So this is my take on oil (WTI)
Over the weekend the OPEC+ meeting was delayed until later this week. originally the meeting was supposed to go ahead on Monday (06/04) to discuss cuts in order to try stabilise the price. For this reason we saw a rally towards the end of the week. However because the meeting has been delayed, I believe we are going to see the...
The Oil is directly affected by the coronavirus situation.
We have seen a sharp drop in the last few days.
Current values $45.60
If the circumstances become deeper, the Oil will continue fall, with the very first support level at $42.50
I buy a WTICOUSD correction. The exchange tested back the 50% level of the W1ATR weekly correction range. I'm starting with the target price of $ 57.68. That means I'm waiting for a stronger north turn. In other words, I expect the initial start to be stronger. And that's what you can imagine. if the exchange rate starts at W1ATR50%. This level is 52,483usd.
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Last two most recent weeks results
280+ Pips +6R x2 = 12%
180+ Pips +4R x2 = 8%
. There is a possibility of temporary retracement to suggested support line (56.22). 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 uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
There are two regularities in the oil price. One is that the exchange rate is moving slowly but in a rising band. The second is to build a 1: 1 fractal movement. The illustration shows you copying the original fractal. If this lasts longer, oil prices may be ahead of a nearly 30 usd rise. This rise can reach 88 usd (fractal) ....... or the top of the slow rising...
Hi, Traders ! Monfex is on the air !
WTI Oil Bulls are taking on fresh attack on 200 Daily EMA - at around $57.
* The Bulls remain in control over WTI prices, taking actions to break through 200 Daily EMA.
* Monday's Doji (bearish) candle with long upper shadow was immediately engulfed by the next day's price action.
* Break and close above $57 would be the...
Support and resistance are converging for brent oil. In the coming days, it will be forced to break out either to the upside or downside. Subsequently, a strong trending phase could ensue. Following the volatility after the Saudi attack last month, brent oil retraced back to prior support around $57.40, as shown in the chart.
Support around this area comes not...