OIL: This new bullish wave could push oil further to 85
Technical Analysis:
The price of oil broke out of a strong bullish channel.
The price reached 80.80 on 01-Mar-2024 and during all these days it created the second bullish channel pattern which lasted for 11 days.
The breakout from the pattern turned out to be solid, increasing the chances of oil testing...
Will US Oil breaks its trend line or shows rejection?
Many factors are involved in it, major one is the demand of the oil.
Technically, break above can continues more bullish momentum otherwise it can drop.
Keep an eye on it!
Crude oil is one of the most in-demand commodities, with the two most popularly traded grades of oil being Brent Crude and West Texas Intermediate (WTI). Crude oil prices reflect the market’s volatile and liquid nature, as well as oil being a benchmark for global economic activity. The oil price charts offer live data and comprehensive price action on WTI Crude...
WTI oil (USOIL) could fall towards an overlap support and potentially bounce off this level to climb higher.
Buy entry is at 80.206 which is an overlap support.
Stop loss is at 76.500 which is a level that lies underneath a pullback support.
Take profit is at 83.301 which is an overlap resistance that aligns close to the 161.8% Fibonacci extension level.
High...
Crude oil is one of the most in-demand commodities, with the two most popularly traded grades of oil being Brent Crude and West Texas Intermediate (WTI). Crude oil prices reflect the market’s volatile and liquid nature, as well as oil being a benchmark for global economic activity. The oil price charts offer live data and comprehensive price action on WTI Crude...
Hi Traders !
The USOIL Broke a Strong Resistance Level (80.64 - 79.94).
This Resistance Level Becomes a New Support Level.
So, I Predict a Bullish Move 📈
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TARGET: 82.40🎯
In the H4 timeframe, US Crude Oil prices started the week with a bearish candle, contrasting with the strong gains seen in the previous week. This bearish sentiment seems to be influenced by multiple factors, including technical indicators such as the 61.8% Fibonacci level and overbought stochastic conditions, particularly around the $81.50 mark.
The recent...
Crude oil is returning to the bullish bat pcz which also happens to be at a high demand level. Lets see the pa over the next few days, but if an additional edge develops we will long in and around this area with the given targets. We are not long for now .
Update soon.
Crude oil has traded right into resistance and I believe it is time to take a short position. Crude has tapped the top side of the multi-month and has reached some macro resistance levels.
MACD and RSI both are overbought with plenty of room to drop.
First target 78.65
Second 76.90
Final 75.60
Hello Traders!
This is my idea related to USOIL H1. I expect that the price will go bearish as it retraces from the resistance level of a bullish channel and I expect a retracement until the price of 79.000 as we have the FIB resistance levels.
Traders, if my proposal resonates with you or if you hold a divergent viewpoint regarding this trade, feel free to...
- The market still trades inside a bullish channel started at the end of December 2023, the long-term trend is bullish for the black gold.
- Since beginning of February, and the fourth impact on the lower bound of the bullish channel, the market has accelerated towards the 50% retracement of the sell-off which took place during Q4 2023.
The long-term moving...
The hourly trend of crude oil began to rise around the opening. In the short term, we will pay attention to the pressure zone around 82.5, where there may be a slight adjustment.
I was bullish on crude oil last week. It rebounded slightly after the market opened. Don’t chase higher. You can go short near the pressure level. After adjustment, you can go long.
Crude oil trading analysis
The oil market was mixed and volatile last week. The Red Sea shipping crisis has drawn attention, while an increase in demand forecasts from the International Energy Agency has also caused market volatility. Although WTI crude oil futures fell slightly, the overall trend showed a weekly increase of more than 3.88%.
International...
West Texas Intermediate crude oil regained a bullish momentum and managed to establish a new high at $81.58, which marks the highest value in over four months. Additionally, RSI, MACD, and Stochastic all moved higher on the daily chart. These developments are positive for oil and bolster a bullish case in the short term and medium term. However, while it is...
