Market Analysis: Crude Oil Price Gain Bullish Momentum
Crude oil prices are gaining bullish momentum and might rise toward $85.00.
Important Takeaways for Oil Prices Analysis Today
Crude oil prices rallied above the $81.60 and $82.00 resistance levels.
There is a key bullish trend line forming with support at $82.30 on the hourly chart of XTI/USD at...
A bearish hammer is formed at the 15 min time frame of the usoil. This hammer is formed at the HH of the chart so a small pull back is expected form here. A small trade of short can be taken from here.
Hey there on 1htF the USOIL has already made our target on yesterday we have make our next target but today they completely done and now also moved upside 86$
We will soon see more rise upside
I see a fair chance of this move happening.
The ascending wedge pattern has just tapped into supply and market is shows some signs of weakness.
I am still holding my previous short and so this position I am entering is small.
The seasonal bearish effect could come into play very soon.
There are also significant technical signs we should see some sort of correction here to the downside.
Oil made a major harmonic, we have recently hit first target, we then got a triangle consolidation we now in theory aim for C at 90, we could see price seriously gain momentum next few days/weeks, this will in turn keep inflation sticky, potentially delaying cuts.
The WTI light crude oil benchmark is currently navigating a complex landscape, trading around $83.50 amidst a convergence of factors influencing its trajectory. At present, the market finds itself within a critical juncture, characterized by the interplay of supply dynamics, geopolitical tensions, and currency movements.
Recent market movements have seen WTI...
Dear colleagues, I suppose that the upward movement is not over yet! The price is forming Multiple Zigzag. I expect the price to reach the support area at 79.00, having finished wave X, after which I expect the upward movement to continue at least to the resistance area - the maximum of wave C at 83.00.
I do not recommend entering short positions! We are looking...
Hello,Friends!
USOIL pair is in the uptrend because previous week’s candle is green, while the price is clearly rising on the 8H timeframe. And after the retest of the resistance line above I believe we will see a move down towards the target below at 79.92 because the pair overbought due to its proximity to the upper BB band and a bearish correction is...
Take a look at our analysis for USOIL.
Time Frame: 2h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is trading around a solid horizontal structure 80.65.
The above observations make me that the market will inevitably achieve 81.34 level.
P.S
Overbought describes a period of time where there has been a...
Current setup $81.85 in WTI Crude Oil IS Bullish.
Target = $84-$84.5
Support = $80.20
Ascending triangle with Bullish slope
HH-HL
Green Candle
RSI = Bullish
Crude oil prices showed a volatile trend yesterday, hitting $80.5 and then began a bullish rebound, with the highest point reaching the 81.4 area. The daily K-line closing showed a hanging bardo pattern of rising and falling. Although the price encountered resistance at the 82 mark, the current daily level is still stable above the 10-day moving average, showing...
Pivot
81.35
Our preference
Long positions above 81.35 with targets at 82.25 & 82.65 in extension.
Alternative scenario
Below 81.35 look for further downside with 80.90 & 80.55 as targets.
Comment
The RSI advocates for further upside.
Supports and resistances
83.00
82.65
82.25
81.84 Last
81.35
80.90
80.55
Number of asterisks represents the strength...
Looking at crude oil on the daily chart, after reaching a new high of 83.60, oil prices have fallen back and adjusted. The strength of its pullback is limited. The moving average system still maintains a bullish arrangement, and the mid-term objective trend remains upward. It is expected that crude oil will enter a shock adjustment around the high of 83.60,...
In the fluctuating energy market, it's wise to identify potential opportunities that arise. With the US Oil price having retreated from its peak at $82.10, experiencing significant overbought conditions, we are now entering an intriguing phase to monitor.
Currently, the US Oil price has reached the mark of $80.95, indicating strong signs of a potential reversal....
WTI (OIL) has just reacted off the resistance and could fall to overlap support that lines up with the 38.2% Fibonacci retracement.
Alternatively, if price breaks above the pivot, it could continue to rise to the next resistance level
Pivot: 82.33
Support: 80.91
Resistance: 83.54
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your...
If oil is above 80, it is still an upward trend. The lowest oil price yesterday was around 80.8, and the current range is about 80-83.5
Published API data showed that U.S. crude oil inventories fell by 1.52 million barrels in the past week, slightly higher than market expectations. Separately, the American Petroleum Institute reported that Cushing crude oil...
