after change of charatcter we will see a retracement of the price to fill FVG '' FareValueGAp'' and retest ob ''order block'' after we will see a continuation to wards supply zone
The price appears to bounce back as expected, with OPEC+ output curbs finally biting. Russia announced a voluntary decrease of 500 kbd that will remain through the end of August. The technical context entails an acceleration in wave [ 3] of iii. Most ElliottWave traders aim for a third of the third when the price moves a considerable distance with no...
🚨 WTI HIGH PROBABILITY SELL SETUP SOON 🚨 * Here we can see clearly the next potential moves for West Texas Intermediate Crude Oil, in coming days or week. * Im thinking there might be a Down Trend Move happening FIRST to form the Inverse Head & Shoulder Reversal Pattern before the Huge Bullish Move to Up Trend. * I've labelled where i can see the Inverse Head &...
WTI OIL Is there an opportunity? looking at the market structure in the last few weeks there has been a sideways with a fairly high distance.
I had to delete the previous chart as the price quickly knocked out my previous idea )). Nevertherless, I think wave [ x] just finished (A)(B)(C) flat and the price is ready for rallying again.
On the weekly chart, the trend started on March 13, 2022 (linear regression channel). There is a high probability of profit, since the channel is not yet closed. A possible take profit level is 42.67 ( this is the minimum take profit value, but it has a high percentage of payoff ). But don't forget about SL = 98 . Using a trailing stop is also a good...
I think oil is going to check sp line again. The last oil analysis went so well and it's still down trend.
Buying oil with a good risk and reward At the moment, the oil trend is tense and full of risk. Act with caution
Crude oil prices consolidate around 68 and 77 dollars per barrel, remaining below the heights of March and April. The risk of downside movement is fueled by the slow recovery of China and their slow demand increase, higher interest rates on demand and uncertainty around US economy. On the other hand, if the prices dip too low, the countries of OPEC+ will be fast...
The weak trade and inflation data from China further casts doubt on the ability of fast economical recovery of the country after COVID. This puts a rench in OPEC's forecast that China will drive the demand for crude oil to record high. The technical indicators are also confirming the downtrend, with MACD histogram being below 0 and RSI under 50 neutral...
OIL just created a double bottom touch point on 4H data -- conveying a strong order block support at the current levels. It is currently attempting to reverse to the upside, and may retest its previous peak at 80 levels soon. Accumulation at the current price has started and a 4H higher lows has been created -- suggesting a shifting trend. Spotted at 74.00 TAYOR.
USOIL Short idea - Still down trend - i think pitchforks sp line and latest support is gonna be resistance
Oil prices did not advance beyond the surge to the $81.20 level, which came on the back of the announcement that the world’s largest oil producers will collude to cut a further 1.7 million barrels from the daily output. The inability of prices to go any higher could not be unconnected to some of the larger economic worries in the market. Hence, throughout the...
WTI broke out of consolidation and closed above its 200-day EMA and resistance zone. The OBV (on balance indicator) confirmed the breakout with a move to a new cycle high, and volumes (whilst below average) are turning higher to show buyers stepping back in. Furthermore, we saw a gap ahead of the consolidation above HKEX:79 , although using classic definitions...
The OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day hereby bringing the total volume of cuts by OPEC+ members to 3.66 million bpd according to Reuters calculations - a whopping 3.7% of the global oil demand. The latest reductions have a strong potential of lifting oil prices to new highs. In this video, we...
- double top - death cross between MA50 and MA100 - MACD bearish divergence
Will we see Crude go back into the $100 only time will tell based on the analytical data it shows that market trends are off by a few dollars but we can only guess that it will have to stabilize once we get our reserves replenished and who knows when that will be... Banking markets have alot of say when it comes to capex dollars being loaned out by producers.
dear traders petrol in down side deep trend has last week so we should be careful with this market it is not easy to take the chance if you re not eligible to respect the zones it all in my chart the instruction is very clear trade safe traders good luck