we will see a bearish reaction from the resistance line above and a move down towards the target at around 82.69.
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After breaking above the ascending channel and reaching its highest value in nearly six months late last week, the price of West Texas Intermediate crude oil retested the upper bound of the channel during yesterday’s trading session. The outlook continues to look bullish on daily and weekly time frames. Nevertheless, multiple indicators flash overbought signals on...
🛢 CL OIL, H4 🛢9 April 2024
Oil prices continued their upward momentum amidst ongoing fears of supply disruptions in the market. Geopolitical tensions in the Middle East, exacerbated by the failure of ceasefire talks between Israel and Hamas, supported oil prices. Despite efforts by the US and its allies to broker peace, prospects for an immediate resolution...
I'm leaning towards an expanding diagonal in WTI to finish wave (x). Reasons are 1) sharp sell-off on Monday, which appears to be a wxy double zigzag rather than a five-wave impulse 2) the subsequent bounce appears difficult enough for another double zigzag.
Of course, I could be wrong about the bearish case, but I'm sticking to it so far, despite the fact that...
The Middle East in distress with the ongoing military operations - another front opened. While currently the Suez- Canal is still operational, many ships seem to avoid it and take the route around the Cape of Good Hope. That includes the shipping giants Hapag, Maersk and CMA CGM. Most important BP to pause all oil tanker transits through the red sea. Delays wont...
1 Hour Chart:
Pivot
86.00
Our preference
Long positions above 86.00 with targets at 87.10 & 87.60 in extension.
Alternative scenario
Below 86.00 look for further downside with 85.35 & 84.65 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and...
Judging from the daily line, although it opened lower and fell 2% on Monday morning, it eventually rebounded and broke through the 87 mark. The daily line closed a positive line with a long lower shadow. Overall, it is not difficult to see that the bullish trend is still there. It is relatively strong and is expected to continue to test the resistance of the 90...
WTI Oil (USOIL) is trading within a Channel Up pattern since the January 28 High supported by the 4H MA50 (blue trend-line) - 4H MA200 (orange trend-line) Zone. The Bullish Legs have so far recorded rises within a +8.24% to +10.24% range.
Right now it appears that Oil has finished the latest Bullish Leg as the 4H RSI made its standard Peak formation and declined....
Crude oil market analysis
Crude oil bulls have been, did not stop, although the extent of the rise is not too large, has been in the sideways slow rise, but the shape and indicators look at the size of the trend is all bullish, today back to 84.80 to consider continuing to more, the short-term strength of the water rose near 84.10, this position does not break...
Crude oil market analysis
Yesterday, we laid out more than 85.50 crude oil single meat, today we continue to find more single opportunities, 85.50 today is also the opportunity for long to get on the car, crude oil short-term to see that it has the need to repair, back can continue to layout, now the size of the trend of crude oil is all bullish, short-term back...
We had passed a multi week resistance.
I think that below 90.000 won't be there for long.
Fundamentally news supports higher Oil prices.
For short run. Will be looking at 95.00
I'll have to track news on this..
I wish you all well
All the best
Oil is as I predicted, with a strong upward momentum. If you buy at the support point, you will also make good profits.
Oil reached a maximum of around 87.2. I previously thought that there would be a need for adjustment when oil reached 87, so I am cautious about buying now.
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Daily resistance is 85.5-88, support below is 82.6
Four-hour resistance is 85.5-86.5, support below is 84.2-83.5
Crude oil operation advice: Yesterday, crude oil also reached a new high, and the price also began to fall around 85.5. The overall trend above is in line with expectations. From the daily level analysis, the current big support below is around 82.6,...
WTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 85.033 which is a pullback support that aligns close to the 38.2% Fibonacci retracement level.
Stop loss is at 83.400 which is a level that lies underneath a pullback support and the 50.0% Fibonacci retracement level.
Take profit is...
Resistance Levels:
1. Resistance at $89.01 and $91.11: These levels represent significant barriers where selling pressure may intensify. Traders should watch for price action near these levels, as a breakout above could indicate further bullish momentum.
2. Secondary Resistance at $93.73 and $95.00: These are additional resistance levels beyond the initial...
✅CRUDE OIL is trading in an
Uptrend and oil broke the key
Horizontal level of 85.00$
And we are seeing a retest
And a rebound so I think
That the price will keep growing
LONG🚀
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Crude oil prices opened lower on Monday. WTI crude oil prices were at $85.75 per barrel, down 1.05%. Brent crude oil prices were at $89.97 per barrel, down 1.32%.
Oil prices retreated on signs of a possible ceasefire between Hamas and Israel. However, Iran's response to the Israeli attack on Tehran's consulate in Damascus remains a factor in rising oil prices,...
Although the price has broken out of the wedge it is trying to breakthrough the $89 resistance. If that breaks then next price target 🎯 is $96. Do think it will break through the $89? 👀🕐🎯
