Crude Oil is taking off from a major horizontal daily support.
As a confirmation, I spotted a tiny horizontal range with a confirmed neckline violation on that.
We can expect a pullback before the OPEC meeting today.
Goal - 77.0
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FX:USOIL TVC:USOIL
The blue area around $60/barrel is my POI for buys since there's going to be a lot of available liquidity for institutions to step in at cheaper prices. If it supports nicely, I believe it has the possibility of going after the liquidity over the $120/barrel high.
Oil’s Tug-of-War: Iran Tensions vs. Evergrande
On Wednesday, WTI crude futures dropped below $77 per barrel, undoing a 1.4% increase from the prior session, all while the U.S. readies itself to address a lethal attack on its troops in the Middle East.
Perhaps traders are concerned more about the liquidation of China Evergrande, raising worries about the...
"Green" Energy isn't so green. After seeing what's happening with europe, what will happen when the US runs empty on the strategic petroleum reserves?
With the new policies put into place; the cost will once again be passed onto consumers. Will 17 be proven right once again after this november?
Oil prices continue to pull back from the two-month highs hit on Sunday night. Despite this, front-month WTI and Brent are still above prior resistance (now support) levels of $75 and $80 respectively. These levels marked the upper end of a trading range which had developed since the beginning of the year. But prices broke above here last week, helped by fears...
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the...
In terms of crude oil, we continue to pay attention to the idea of shocks during the day. With the current unstable situation in the Middle East and the surge in OPEC crude oil production, the market outlook continues to be dominated by shocks. Technically, focus on the upper pressure near 78.40 during the day, and the lower support is around 76.65/74.7
Market Analysis: Crude Oil Price Eye Additional Gains
Crude oil prices are gaining bullish momentum and might rise toward $82.00.
Important Takeaways for Oil Prices Analysis Today
Crude oil prices rallied above the $74.90 and $76.00 resistance levels.
There was a break above a key bearish trend line with resistance near $76.80 on the hourly chart of...
Dear colleagues, the price has confidently reached the previous target of 79.37. Now the price is in correction and I suppose that the price will test this area again. It may even retest the high of 79.30. After that, most likely, I will consider a downward movement, but more on that later.
Manage your capital correctly and competently! Only enter trades based on...
WTI oil (USOIL) could fall towards a pullback support and
potentially bounce off this level to climb higher.
Buy entry is at 77.081 which is a pullback support that aligns close to the 23.6% Fibonacci retracement level.
Stop loss is at 75.900 which is a level that lies underneath an overlap support and the 38.2% Fibonacci retracement level.
Take profit is at...
