WTI had fallen for 3 consecutive days in Wednesday. The bank crisis is calling banks to deleverage their positions, pulling back on their exposure on oil and causing the price to fall.
International Energy Agency (IEA) is also reporting that the current situation in the oil market is a situation of oversupply, while Russia is looking for buyers for its oil.
The...
= Technical analysis of wti on the hourly chart
= The analysis is based on trend analysis and price behavior
= Now the price is moving casually in a dangerous area that is not suitable for trading. You must wait for it to cross this area to enter into a trade, and this will usually be done from below.
We consider the "weekly channel".
According to my calculations there will be a return to the level of 108 (approximately). Next: the channel target (take profit level) is 53 .
I can suppose about the terms: if it goes to the level of 108, it will be around September-October 2023.
Then the level of 53 will probably be reached by the end of 2024. These are my...
We're seeing an ascending support line hold prices just above the 72.72 support level. If price were to break this support level along with the ascending support line, we could see a big drop to major multi-swing low support at 61.97.
It's worth noting that there's a bearish ichimoku cloud that is pushing prices lower too with its bearish momentum.
Any opinions,...
Oil prices rebounded on Thursday, up more than 2%, as it is expected that Russia will significantly reduce its holdings next month. However, concerns about demand were exacerbated by a strengthening US dollar and a significant increase in US crude oil inventories.
On the news front, Russia plans to reduce its oil exports through western ports by as much as 25% in...
dear traders petrol trying to follow trend up so I expect petrol after bulk back in zone 66.92 it may be a chance to take a buy and if he breaks and close below 66.92 it will be high probability to sell ..follow my instructions and trade safe
dear traders petrol in down side deep trend has last week so we should be careful with this market it is not easy to take the chance if you re not eligible to respect the zones it all in my chart the instruction is very clear trade safe traders
good luck
dear traders we see deep down trend we are at support that may price will reject this area i expext the brice above the support will be bullish
trade safe
Technical analysis of oil:
Friends, I see the ascending harmonic butterfly pattern in the daily time frame. Friends, I suggest a step buy position.
Good luck
Karim Heydari
dear traders petrol was in trading range so far i see bellow 76.26 price may goes down target will be at 74.80
and if he breaks above 77.15 take the chance and buy target will be at 78.14
trade safe
