With Oil and Gas stocks continue to rally up form their 2020 lows, and SPDR S&P Oil & Gas Exploration & Production ETF ($XOP) already above its Pre-Covid levels, $WTI rally of +24.06% over the past weeks of trading upon the high volume break of a two weeks consolidated pattern, continue to suggest it is playing catch up relative to the broader sector.
Hi guys, it seem oil is about to move again, this time around I guess price will reach $76 per barrel or if price breaks below the trend line and retest it, well I might target $50 per barrel for the short...
What do you guys think?
WTI Crude is beginning to show signs of weakness after a 4 months bullrun. We see the possibility of a short term sell off to 57.40 a QP level with potential buyside liquidity. There are two potential areas of entry: 60.00 a QP level and 60.62 a OB level. Both positions targeting 57.50 with an oportunity to take some profit at 58.50.
This does not suffice as a...
On the daily chart here, Crude is looking very bullish.
We saw a clean break of previous high ($44) found new resistance at $46, saw a slight pullback to see if previous resistance would act as support which it did and now Oil is back on the run.
I’ll be targeting anywhere between $47 / $50 level.
Of course, if we break $44 then I’ll likely start to look for...
A number of Technicals stacking up here including fundamental bias looking bearish for Oil Mid-term.
We could be forming the second lower high of a downtrend set to commence, including this we are at the 61.8 FIB Retracement mark. Orange zone marks Daily timeframe.
. There is still a possibility of temporary retracement to suggested resistance line (39.82). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. USOIL is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic...
Those who are looking at Oil will see that price has reached a significant structure zone, many people will now be looking to jump on the selling wagon after the huge retrace. I would be wary of getting involved in sells as of yet because banks like to manipulate price at key areas like this. I would expect the price to push into the SL hunt zone to gather...
. While the price is below the resistance 43.60, beginning of downtrend is expected.
. We make sure when the support at 30.85 breaks.
. If the resistance at 43.60 is broken, the short-term forecast -beginning of downtrend- will be invalid.
. There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08...