With most of the economies around the world returning to their pre-Covid19 capacity, it only makes sense that the demand for Oil will increase. The US government has also been rumored to be thinking about giving Americans a $4000 vacation tax credit to help boost the tourism industry.
The pitchforks indicator gives us signs on the trend of Crude Oil Future. We have an increasing trend between S1 support and R1 resistance, so we expect that CL will continue evolving inside that hallway. In case he breaks down the S1 support, we will see a bound on S2 so that the CL continues its growth inside that indicator. However, if he break up or down the...
The Crude Oil future is in general in a decreasing trend, but inside the hallway between R1 and S1 it was increasing. Currently, we have signs of decreasing trend, since we have that red volume and red candle after succession of green candles. The advice is to sell CL now for intraday trading. We expect its decreasing to reach the S1 Support.
Hello traders, The oil future is marking signs of an increasing trend. We have important volume and special candles that assure this increasing trend. For Intraday trading, it will be profitable to buy now, and wait either for the red volume and red candle to sell, or wait a break of the resistance R1. The advice for intraday trading is to buy and wait for red...
Depending on alot of sign it seems like CL1! will be increased soon.
Hello Traders, Since 12 June, CL is taking an increasing trend, despite some up and down changes. The pitchfork indicator shed light on the hallway and the trend support on which the CL is making progress. If the CL breaks down this support, I expect a comeback to first resistance. The Advice about CL: In general, CL is taking an increasing path Bounded by the...
CL will show a strong buy signal after it test the resistance line with break it out with big volume
Hi guys ! this my opinion on what crude oil can do after some few hours , follow the chart instructions if you're interested and thank you !
Big resistance ~ 35.50 So a pullback to or rising up to
Crude oil prices skyrocketed from the news that there was an attack on an Iranian militant in Iraq which increased tensions and caused oil to pop. Oil was already on a tear to the upside and market structure suggested long side, this just gave price a little jolt of energy. Tensions may continue to rise but market structure is still saying upside. The break above...
A good time to update the Oil chart after the OPEC desperation leg. Those following the previously posted long-term macro chart will remember the breakout we have been tracking: On the demand side, manufacturing remains sluggish and we are again outguessing signs of the effects on the demand side. Equities wont be able to hold Oil up for too much longer, this...
Crude oil has made a strong run to the upside through a lot of resistance levels and target zones and the commodity still has room to the upside. The first level that was broken that we were targetting was at $59.90 and just above that the top of the channel at $61.00. The $61.00 target was barely hit on the day before price reversed slightly lower. The support...
The uptrend has been prevalent in crude oil with a slight hiccup early in December, otherwise higher highs and higher lows have occurred. The most recent was a break above the strong resistance at $58.70 and held it as support. The candlesticks are really important in this analysis because the wicks are really pronounced and extended which suggests the buyers are...
Oil has been on a tear this week and its mainly due to a lot of OPEC/OPEC+ talk. The upside came out on news of production cuts hitting the system shortly and we were anticipating price hitting the $60.00 area or near at least. That target was easily hit this week and now we have to question where could it go from here? There are two possibilities: 1) The...
Production cuts are the talk of the day and the foreseeable future around the OPEC and OPEC+ meeting. We recently saw an extended move to the upside from the support structure. From here we moved into the previous strong resistance level at $58.70 and now we do anticipate more upside, should the mapped out support zones hold. Oil could find itself down to ...
Crude oil manages to come back to a key support level and rotates well. The $57.90-58.05 area held really well and the long extended wicks on the candles suggest a strong buy sentiment is protecting the upside. The buyers are coming in on strong volume and we expect price to move back to the resistance level at $58.50 first and then through the $59.00 level. The...
Crude oil is still holding upside bull structure and it didn't even have to pull down into the $56.75 where the impulse started, the bottom of the channel at $57.35 held really well for the bulls to continue and the $57.85 held multiple times for the upside on rotations and wicks which indicates more upside. The only part that may break up the upside trend is...
The crude oil market was kind to us on the downside after we broke through support level time and time again. We were originally looking for shorts to continue however the upside opened up on Wednesday and didn't stop. The fact that we broke above a key resistance structure at $58.10 suggests the longs are out to play and there could be move upside if they hold...