Updated View On WTI Oil (18 Apr 2019)
Back Ground: Oil is in a strong trend and it is very likely to go UP higher. The medium-term tgt is $68.8 region.
If you want good entries, 62 and 58.4 will be nice.
Target(s): UP 64.4 (TP1), 68(TP2)
SHTF: It will use 56 as strong support region.
DYODD, all the best and read the disclaimer too.
Feel Free to "Follow",...
After rallying strong off the DEC '18 lows -which elevated WTI more than 40%!- and as prices gradually approach the 50 Fib level of the whole gargantuan sell-off move dating back to the last October high all through December of 2018 and with the RSI already in overbought territory, I assume it is now time for some rather prolonged rectracement/correction......
Back in February this year I posted this chart here at TradingView to diagram the structure of the Crude Oil market and its potential upside along with the overhead resistance and the general timeframe to expect based on the chart at the time.
The method I have outlined here is logical and not subjective, but what I do call this is "guessing" because anytime...
Hi All ,
Price broken down from rectangle range , with Bearish engulfing candle . Sell till next support as Tp1 and Tp2 D1 uptrend channel trendline .
Sl to entry .
Many Thanks.
hello everyone,
In last opinion, 63.50-64.30 has been mark as extremely important resistance area.
After almost three times consolidation, the oil price is droping down to 63.
Now, i considering whether the bull trend is over ? although the API, EIA information is not good for long side, but the whole supply and demand hasn't changed.
so, in next part, i will...
WTI crude oil is clearly in an uptrend having risen approximately 30 per cent since the beginning of the year due to increased global demand for oil in particular from emerging markets. Additionally successful OPEC production cuts and tighter oil supply due to US sanctions on Venezuela and Iran have tightened supply bolstering oil prices. The 20 day moving average...
About a month ago we took a look at US Oil & identified a classic reversal pattern called a head & shoulders bottom. We predicted a breakout from this level, however, there was a previous level of structure slightly above the neckline that I thought would be tested first. After nearly a month of consolidation, we've finally violated that level which allows me to...
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