After many touches of USOIL and followed by rejection, the resistance level above 80.45 actually proved to be strong. Having created micro double top at the resistance level, USOIL is likely ready to re-test its support level.
N.B!
- USOIL price might not follow drawn lines . Actual price movement may likely differ from the forecast.
- Let emotions and...
✅CRUDE OIL went up to retest a horizontal resistance level
Which makes me locally bearish biased
And I think that a move down
From the level is to be expected
Towards the target below
SHORT🔥
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The outlook for USOIL remains unchanged. The price seems to have completed waves (i) and (ii) and is ready for powerful wave (iii) down. See the below chart for miniscule waves count
Those who follow me know that I have been bearish since November and while being right about the direction I recycled a lot of charts and counts.
Here the weakest point is wave ...
We saw price come up near the supply zone multiple times this week but fail to close above or even inside of it.
Most of my analysis is already on the charts. Do note that there is a minor demand zone around the 76.50 level, not drawn on the charts, where we may see a bounce. This could be a TP1 for some traders and I would likely move my stop near this level if...
another head and shoulder pattern is seen on four hour time frame which is against its similar head and shoulder pattern in daily time frame as depicted in my below analysis
if this pattern confirmed downward move toward 76$ is probable .
please see my previous analysis
The West Texas Intermediate Crude Oil market initially rallied during the day on Friday but...
With NFP being released this week Friday, WTI has yet again maintained a strong supply level at 81.87, this take us back to the monthly time frame where there’s been more buying pressure and shift of sellers momentum on the weekly time frame.
If 79.50 holds as a solid resistance, we could see price fall towards 78.10-77.43 range where I would anticipate a buying...
Looking at the H4 chart, my overall bias for USOIL is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market.
Looking for a pullback sell entry at 80.22, where the 38.2% Fibonacci line is. Stop loss will be at 82.44, where the recent high is. Take profit will be at 77.90, where the 50% Fibonacci line and support is.
Any...
Hello,Traders!
USOIL is making a pullback
From the horizontal resistance
And I am somewhat bearish
Biased so a move down
Is to be expected
Sell!
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USOIL
- Classic bearish setup
- Our team expects bearish continuation
SUGGESTED TRADE:
Swing Trade
Short USOIL
Entry - 79.415
Stop - 81.112
Take - 76.845
Our Risk - 1%
Start protection of your profits from higher levels.
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Crude Oil broke and closed below a support line of a rising wedge pattern on 4H.
Taking into consideration that the market has recently reached a solid supply area,
probabilities are high that the market will keep falling.
Goals: 78.3 / 77.4
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Multiple time frame analysis on WTI Crude Oil.
Price action & key levels.
Trading recommendations & potential scenarios.
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looking for oil to retrace from Elliott wave 3 down, and reject upside breakout from the bear flag is forming.. small bounce to 82.5 follow by sell off from 3rd wave down
It is very difficult to maintain a bearish view holding shorts with such price spikes in the markets. Especially it is difficult when people I learnt from post outright bullish projections. Nevertherless, wave (ii) I anticipated yesterday seems complete and I am looking for abrupt decline.
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