USOIL prices are down over 2% at $51.20, extending a correction from yesterday’s four-session high at $52.52. The decline was in line with a slide in global stock markets amid persisting concerns about the global economy and trade tensions and then extended on the latest OPEC production report, which showed that production had fallen by the most in two ...
Oil price just goes lower and lower, global uncertainty and slowdown economics drag the black gold price down
We see some key point here, we see a hidden bearish divergence between Oct 3 2018 until Jan 11 2019
There are some resistance and support level. 53.50 and 58.00 are resistance level. 45.20, 42.30, 38.75 and 36.00 are support level.
If we look at past ...
Apparently another fading short opportunity here. Pending price action confirmation and invalidated if price proves itself bullish beyond the angle line. Level of interest ≈ 5265, a 70 tick stop and 1R-3R targets.
Crude oil is currently in a bearish flag pattern in the 30-min chart.
It is currently hovering around its resistive trendline.
Hence we expect it to be bearish as long as the resistive trendline holds.
We are already shorting the USDCAD that is driven mostly by the prices of OIL. the chart just confirms that US OIL is set make significant gains soon as the head and shoulders patterns is nearly set for completion. Should the pattern complete we can expect the USDCAD to fall as well to around 1.3000 level.
Its a great opportunity to trade OIL at the moment ...
OPEC’s Production Drop Props Up WTI Crude Price Fundamentally, Hammer Technically –FxWirePro’s desirable yields via directional hedging:
A Quick Glimpse on OPEC’s Inventory:
As per the OPEC’s MOMR Jan’2019, the production declined by more than 700,000 barrels a day last month, which was primarily driven by Saudi Arabi the de-facto head of OPEC and the world’s ...
Current price scenario looks like a big H&S is incoming. Formation time is almost perfect (1-2 months) and support lines are within right shoulder.
Lets see what time will bring.
In short term I am still bearish but in long term bullish (if this formation is completed). If the right shoulder should breaks down I see a fast retest of 42-44 $ incoming
hey traders,
on wti we have a nice completed double top pattern to trade.
what we need is the bearish violation of 51.5 support level.
the violation of this strong support will drive the market to the next level of structure 50.5
bearish violation of 50.5 will trigger heavy selling reaction and will drive the market even ...
WTI Oil is currently on a major supported and the price has been respecting the uptrend line.
It is forecasted to breakout to the downside according to the technical analysis as the bulls are running out of steam in addition to the major resistance handle.
However, if the price breaks through the 52.50 handle, another setup will be posted.
Trade Levels:
- ...
Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Crude oil is one of the most demanded commodities and prices have significantly increased in recent times. Two major benchmarks for pricing crude oil are the United States' WTI (West Texas Intermediate) and United Kingdom's Brent. The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as well as market speculation. Crude oil prices are commonly measured in USD. Although there have been discussions of replacing the USD with another trade currency for crude oil, no definitive actions have been taken.
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