USOIL is making harmonic pattern AB=CD,
if trend break the recent LH and pint new HH and HL on the chart then Buy stop order is trigger.
may 'D' is Potential Reversal Zone.
bullish divergence is make on RSI then we may say that trend is ready to reverse.
Market participants will be watching developments in the Red Sea closely as a drone attack on an oil tanker raises concerns about shipping disruptions. Additionally, ongoing Israeli military strikes in Gaza remain a major driver of sentiment.
On the 1H chart, OIL is in a blocked upward trend. The upper pressure is 74.4. If it stands firm, it will return to the...
The higher you buy from the box. The higher the risk
If you manage to buy there would be better.
Trade management is YOUR area.
place to buy
risk to reward
size
time
how much to risk
You are a champ already!
All the best
Happy 2024
Oil looking to head for $78.35 in as much as the swing low $72.45 stays intact. The Bulls have this, one may need to wait for a pullback to join the bullish ride 🚆
Hey Traders, in today's trading session we are monitoring USOIL for a selling opportunity around 73.80 zone, USOIL was trading in an uptrend and successfully managed to break it out. Currently is in a correction phase in which it is approaching the retrace area at 73.80 support and resistance area.
Trade safe, Joe.
Following the initiation of Operation Prosperity Guardian in the Red Sea, major shipping companies like Maersk and Hapag-Lloyd began to reverse their recent decisions to halt transit through this waterway. That is positive news for the world as the region is estimated to account for about 12% of global trade, with 340 million metric tons of cargo and 8.2 million...
Since usoil grabbed the BSL the price have been moving in range and on a steady trend now the price just bounced from the support level am expecting the price to break the first resistance zone at 75.44 then above that the price will remain stable till 78.46 level is completed
JOIN AND ENJOY
Tell us what you think........
Crude oil prices reflect the market’s volatile and liquid nature, as well as oil being a benchmark for global economic activity.
Set Your Buy Limit & Book Profit Accordingly.
The crude oil market is currently at a crossroads, balancing geopolitical tensions in the Middle East with economic factors and policy speculation.
Although oil prices fell in early Asian trading on Wednesday, they surged more than 2% earlier this week to reach their highest level this month. Inventory reports further affected the market outlook. Forecasts show...
WTI oil (USOUSD) is falling towards a pullback support and could potentially bounce off this level to rise towards our take profit target.
Entry: 72.480
Why we like it:
There is a pullback support that aligns close to the 38.2% Fibonacci level
Stop Loss: 70.865
Why we like it:
There is a pullback support that aligns close with the 61.8% Fibonacci retracement...
this coould be a good SHORT when the cartel is about to go head on with Kremlin
price war and alliances shall be tested and POWER is the basic need for every nation to survive
Hello" For the first time since covid the MA 20 returned to a downward trend for usoil- Usoil made a pull back on the MA 20 in September 2023 before starting to decline again*
USOIL in a downward descending channel on 1D. A trade idea given with TP, EP and SL
Currently the price is at fib level 0.38. Expecting it to go down with the current market situation.
What do you think? Share your thoughts!
Traders this week must contend with both declining liquidity and potential tensions caused by Yemen's Houthi rebels. If the shipping crisis in the Red Sea region persists, it will not only provide some support for WTI crude oil prices this week, but also create opportunities for speculative buying.
Traders will need to be cautious about risk management this week...
Not for nothing, but I've been seeing a bunch of trend analysis throughout youtube and trading view, and nobody is mentioning the obvious H&S Pattern.
I've been trading the chart since last month, based on May - Jun 2023 Support + Resistance levels. But the daily pattern is a blatant H&S (just saying)
AMEX:UCO AMEX:SCO
