BP appears to be Double Bottoming above the previous All-Time-High-Resistance and is Bullishly Diverging on the RSI and MACD. If this level hold, BP has room to go all the way up to around $50 which would also align with the 1.618 Fibonacci Extension. I personally think that out of all the big Oil Companies like XOM and CVX, BP presents the better value and would...
In mid-December 2023, we witnessed major shipping companies announce a halt to transit through the Red Sea. Then, with the launch of Operation Prosperity Guardian, we saw the same companies start reversing their decisions, only to again pause shipping quickly after the resumption (thanks to more attacks from Houthi rebels targeting Maersk ships). As such, the past...
We've all seen how oil reacted to the beginning of the Israeli-Palestinian conflict. I am sure that this conflict will not settle down quickly and will only increase. The conflict will involve other players in the region - Emen is proof of this fact.
How will oil react to this?
The suspension of supplies and other problems with oil supplies will provoke demand...
Yesterday's crude oil bulls cut leek again, first broke the low point to dig the pit, and then the violent rebound does not look back, directly broke the key 71.80 near the strong pressure, directly rebounded fast 38 points, this range has no bear any chance to fight back, today's idea of crude oil will continue to rebound, the idea is bullish, this market we must...
Preferred direction: SELL
Comment: Buyers managed to overcome the resistance at 76.30 , although we assumed that the instrument would form a balance and then attempt to grow.
At the moment, the instrument can correct downwards towards the level of 76.30 , but there is, of course, an option with even deeper growth, and then a fall. The best option would be...
Hello Traders !
On Monday 18 Dec, The USOIL Reached a Resistance Level (74.03 - 74.75)
The Price Formed a Double TOP Pattern.
So We Have a Bearish Scenario:
If The Market Breaks The Neckline and Closes Below That,
We Will See a Bearish Move...
TARGET: 69.50🎯
Following the initiation of Operation Prosperity Guardian in the Red Sea, major shipping companies like Maersk and Hapag-Lloyd began to reverse their recent decisions to halt transit through this waterway. That is positive news for the world as the region is estimated to account for about 12% of global trade, with 340 million metric tons of cargo and 8.2 million...
Price broke last high once again and is still pushing for new highs. expect some sort of reversion by thursday to then clear last high and make a new one.
Here is my latest structure analysis for WTI Crude Oil.
Resistance 1: 74.1 - 75.0 area
Resistance 2: 78.5 - 79.8 area
Support 1: 71.7 - 72.9 area
Support 2: 67.7 - 68.7 area
Consider these structures for pullback/breakout trading.
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Pair : Crude Oil
Description :
Completed " 12345 " Impulsive Waves and Making its " ABC " Corrective Waves. Bearish Channel as an Corrective Pattern in Long Time Frame and Its Currently Rejecting from the Upper Trend Line to Complete the Retracement for Break of Structure
Entry Precaution :
Wait for Breakout and Retracement
CRUDE OIL - LH?
There is a downtrend with lower highs, im not bullish on this , and im looking to short it again, but i need more confirmations to do that.
Im still bearish!
UK BRENT OIL
New forecast
The price of Brent crude futures rose in yesterday's trading after reaching the support level at 78.87, then rebounded downward and settled below, waiting for the resumption of the main downward trend, heading towards achieving negative targets starting at 76.57 and extending far to 74.10.
Therefore the downward scenario will be...
Crude Oil formed a double top pattern on a solid horizontal resistance.
Its neckline was violated with a strong bearish imbalance.
We can anticipate a bearish movement to 70.6
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Crude Oil is currently testing a solid horizontal supply area on a daily.
Analyzing a 4H time frame, we can spot that the market is currently weak & consolidating.
I see an example of a classic inside bar formation.
71.4 is the lower boundary of the range of the mother bar.
Its breakout - a 4h candle close below will be a strong bearish confirmation.
A...
Preferred direction: SELL
Comment: The middle of the week promises to be hot. The publication of data on PPI is expected, and of course the Fed's decision on the interest rate. Particular focus on currencies that have some of the greatest prospects right now.
At the beginning of the week, we designated the Euro deal as ⭐️ Idea of the week ⭐️, therefore...
Preferred direction: BUY
Comment: Market participants could observe a significant intraday drop yesterday. As a result of such a collapse, today the instrument is trading near its annual lows. It should be noted that a significant recovery is not expected, but it is also unlikely that there will be another deep breakdown downward in order to update the same...
TVC:USOIL chart mapping/analysis.
Crude Oil reversing all gains manufactured by OPEC+ production cuts & Middle-East conflict premiums, while threatening to further capitulate due to growing macro headwinds leading into 2024..
Trading scenarios into EOY:
Bullish resurgence = rally above horizontal resistance line (yellow dashed) into 23.6% Fib & upper range...
Americans could breathe a sigh of relief with gas prices set to be more affordable this year.
US gas prices hit their highest 52 Weeks in August and September ahead of Labor Day, with the national average standing at $3.82 a gallon FRED:GASREGW , per AAA Gas Prices .
Gasoline prices hit summertime levels in over a decade even as the driving season comes to a...
