🔸Today let's review the daily chart for crude oil . Recently price action contained within well-defined range trading zone. therefore it's recommended to focus on buying low near range lows. 🔸Strong horizontal support at 67 usd is a great entry point for a swing trade setup for the bulls, short-term expecting more losses, however downside will be capped by the...
Here are the updates & outlook for multiple instruments in my watch list. 1️⃣ #GBPUSD daily time frame 🇬🇧🇺🇸 The price is currently approaching an expanding supply area that is based on a broken horizontal support and a broken rising trend line. Probabilities will be high that we will see a bearish reaction to the underlined blue area. 2️⃣ #USDCAD daily...
The idea is to mitigate the 4H FVG, and to pullback to the 50% area of the latest Daily Impulse. Now, the price is showing Bullish biases, and setting up a nice entry for Longs
The upper pressure positions are 73.7/74.1 respectively, the lower support position is 72.3 in the middle of the descending channel, and the bottom of the channel is 71
Hey guys, Crude oil came down recently, which can help inflation to come down as well if energy market will continue to decline. In fact I see nice bearish pattern, so my assumption is that US yeilds and USD can be trading at resistance. In this video I will also look at the chart of the 10 year US yeilds where I see greater chance for a drop to 3% rather than...
Hello,Friends! Previous week’s red candle means that for us the USOIL pair is in the downtrend. And the current movement leg was also down but the support line will be hit soon and lower BB band proximity will signal an oversold condition so we will go for a counter-trend long trade with the target being at 75.17. ✅LIKE AND COMMENT MY IDEAS✅
Wednesday we had inventory reports that showed an increase in US oil production combined with the feds hawkish interest rate sentiment which sent prices deep into discount. OPEC did announce they will be cutting oil production while US supply did increase apparently, US production has slowed down the last 18months. I believe next week this will start to reflect in...
The hopes for higher oil prices were shattered last week with the announcement of a potential Hamas-Israel ceasefire deal, which led to a quick selloff in the oil market. Following the invalidation of a bullish breakout above $76.14, the price of oil kept sliding lower, finally hitting a low of $71.43 yesterday. Currently, the WTI crude oil trades close to $72.80...
Here is our detailed technical review for USOIL. Time Frame: 9h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is approaching a key horizontal level 71.87. Considering the today's price action, probabilities will be high to see a movement to 74.16. P.S We determine oversold/overbought condition with RSI...
USOIL is trading under descending trendline. The price was reacting well the support and resistance of trendline. Currently the price is about to give breakout from falling wedge and after successful retest of the level will be bullish signal and seems like the price may go for another leg higher. If the breakout sustain to upside the optimum target could be 74.50...
Today's focus: Oil Pattern – Support Hold Support – 71.80 Resistance – 78.80 Hi, traders; thanks for tuning in for today's update. Today, we are looking at Oil. After a solid three-day decline, buyers have put up a fight from 71.80, but is this enough to hold the current uptrend? A break below yesterday's bar with a trend break could suggest that the current...
WTI oil (USOIL) is rising towards a pullback resistance and could potentially reverse off this level to drop lower. Sell entry is at 72.976 which is a pullback resistance. Stop loss is at 74.650 which is a level that aligns the 38.2% Fibonacci retracement level and sits above a pullback resistance. Take profit is at 70.729 which is a swing-low support. High...
The price did a new Low, hence we have to update the 50% Pullback Area. I am Bullish until that Level.
After consolidating for some time, price eventually broke structure to the upside with momentum and thereby continuing with it's established uptrend. It further retraced back into the the structure where it mitigated our golden zone. It immediately shifted trend from bearish to bullish( on 1h tiemframe) after that, giving us an opportunity to join in on longs off...
NYMEX: Micro Crude Oil ( NYMEX:MCL1! ) The price of a commodity is determined by its supply and demand. But in the case of crude oil, which is the lifeblood of the global economy, geopolitical risk carries a bigger impact. Examples in present time: In February 2022, the Russia-Ukraine conflict sent crude oil up 72% to $124 a barrel. In October 2023, the...
The top shape of crude oil has been formed and is now in the downward adjustment stage. During the day, focus on the support near 75.60, and on the upper side, focus on the resistance of 76.85-90.
When the facts change so do I. This is an update to my Oil chart I posted back on Christmas 2023 Explanation of how Oil Bulls should handle this chart setup with reduced risk.
Crude oil made only three waves up over the last few weeks, which indicates for an A-B-C correction within downtrend. It actually retraced into golden 61,8% Fibo. and 80.00 area from where market turned down and now pointing lower, possibly back to the 2023 lows if the channel is broken. So, energy can see more weakness as latest latest 4h structure looks bearish...