Here is our detailed technical review for USOIL.
Time Frame: 1D
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The price is testing a key resistance 77.31.
Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 72.90...
This is a suitable level for buyers to re-attack the resistance level of the $79 range.
According to the studies done on the chart and the formed waves, the power is in the hands of the buyers and the possibility of the price crossing the level of $79 is very high.
Therefore, according to the buying pressure, the price range of $77 can be a good entry point for...
It appears that USOIL is poised for a bearish trend following its completion of the fifth Elliott wave within an ascending channel and a double top pattern formation. The recent breakout from a rising wedge suggests a potential continuation of this downward movement. Traders may consider selling positions as the technical indicators align with this bearish outlook.
Today's focus: Oil
Pattern – Resistance re-hold
Support – $77.21, $76.30
Resistance – $78.85
Hi, traders; thanks for tuning in for today's update. Today, we are looking at Oil on the daily chart.
Today, we have broken down how we see price and key levels. Once again, we have seen resistance re-hold and a new move lower after tests failed. Will we see a new...
Hey Traders, in today's trading session we are monitoring USOIL for a buying opportunity around USOIL for a buying opportunity around 76.70 zone, USOIL is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 76.70 support and resistance area.
Trade safe, Joe.
In USOIL - Crude Oil, we can spot a Bullish divergence but the trend in going bearish with clear HL & LL. With my experience, it is not a valid Divergence.
FIb retracement value 0.382 is valid because after LL it retest that value and now it will go down.
Market Structure Bullish on Higher Time Frames
Weekly Rejection at AOI
Daily Rejection at AOI
Weekly and Daily around same Area
Previous Daily Structure Point
H4 EMA Retest
REMEMBER: Trading is a Game Of Probability
: Manage Your Risk
: Be Patient
: Every Moment Is Unique
: Rinse,...
From the daily analysis, crude oil is currently in the range of 71.5-78.5. The daily level has not broken through and stabilized at 78.5, but is still in shock. Below is the support of 76.5-75.4. Trade based on this range first. If the price breaks through 78.5, and Oil prices above 78.5 will see further room for growth
Hi,there
Daily Technical Outlook for oil
This is gonna be a pattern study based on elliott wave theory,
So What Is Elliott Wave Theory?
The Elliott Wave Theory is a method of market analysis, based on the idea that the market forms the same types of patterns on a smaller timeframe (lesser degree) that it does on a longer timeframe (higher degree). These patterns...
As the price level has reached to the main supply zone which is our major resistance, possibility of the price decreasing is mighty.
If this resistance zone is broken upwards and retests the zone and closes green candle then the forecast would be unsuccessful.
And overall for the long period (positioning) my forecast is long at least until the price 86.
Good...
The rally was sold and the dip was bought resulting in little net change for the day. Trading in US Crude Oil continues to be mixed and volatile while we trade within the bearish expanding wedge formation. Bespoke resistance is located at $78.75 and $78.78. When these barriers collide, they offer more weight. Trendline resistance is located at $81.60. Trend line...
WTI oil (USO/USD) is rising towards a multi-swing-high resistance and could potentially reverse off this level to drop towards our take-profit target.
Entry: 79.459
Why we like it:
There is a multi-swing-high resistance level
Stop Loss: 81.319
Why we like it:
There is a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 127.2%...
USOIL has fluctuated upward recently, and the bullish trend is dominant. At present, we can pay attention to the support near 77.5. If it rebounds and stabilizes, we can consider going long. At the top, we should pay attention to the resistance in the 80.0-83.3 area.
