For USOIL, on the Daily timeframe Rsi is stupidly over bought. The way I see it, price is more likely to pull back this week as it's been consolidating for the past 3 days. If it breaks below 72.00 Further downside is expected.
Crude oil prices fell as much as -2% early on Thursday, but the commodity has since snapped to trade back in positive territory. This leaves WTI crude oil, as measured by the front-month futures contract CL1! , hanging right around its 20-day simple moving average. Oil price action still trades about -3.5% lower from last Friday's close, though I wouldn't be...
Pattern: Channel Up on 1D. Signal: Buy when contact is made with the 1D MA50 (blue trend-line) or the RSI enters the long-term buy zone. Target: 79.50 (top of the Channel). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **...
Looking at USOIL because pending the crude oil inventories data, am expecting it to be lesser than forecasted therefore a rebound of the dollar (even though theoretically it affects CAD more). But shall see how it does. Based on the fib retracement, it is at the resistance so shall wait for the next 1H candlestick to determine if we should go long or short
Hello Traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
WTICO/USD: • If price corrects and a tight one hour flag forms then I'll be looking to get short with a reduced risk entry on the break of the flag. • If this setup doesn't present itself then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place this trade. USD/CAD: • If price pushes up to...
Thursday, 8 July 2021 12:08 PM (WIB) The Bears won't let go this huge opportunities as the chart configured Falling Wedge Structures. And control the chart from 0.382 F as resistance. Best regards, RyodaBrainless "Live to Ride and Ride to Live"
Thursday, 8 July 2021 10:25 PM (WIB) Crude Oil's Bears in movement has broken all important support lines included the blue dot trend lines. Exit from "Ancient Ascending Channel" into new ascending channel at the moment. The support as seen was coming from 200D EMA and new lowest lines ascending channel. Bears Volumes was so huge and high that towering...
Oil benchmarks came under pressure after reports suggested that the UAE was mulling unilateral action to lift oil output, as it thinks that the time is now to maximize oil reserve value, and to use oil ouput boost to fund clean energy projects, WSJ sources reported. The news follows this week’s failure by OPEC+ to strike and agreement on further easing supply...
find it interesting, this is the sum of all commodities divided by the money supply. probably doesn't mean anything, anyway interesting. Looking at the parabolic route of m2 and the commodities basket divided by it didn't move as expected because of it's rally the rally. lot's of money still in the markets. give me your perspective and ideas
Crude tested its weekly resistance at 76.88 which is a significant level, market dropped quite sharply and broke out the multi sessions bullish trend. There is strong momentum in this market right now and I am expecting the market to test the 71.96 support level. Wait for a pullback to around 38% fib level before a fresh sell off starts. Trade Safe!
Resistance ~99 and 200ema holding. Possible 5-wave structure ended w/ divergence. Peak $CL_F seasonality passed too $DRIP $GUSH $XOM $CVX $XLE $CL_F $USO $SCO $NG_F $UNG #ElliottWave #CrudeOil #OOTT 🛢️
Price has been moving within a channel as my H4 chart shows. Both channel extremities have been respected several times already. The higher time frame confirms a bullish trend in place... these reasons and a tight stop give me all the reasons I need to take a long. I will be doing that as soon as the Asian trading session settles down in a couple of hours. If...
USOIL keeps rising. Technicals are reaching overbought zone and this could potentionally lead to shortlived correction. Despite increasing odds of correction we remain bullish. We actually think that if correction would to occur it could present itself with attractive entries for long side of the trade. Our new medium price target for USOIL to 77.50 USD per...
Looks to me like oil is set for a 3 wave correction. With the OPEC+ talks on output and the future of the cartel in question...volatility will likely remain high. Yet if this is a 3 wave correction...we should see a good support around $72.15 to go long.
Jul 2 July 1st as per astrology it s highly pressure date for crude oil , so keep july 1st high low very important predicted on 02.07.2021 Thanks & Regards K Sureshkumar
What a lovely day this is, what a fantastic thing Technical Analysis is. Yes, we took profit perfectly today on what was a rather easy and predictable trade. The price dropped minutes later from resistance to support and off from support bouncing back up at the moment. What is important to understand now is the fundamentals. Oil price surge triggers new...