Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Crude oil is one of the most demanded commodities and prices have significantly increased in recent times. Two major benchmarks for pricing crude oil are the United States' WTI (West Texas Intermediate) and United Kingdom's Brent. The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as well as market speculation. Crude oil prices are commonly measured in USD. Although there have been discussions of replacing the USD with another trade currency for crude oil, no definitive actions have been taken.
Looking at this chart on the 4 hour or 1 hour you would think of going short but PRICE ACTION IS KEY!
If you look at the bigger picture a bullish hammer has formed on the weekly and daily. This tells me that the bulls are in this market and ready to push this pair up higher. A pullback is possible but not lower than last weeks lows. Another factor for me being...
Sorry guys I haven't posted in a while but here we have a simple short on USOIL.
I have already caught over 100 pips on this pair this week in my premium group and have now gone short again!
Confirmation can be seen in the bearish candles formed.
Trade safe and good luck!
Midterm forecast:
While the price is below the resistance 66.50, beginning of downtrend is expected.
We make sure when the support at 55.20 breaks.
If the resistance at 66.50 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is...
In this screencast I show two charts where crashes could happen. I focus on Wall Street which - affects markets globally including forex markets.
On the weekly time frame US Oil is beginning to struggle at a 61.8% Fib retracement.
Wall Street is possibly struggling at an important structure level. A whole lot depends on China. But dig deeper. See the CSI300...
Several important things converge on UK Oil price (on weekly chart) creating probabilities for the south on most lower time frames:
1. Original Grade A ATR switch for the south.
2. Bullish rebellion into a near 61.8% Fib
3. Weak squeeze momentum rebellion (so far).
4. Horizontal zone of congestion near recent price.
5. VMA resistance level.
Note that VMA and...
The exchange rate is in the second wave of a double fractal. If it continues, the price of the ascent is 65.57usd. Then I expect a steep decline. This decrease can reach 15%.
Simple bearish W pattern trade on USDCAD.
Price is rejecting this 4hr resistance zone and the fib 0.5 level has been respected. Nice wick candles forming to show this level is holding quite a few short orders.
I am targeting the Fib extension level down around the 1.32 key support zone.
I will manage this trade accordingly and move to risk free when bearish...
Oil surprised and went orbital on the 1H time frame. RSI went into a sharp peak at about 84 on mid-point prices. The unexpected pump was attributed to news that the US will stop giving sanctions waivers to countries that import Iranian crude or condensate.
This 3-day time frame is tricky. Do you go long, short, or just...
Here is my technical and fundamental analysis for entering short positions on US Oil.
Technicals:
- Weekly rejecting broken channel trendline
- Weekly rejecting $64.50 prior support/resistance zone
- Weekly Fib 0.618
- 4hr showing lower highs and lows now.
Entry will be a weekly close below the Fib 0.618 level and resistance zone. Or I will enter short on the...
The goal of the current exchange rate rise is 66.2 usd. Unlike the previous analysis, I put it slightly higher. Accordingly, I expect a reduction in correction motion of 58.7 usd. This is a nearly 11% decrease. If the predetermined movement occurs, then there is a high chance of a further rising wave system. The target price is 80USD. An additional increase of...
Midterm forecast:
While the price is below the resistance 66.50, beginning of downtrend is expected.
We make sure when the support at 55.20 breaks.
If the resistance at 66.50 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is...
Counter Trend and Trend opportunity on OIL
- OIL approaching resistance the 61,8 FiB and Upper Trend Line
- RSI is over bought and we have a big RSI divergence
A pull back is expect back to 60.00 level (Confluence of 38,2 Fib and 61,8 Fib retracements)
An obvious RSI break out vs other attempts, this is set to go higher, either entry on retrace or scale in.
potential retrace to 62.6p
last week volume spike
Above all MA's! = bullish
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