a lot of you ask me what is next with oil .
we caught some pips ob a recent pullback from support and currently, I don't have any active position.
The reason is simple: it looks very very vague.
Let me explain to you why!
First, look at the daily.
Currently, the market is retesting the recent structure low...
Nice rejections of the $58 support zone and daily bullish trendline.
This trendline has provided many buying opportunities recently and it looks to still be holding strong. I am looking to trade crude oil up to $65 resistance if momentum can take it there.
Possibility for higher prices.
OIL/XTIUSD UPDATE for Weekly Forecast 20th-25th Jan 2020
- Oil done a nice move to my first sell zone at 59.3
- Starting to show bearish momentum towards Target 1 set at 56.75
- Expecting pullback and even potential retest of the sell zone 1 and if market stays bullish at this potential double bottom ill be scalping long till my second sell zone.
USDCAD is still finding nice price resistance at this 1.30680 zone.
Multiple rejection candles are forming, the daily trend is still bearish and I think we could see a new bearish leg. I have an initial profit target of 1.29520 in mind.
If this level breaks then new lower lows at 1.29 are possible.
The crude oil sentiments bearish on the daily. Any rally above 60 (with sentiments remain the same) is likely to be rejected by the bears. H4 is bullish for the moment.
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk Management In Your Trades
HELLO TRADERS, HERE IS A SETUP I AM CURRENTLY IN (SORRY ITS A LITTLE BIT LATE PAST MY ENTRY WHICH IS 58.05 ) I'M EXPECTING BOTH GOLD AND OIL TO RISE IN THE NEAR FUTURE AND CONTINUE ITS BULLISH RUN, PRICE HAS GIVEN MULTIPLE SIGNS THAT ACROSS MULTIPLE TIMEFRAMES TO CONFIRM THE SETUP, AT KEY SUPPLY/DEMAND AREA, AT DAILY/WEEKLY TRENDLINE, PIN BAR ON 4HR, SMALL TRADING...
1hr counter trendline broken and retested. 1hr lower highs and rejection of 50EMA
Daily/4hr trend is bearish. price is rejection 1.30500 previous support now resistance.
TP1 = 1.29520 support
TP2 = 1.29200 new lower lows
After buying US Crude for many weeks, we have seen one final push up to highs of over $65 per barrel this week before the news died down and it appears we have avoided WW3.
Price has now broken the intraday bullish trendline and made a nice lower low on the 4hr timeframe.
Option 1 = Pullback in to broken TL, lower high to form, reject the 0.618 fib and $63 price...
Following on from my previous idea on OIL, USOIL Longs are in PLAY from 58.00. Confirmation on new highs to be created once 58.70 is broken.
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