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.
Thought i would post this as an update.
My bias on this pair has changed...
Price failing to go higher today made me look further into this and see what is really going on...
200EMA is a magnet for price 1.3000 is next.
WTICOUSD up to 40 usd free fall. The exchange rate builds a second downward wave of a dual wave structure. Its size may be similar to the first one. Therefore, the current decrease could be about 23% from the current level. The exchange rate drops close to 39-40usd. Correction is made when the exchange rate is in contact with the axis of the wave axis. No further ...
With the resistance broken and a successful retest i would strongly advise buying into crude oil because there is also a meeting on the 6th of December which should boost the oil price right up.
This is my first post, so I'll keep it short.
My Impressions...
Fundamentally: Bullish. This company is expected to start pumping oil in early 2019. Keep an eye on oil prices.
Technically: After going below the 200MA on daily chart, I think there's strong potential to get a better entry so rather than illustrate a stop, I've attempted to include an accumulation ...
Oil saw massive correction last week and it still seems to be in down trend.
we can expect a short term relief rally to the targets marked in green.
WATCHOUT FOR BREAKOUT FROM THE CHANNEL
DISCLAIMER:
The Legal stuff - I'm not financial adviser and all the charts posted are for paper trading .
P.S make sure you give me a like, that way you get updates as I ...
Not only did I rate the exchange rate movement, but I made a mistake in calculating the correction level. That is why I re-evaluate the course of the entire exchange rate movement. Based on the current data, it is assumed that the exchange rate will continue to decrease. Currently, a correction has begun which may last up to 58usd. Then we expect another downward ...
I came into the Oil market 3 weeks ago, ready to short the break. Shamefully, I was stopped out before my trade could progress. Stops were too tight. A painful lesson.
Oil has now crashed through my initial target (purple), and seems to be aiming at 45.
This was a missed trade.
This 1W chart of WTI Crude Oil gives a great example of many confluences of support.
- Hitting trend line support
- Hitting 0.382 fib from Feb 2016 low
- Hitting 0.5 fib from June 2017 low
- Horizontal resistance possibly turning into support
- 100 MA support
- 1D RSI of 20, signalling oversold after 23% drop in 27 days
Sentiment in this 27 days has flipped ...
WTICOUSD is approaching a round. At the same time, it can not be excluded even to a 58usd level. We do not expect any further downward movement. The upward dual wave structure has a target price of 69 usd.
I've been chasing this bearish move on Crude Oil (WTI) since 76's Political turmoil has sent it quite deep but it looks it has achieved a oversold state which means it can see a bullish trend in the short term. I want to see how deep this move goes, ideally generating a divergence to set a rally. Remember that Sep-Jan is the bearish period for oil according to ...
I believe we should at least head back to the 200ma and with production reaching 8k boepd by year end news then we should head back to highs by spring 2019.
time to be patient as Paul Welsh is always under-promise over-deliver. read the last few RNS's to make up your mind. Also interviews on Proactive Investors.
Current risk off sentiment in the market is keeping JPY bid across the board with USDJPY breaking below 112 eventhough touch choppy and indecisive around trendline support and horizontal support. It feels like the near term future for risk sentiment depends on the 112 handle for usdjpy.
As for Cad, weakening and breaking out on the usdcad chart so were seeing jpy ...
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