Current we can see Crude Oil's price action is in the middle of a consolidation correction.
After from the initial push down from the price, market begin to form a larger structure to correct the down move.
We can see now with a few swing highs and lows, a parallel channel like structure is being created.
However, it looks like theres a potenital short term...
🛢️ USOIL Has No Chance of Declines
🛢️ Nearest strong support zone: around the fibo levels of the 0.382 rising wave.
🛢️ Nearest strong resistance zone: around local peaks.
🛢️ Technical environment:
📊 Moving averages: Uptrend
📊 MACD: Downtrend
📊 RSI: Uptrend
🛢️ Price action: USOIL for another day in a row is holding around $79 per barrel looking by the last...
Seems like oil have just formed wxy correction that makes me feel a tiny bit more confident in the bearish scenario and assume that we are about to enter wave c.
Hi.
77.5 range is support.
Sellers are currently in control so I dont know if we will make it all the way to 85.69 but should atleast see a bounce to first TP at 79.09
(PS: added all this other shit to match all the other lasershow charts posted here, the only things that actually has any meaning are the white lines.)
You're welcome
Video analysis on WTI Crude Oil.
Top-down analysis.
Key levels & price action.
Important things to watch.
❤️Please, support this video with like and comment!❤️
Trending lower since March 2022, the daily timeframe of WTI oil is in the process of chalking up what is referred to as a complex inverted head and shoulders pattern. We have yet to see a completion—a close above the neckline, taken from the high $83.32—but it is certainly something to be mindful of going forward.
You can also see a potential double bottom...
After price reacted off our supply zone, price preceded to break this supply with momentum and thus leaving behind a clean POI. Price has now formed liquidity above this POI that it could potential use, with the aid of the POI, to continue its move upwards. This has now presented an opportunity to join in the move on a flip entry.
Seems like oil has completed the upward correction yesterday on the news of intended release of 26 mln bbls from US reserves and the price is in downtrend again.
🛢USOIL🛢
Analyze
Generally the direction is uptrend but right now price trade under resistance zone 79.95 - 80.56 and price moving between 78.19 and 80.56 and price will continue moving between them until stabilized
so if can price stable above 80.56 by 4H candle then price will reach 81.09 , 81.90 , 82.37
for any reasons if can price break 78.19 then the price...
Oil buyers are strong and due to hitting the ceiling of the channel, we don't see a heavy drop and it is a sign for more growth
As long as it is above the box, it is an upward trend
Despite OPEC cutting its output by an estimated 60 000 barrels per day in January 2023, the price of West Texas Intermediate oil dropped more than 10% from its high of $82.60. This price action follows a series of wild swings within the wide range between $70 and $83. We expect high volatility in the oil market to persist in the first quarter of 2023. Indeed, we...
WTI is gathering stops above the range
Looking for CPI volatility (Dollar higher ?) to provide excuse to hit stops and drop lower
Daily imbalance in the current range as (first ?) downside target (75.00)
The reopening of China could lead to increased demand and prices for commodities, oil, and certain currencies.
WTI crude oil, gold, and silver in the U.S. dollar market may be particularly affected.
Traders and investors should keep an eye on these developments and consider how they may impact their positions.
On the technical side, we saw a false breakout to...
Price has climbed up to the Daily trend line resistance and also extreme resistance area. There is a couple resistance on the way up at price 80 and finally at price 82. This bearish sentiment act as a preparation for tomorrow's trade and we also see what the price action today until the close session.
Pay attention at level above 82 will make a huge movement to...
